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 Money Advice Extra December 2008 Save Xmas Briefing Page 1
Money Advice Extra Christmas savings options 
The main ways to save (for Xmas)
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Banks and building society savings accounts
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Building society Christmas accounts
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Credit union savings accounts
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Credit union Christmas savings accounts
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Christmas clubs with local shops
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Hamper and voucher schemes
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Hamper schemes from your milkman
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Post Office® Christmas Club
 A closer look at the pros and cons ofways to save ……………..
Bank and building society savings accounts
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lots of branches on the high street
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wide variety of account types available
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usually you can save as much and as often asyou want
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you are paid interest on savings
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only works if you put in money regularlyand aren’t tempted to dip in
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account opening process takes time
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need to go to a building society to pay in
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if it goes bust, you may be able to getcompensation up to £50,000
Building society Christmas accounts
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you are paid interest or a bonus ……unless youtake your money out early
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need to go to a building society to pay in
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may not be offered by your local buildingsociety
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if it goes bust, you may be able to getcompensation up to £50,000
The pros and cons continued ……
Credit union savings accounts
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financial cooperatives owned/controlled bytheir members
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offer savings accounts to their members
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option to save when and how much you want
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flexible payment options including collectionpoints or local shops, or direct from wages
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life assurance for members at no extra cost
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loans available to members
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if it goes bust, you may be able to getcompensation up to £50,000
Special credit union Christmas savingsaccounts
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operate in a similar way to standard creditunion accounts
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discourages withdrawing money early
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some pay out in vouchers instead of cash
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if it goes bust, you may be able to getcompensation up to £50,000
 
Christmas clubs with local shops andsupermarket Christmas stamp schemes
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pay in what suits you, when it suits you
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what you save can only be spent at the shopoperating the scheme
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some schemes, especially largesupermarkets, offer a bonus
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savings only as secure as the shopoperating the scheme
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not covered by the Financial ServicesCompensation Scheme
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could be difficult to get money back if shop
To arrange a Save Xmas workshop or briefing for staff or service users,contact Dean Stockwell (Advice Link Money Advice Team) on 476843 Or email advicelink@blackool.ov.uk 
 
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