Park Christmas Savings Club - is it just a big rip-off?

And lets face it, there is a definite implication that poor=stupid.

I am one but not the other.

It’s really offensive that everyone keeps saying ‘poor people’. I am not poor.

I am not saying that this is the OP but some people really are being very sneery.

It doesnt work for you? fine, dont do it. But why look down on those that do?

I agree that ordering say a Playstation and paying for it over the year is a rip off as they are usually overpriced to start with, a bit like the Brighthouse scam. And the hampers, yes a total rip off but I dont know anyone who has ever done that. With the vouchers you get out exactly what you put in, in a format that suits you. And for people who might be tempted to "borrow" a bit out of their savings on a tight month, and then not put it back, its nice to know that Xmas is sorted and cant be dipped into. Not least because it means literally not one thought about it until shopping day. Just look at MN before Xmas 23, a lot of threads of people saying that they were worrying about how to pay for it, about COL and how it would mean that have had to really cut back. It caused a lot of sadness and stress.

And some people just are not good with money! "Why not just save in the bank" is fine if you are able to do that but some people really aren't, they lack the self control to not say "Oh sod it" on a bad day and splash out on something to cheer themselves up. I know because I am one of those people! But if they are self aware enough to know that they are not good with money management and use tools available to save themselves from themselves, then that is a good thing surely? It reduces the likelihood of using credit or payday loans or some such.

I really dont get the hate that some people are showing here.

I have some money in my savings. £190 to be exact, I've just mentioned it on the How Skint Are You thread!
I like to have some money that can't be used for emergencies, hence Park savings. It works for me.

I wouldn't rather do without a fridge so I could have a better Xmas.

I would have to be skint at Xmas so that we could have a fridge!

'It's an exploitative poverty trap for people who struggle to manage their money.'

I'm not poor nor do i struggle to manage my money ,i used Park for quite a few years so did my mother.
We saved for vouchers only such as M&S it was a manageable amount each month and was good to know it was building up without being able to dip into.
I buy throughout the year and save too and with the vouchers had christmas sorted.
Both myself and my mom stopped using them a couple of Christmas's ago as we now buy less gifts and give cash more so.
I never bought from their gift catalogue but can't fault the company regards my experience with saving for vouchers.

I saw that advert and thought exactly the same. That company are laughing all the way to the bank. Talk about easy money!

Set up a fixed one year regular savings account in October or November and you'll have the money in time for Christmas.

Nationwide is paying 8% to existing customers on their regular saver. Save £50 a month and you'd have an additional £26. You can spend the money wherever you want.

I save with Park Xmas Savings and I have done for years.

I am not poor, I have an excellent credit rating and i have savings. I just prefer to save for Christmas this way.

it is old fashioned to save in this way , by today's standards, but I like the fact that I cannot access my Christmas fund until November and that Christmas is paid for in advance.

You get back in vouchers what you pay in. I choose spend anywhere cards that can be used online or in a physical shop . Used to have Amazon cards.

The park hampers are an absolute rip off though and I would never buy those.

For the reasons I said

No Klarna or holiday instalments are comparable with an interest free credit card.

Isn't it the same as using Klarna or people paying off their holidays in installments?

Not strictly true, its the same charge that you pay for any prepay credit card which a lot of people buy for holidays. Again, its a choice.

I personally dont have a credit card as I am not good with things like that, I have got into trouble with them in the past and would find it too easy to do it again. So if I do need a credit card I use a prepay one (especially for large purchases where you still get section 75 protection), and the fee is part of it. People dont think twice about paying interest on their CC and I see the fee as on the same lines, its the cost you pay for the convenience.

That was Farepak, a similar scheme - not Park.

Apparently they don't you get charged 10% to use your money in any shop that accepts visa/mastercard.

What difference does it make to anyone who doesn't want to use it how it works? For whatever reason it suits some people to use it. They get back what they put in. That's pretty much it.

Oh thanks for this, I might open one of those

Why would you be happy to lose 10% of your own money for the privilege of spending it where you want . I am not having a go I am genuinely baffled?

YABU - They are a business and this is their model. They are completely upfront about it so their customers can choose to use their product or a traditional savings product.

There will be some pros in comparison to cash - if you are on a low income, for example, it prevents you dipping into cash savings here and there.

So why was you asking if you already read the answers?

I don't understand why anyone want the money back in vouchers, even Amazon. My children asked for quite a few bespoke gifts last Xmas that I couldn't have bought with a voucher and there's lots of things I can get cheaper elsewhere. For example with blue light discount (often discount codes can't be combined with vouchers) or on Black Friday, being restricted to vouchers would cost me much more money in the long run.

It's definitely exploitative of poorer people who can't just put the money aside in a savings account and not touch it until Xmas.

Yep so who would ?

Read the replies and you’ll find out.