Standard bank and building society savings account |
Special building society Christmas account |
Credit union savings account |
Special credit union Christmas savings account |
Post Office® Christmas Club (with the Bank of Ireland) |
Christmas hamper and voucher schemes |
Supermarkets, national retailer schemes and shopping malls |
Christmas clubs with local shops (like butchers, corner shops and toy shops) |
Hamper scheme from your milkman |
|
|---|---|---|---|---|---|---|---|---|---|
| Is there any protection if the scheme goes bust? | Yes * |
Yes * |
Yes † |
Yes † |
If the Bank of Ireland goes bust, you’re unlikely to get all your money back |
Companies belonging to the Christmas Prepayments Association have arrangements in place to protect your money. Ask about the level of protection before you use them. |
If the company goes bust you’re unlikely to get all your money back |
If the shop closes or goes bust you’re unlikely to get all your money back |
If the company goes bust you’re unlikely to get all your money back |
| Do I get interest on my money? |
Yes |
Yes |
You may get a dividend |
You may get a dividend |
No |
No |
No |
No |
No |
| Will I get a bonus? | Sometimes |
Yes |
Sometimes |
Sometimes |
Savers will receive a booklet of special offers for use at selected retail partners |
Yes |
Yes |
Sometimes |
Yes |
| Is it difficult to take money out before Christmas? | With some accounts you have to give notice to take your money out or you lose interest |
May lose the bonus and have to close the account |
No |
May lose the dividend or bonus and have to close the account |
Yes |
Yes |
Usually |
Yes |
Yes |
| Will they collect the money from my home? |
No |
No |
No |
No |
No |
Yes |
No |
No |
Yes |
| Can it pay out in vouchers? |
No |
No |
No |
Some have voucher schemes |
You can choose ‘One4all’ gift vouchers or an e-card (like a pre-paid credit card) |
Yes |
Sometimes |
No |
Yes |
Does it pay out just before Christmas? |
It’s up to you when you take your money out |
Most do |
It's up to you when you take your money out |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
| Do I have to buy from a particular shop or supplier? | No |
No |
No |
No |
There is a list of retail partners signed up to accept the card as a method of payment or 'One4all' gift vouchers which can be spent in many high street shops |
Vouchers can usually be spent with selected retail partners |
Yes |
Yes |
Yes |
* If the bank or building society goes bust, you may be able to get compensation from the Financial Services Compensation Scheme (FSCS) up to a maximum of £50,000. There are a number of conditions and exclusions that apply to any compensation you might receive from the FSCS. For details see the FSCS website www.fscs.org.uk
Note that the Post Office Christmas Club is not protected by the Financial Services Compensation Scheme.
† If the credit union goes bust, you may be able to get compensation from the Financial Services Compensation Scheme (FSCS) up to a maximum of £50,000 (in England, Scotland and Wales). There are a number of conditions and exclusions that apply to any compensation you might receive from the FSCS. For details see the FSCS website www.fscs.org.uk.
For credit unions in Northern Ireland, contact the Companies Registry at www.detini.gov.uk.
