Savings Options
This savings chart has been produced to help you assess the various options available when saving for Christmas. The information applies equally to saving up for other events or purchases.
| Do I get interest on my money? | Will I get a bonus? | Is it difficult to take money out before Christmas? | Will they collect the money from my home? | Is there any protection? | Can it pay out in vouchers? | Does it pay out just before Christmas? | Do I have to buy from a particular shop or supplier? | |
|---|---|---|---|---|---|---|---|---|
| Bank or Building Society | Yes | Sometimes | With some accounts you have to give notice to take your money out or lose interest. | Yes* | It's up to you when you take your money out. | |||
| Christmas clubs with local shops | Yes | If a company goes bust you're unlikely to get all your money back. | Yes | |||||
| Supermarket stamp schemes for Christmas | Sometimes | Yes | If a company goes bust you're unlikely to get all your money back. | Yes | ||||
| Christmas hamper and voucher schemes | Sometimes | Yes | Yes | These companies have agreed with the UK Government to set up safeguards for your money and are working to put arrangements in place - ask them about the current position before you use them. | Yes | Yes |
* If the bank or building society goes bust, you may be able to get compensation. More information can be obtained from the Isle of Man Financial Supervision Commission.
The Office has developed a range of Money Management Tools to help you calculate how much your savings will grow with different rates of interest.
