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Park savings - how does it work?

(17 Posts)
Upsetmummy27 Sun 13-Nov-16 11:10:03

Does anyone use park vouchers for Christmas? Is your money protected if the company should go bust?

Oldraver Sun 13-Nov-16 12:24:21

I just cant see the point in this...you could open a basic savings account and put the money away when you need to.

Maybe there is a secret to it that I dont know of ?

MrsJayy Sun 13-Nov-16 12:38:32

There was a company who went bust years ago a lot of people i knew lost all their money no compensation last week in November, I wouldn't touch park with a bargepole

Upsetmummy27 Sun 13-Nov-16 12:42:03

Hmmm that's what I was thinking. I know a lot of people do it but I'm not sure what the motive is for it or whether they have made it more secure now

Akire Sun 13-Nov-16 12:42:08

Park is protected, it's a good idea if you know you are likely to dip into savings. You can't get out so no temptation.

MrsJayy Sun 13-Nov-16 12:46:43

Oh are they protected that is good to know that other voucher/hamper company wasn't was such a shame

Upsetmummy27 Sun 13-Nov-16 13:22:57

Akire do you know how it is protected? I couldn't find the information on the website

MrsPear Sun 13-Nov-16 13:30:11

It was because of the other company that these schemes are protected.
You can swap cash for love to shop vouchers among others. If you want more freedom they can issue you with a pre paid MasterCard but there is admin charge. It locks your money and makes you disciplined - you can see it as another bill.

YouHadMeAtCake Sun 13-Nov-16 13:30:36

My sister uses Park and she swears by it. It is protected after the other company fiasco. She uses it as she knows she cannot ' dip in' to the money as they have it. She gets back cards or vouchers to the value of the money she paid in. They can be used in store or given as gifts. It is a good idea for those not so good at saving or that like to know that the money will be available for Christmas.

www.getpark.co.uk/budgeting/saving/trust-summary.jsp

PberryT Sun 13-Nov-16 13:31:29

Problem is they charge huge amounts for toys that you can get elsewhere far cheaper.

MrsPear Sun 13-Nov-16 13:32:29

Go to FAQs then the second question on the list here

MrsPear Sun 13-Nov-16 13:34:35

That is what I think went wrong in the past pberry but having had a read thanks to this thread. I can see that it doesn't cost you any extra - unless you get the MasterCard option - and you can choose whatever you want not just cheap tat.

MrsPear Sun 13-Nov-16 13:35:43

Although I wish the Lego shop accepted love to shop vouchers then I would go for it in a heartbeat!

Ohfurfoxsake Sun 13-Nov-16 13:37:58

I saved for park vouchers the last 3 years and I would be stuffed without them. I'm really not disciplined enough to save regularly for Christmas and would always borrow money from it. I wouldn't recommend anything from the catalogue as they tend to be overpriced. The gift card/ vouchers are good though. I got £450 of the pre-paid MasterCard gift cards this year and they can be used online and in most stores that accept maestro.

Ohfurfoxsake Sun 13-Nov-16 13:39:17

*oops MasterCard not Maestro

Upsetmummy27 Sun 13-Nov-16 13:50:20

What is the difference between lovetoshop gift cards and vouchers?

Honeyandfizz Sun 13-Nov-16 13:53:57

I have saved with them too for the past 5 years or so and they are so welcome in November. This year though i only did M&S vouchers to pay for lovely food. I found that now my dc are getting older they want presents from shops that Park did not cover. Luckily I have been disciplined and put £100 a month away since May.

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