Does anyone save for Christmas with Park?

[MillyStar]

Would you recommend it?

Just looking one the website and I'm thinking about getting the £450 love to shop vouchers

I don't think I can trust myself to put £10 a week away!!

Maybe move this thread to Christmas rather than parenting, you may get more responses there. Click on Report and ask them to move it for you.

I'd be interested to know, as it's something we're keen to look into for next year.

I did for a couple of years and they are good. However, the only downfall with the vouchers are you can't use them everywhere. That's what I found anyway.

I've asked for it to be moved, I had a look at the list of shops and most of the places I shop at are on there so that's good! I think I might give it a go, I just didn't understand how you get £450 of vouchers for paying in £450 I'd have thought that they'd take some money from you

I wouldn't: if they go bust you have no protection. In January look for a Christmas savings account at a building society. Something like this from the Skipton. It will give you the gov protection so you don't end up like the poor customers of Farepak and you will withdraw a lump of cash which you can spend anywhere.

As for putting money away, just take it straight out on payday and pay it in. Helps if you can set up a standing order so it really isn't at all optional.

How they make money is from interest on having your cash in their account (as opposed to in your account, earning you interest) and they will buy the vouchers for less than face value because they and the voucher people know that some people will fail to spend their vouchers fully. Some will expire before use/be lost/be sent to someone who they aren't useful for.

I wouldn't either. My dm does and she swears its the best thing but I would worry after the Farepak collapse the other year. Also the vouchers don't cover every store, last time I looked at one (3 yrs ago) they didn't even cover a store we shop in. So would be pretty useless for us.

If you do primarily shop in those stores then I guess it would be great. I think it would be better to set up a savings account, is there one that will take the money out via direct debit? I'd like one of them if they exist!

Santa, if you set up the Skipton account I linked earlier you can set up a standing order to send (say) £50 on the third of each month, its usually pretty easy to do with your current account online banking or by going into a branch.

This is how I do all regular payments between my own accounts and to other individuals

I have done in the past, but after the Farepak collapse I never did again.

Don't do it! Mrs Hoarder has already said it, your savings should be safe, earn you interest and you should be able to buy whatever you want from wherever you want!

Park don't operate the way farepak did, your money is as safe as it is in a building society.

It works for me, you can spend the vouchers in lots of shops, Boots, ELC, BHS, Debenhams, House of Fraser, Argos, Wilkinsons, Waterstones, HMV etc. you can buy M&S vouchers, Burton Group and others as well as Love2Shop.

My money goes out direct debit, I can't touch it and they give it me back in November.

If you pay in £450, you get back £450, plus a bit of commission.

A building society account is fine if you know you're not going to be short one month during the year and dip into it.

Like everything else, it's about finding what works for you.

It isn't as safe as a building society, there is not the same government protection and the new system of tustees hasn't been tested yet.

As for dipping in: I picked a "Christmas" account for a reason: these are accounts that you can only pay into all year and then get a cheque for your payments+interest in late November.

I'd investigate savings options first. You should be able to set up a regular payment either DD or Standing Order so that it's done automatically and regularly.

That way you can shop around for best prices on the things you want. A saving account will have a lot more protection too.

I have a couple of online savings accounts. Next year I plan on opening a savings account with my local credit union. Will mean I build up a relationship with them which could be helpful if I'm struggling in the future, and as it's not my everyday bank I won't be tempted to dip into it.

I use them every year. All the money you pay to them you get, your agent gets the commission, I have never had a problem & we all give her money every month & see pays it with her credit card & then she's protected IF anything happened, it's a nice feeling when the 1st off November comes & you get all your money on gift cards that you have saved :) x

I've done it for several years now, because I know if the money was in an account I would dip into it.The feeling of having £450 to spend is incredible and means Christmas is debt free.All the places I shop at accept the vouchers and I notice Amazon is included for 2013.This way of saving works really well for me, the only disadvantages are as others have pointed out is there is no interest accumulated and the risk of collapse

What about a credit union instead? It's safe, local and you are making the most of your community. You choose how much to set up on a standing order, they pay it out to you in late November/ early December