How to get free £50 for Christmas supermarket spending according to Martin Lewis

Many of the UK's biggest stores such as Tesco, Sainsbury's and Asda offer cash bonuses that could help you pay for the festive season.

While we have only just reached autumn, many households will already be thinking about plans for Christmas such as the presents, food and decorations. And, as an expensive time of year, this can be an area of stress and anxiety for families across the UK.

With this in mind, expert Martin Lewis revealed how to get up to £50 free to spend in supermarkets or a potential six percent boost for your festive spending. Via his website, Money Saving Expert (MSE), Martin recommended trying one of many saving schemes to do so.

These schemes help you put money aside ready for the festive season, offering a bonus on top. Depending on the scheme you try, the bonus could be as much as six percent on your deposit, while others are capped at £50.

Martin said: “Supermarket saving stamp schemes offered by Tesco, Asda, Iceland, Sainsbury's, Co-op and Morrisons aim to encourage year-long saving for Christmas. Yet the way they're usually structured means there's a loophole that lets you get a year's bonus in a day.

“So you're better to save and earn interest in normal top easy-access savings, then just dunk what you'll spend in that store into most schemes the day before their 'bonus day' and they add the bonus anyway. Of course, this must all then be spent in that store, so it's only a winner if that's what you'd do anyway.”

The savings themselves come in the form of booklets or electronic cards which you can top up a little at a time. Some supermarkets only allow stamps to be redeemed at set points in the year, while others will let you spend at any time.

Although these schemes are “appealing”, MSE advised against keeping your cash saved in them long-term as you don't earn interest and your savings aren't protected by the Financial Services Compensation Scheme.

“In contrast, standard savings accounts both pay interest and protect your money, so they're much better for saving throughout the year,” the site said. “You can then just move your cash into one of the below Christmas schemes a few days before the bonus deadline.”

Martin detailed the different Christmas savings schemes available and how they work.

Tesco

The Christmas Savers Scheme comes with a maximum bonus of £12 (six percent of deposit). You will need to pay in by 11.59pm on October 17 to be paid by November. You can top up your account at the customer service desk in most Tesco stores if you have a Tesco Clubcard.

Asda

The Asda Christmas Savings Card offers a maximum bonus of £15 (5.35 percent of deposit). You need to pay in by 5pm on November 10 to be paid on November 11.

You can get a card in-store or online, and top it up in both places too. You could also get an extra £5 bonus via Asda's rewards app if you move your Saver Cashpot to its Christmas Saver Cashpot by November 3, which you can use to spend in store or online between November 8 and December 31.

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Iceland

The Iceland Bonus Card has a maximum bonus of £50 (five percent of deposit). There is no cut-off for paying in and the bonus is paid within 24 hours. You can get a physical card in store, or a digital card online or via its mobile app, and top it up in store or online.

Sainsbury's

The Sainsbury’s Christmas Club Card has a maximum bonus of £25 (five percent of deposit). You need to pay in at least £50 before November 1 and pay in the rest by 11.59pm on November 1 to be paid by the end of November.

You can activate and save onto the card at Sainsbury's in-store checkouts and self-service tills (but not online), and it can be used both in-store and online at Sainsbury's and Argos. You must register your card to manage it online.

Co-op

The Co-op Christmas Stamps Scheme has no maximum bonus (4.16 percent of deposit). There is no cut-off for paying in and the bonus will be paid by December 23.b You must collect a paper stamp book in store and complete it by buying 48 £1 stamps. The scheme runs year-round, so you can buy stamps at any point.

Morrisons

The Morrisons Digital Christmas Saver has a maximum bonus of £6 (3.1 percent of deposit). You must pay in by October 31 to be paid by November 1. You must have a Morrisons' More account to redeem your bonus.