Money Advice Extra Xmas Briefing Dec 08

Money Advice Extra Christmas savings options The main ways to save (for Xmas) • Banks and building society savings accounts • Building society Christmas accounts • Credit union savings accounts • Credit union Christmas savings accounts • Christmas clubs with local shops • Hamper and voucher schemes • Hamper schemes from your milkman • Post Office® Christmas Club A closer look at the pros and cons of ways to save …………….. Bank and building society savings accounts

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lots of branches on the high street wide variety of account types available usually you can save as much and as often as you want you are paid interest on savings only works if you put in money regularly and aren’t tempted to dip in account opening process takes time need to go to a building society to pay in if it goes bust, you may be able to get compensation up to £50,000

Building society Christmas accounts

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you are paid interest or a bonus ……unless you take your money out early need to go to a building society to pay in may not be offered by your local building society if it goes bust, you may be able to get compensation up to £50,000

The pros and cons continued …… Credit union savings accounts

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financial cooperatives owned/controlled by their members offer savings accounts to their members option to save when and how much you want flexible payment options including collection points or local shops, or direct from wages life assurance for members at no extra cost loans available to members if it goes bust, you may be able to get compensation up to £50,000

Special credit union Christmas savings accounts

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operate in a similar way to standard credit union accounts discourages withdrawing money early some pay out in vouchers instead of cash if it goes bust, you may be able to get compensation up to £50,000

Christmas clubs with local shops and supermarket Christmas stamp schemes

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pay in what suits you, when it suits you what you save can only be spent at the shop operating the scheme some schemes, especially large supermarkets, offer a bonus savings only as secure as the shop operating the scheme not covered by the Financial Services Compensation Scheme could be difficult to get money back if shop goes bust

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 [email protected] Money Advice Extra December 2008

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Continued…… Hamper and voucher schemes

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don’t offer interest, but do offer a bonus or special offers some schemes have joined the Christmas Prepayments Association and have arrangements to protect your money – check the level of cover

Hamper schemes from your milkman

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difficult to dip into savings before Christmas not covered by the Financial Services Compensation Scheme savings can usually only be spent with the scheme provider goods bought not always as good value as those bought on the high street hampers delivered direct to your home

Further information and support Financial Services Authority www.moneymadeclear.fsa.gov.uk Consumer Direct 08454 04 05 06 www.consumerdirect.gov.uk/before_you_ buy/money_and_credit/xmas/xmasindex Blackpool Citizens Advice Bureau Independent, impartial, confidential and free advice and information 6 – 10 Whitegate Drive Blackpool, FY3 9AQ Telephone advice line: 01253 308400 Fax: 01253 308420 Email: [email protected] Website: www.blackpoolcab.org.uk

Hamper and voucher schemes

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collect money from your home through a local agent don’t always offer better value than the high street hampers delivered direct to your home

Post Office® Christmas Club

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you load cash onto a card (like a pre-paid credit card) at any Post Office® branch you decide how often and how much to save up to £1000 difficult to dip into savings before Christmas not covered by the Financial Services Compensation Scheme from November you can use the card like a debit card or convert to vouchers vouchers are with participating retailers only

Consumer Credit Counselling Services (CCCS) Free, impartial, independent advice and assistance. No-fee debt management plans. Monday – Friday 8.00am to 8.00pm Telephone: 0800 138 1111 Website: www.cccs.co.uk National Debtline Free, independent, confidential telephone advice Monday – Friday 9am to 9pm Saturday 9.30am – 1.00pm Telephone: 0808 808 4000 Website: www.nationaldebtline.co.uk

Check out the Save Xmas savings comparison chart at: www.consumerdirect.gov.uk/before _you_buy/money_and_credit/xmas/ comparisonchart

Money Advice Extra December 2008

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