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Customers joining the new Post Office® Christmas Club will receive a booklet of special offers worth at least £100 to redeem in selected retail partners from November 2008.
The Christmas Club is now available at all 14,000 Post Office® branches nationwide offering customers a convenient way to budget for Christmas 2008.
We each spend an average of £393* on Christmas presents alone, and according to research conducted by YouGov for the Post Office® many of us spend more than we can afford.
Forty three per cent said they felt pressured to overspend, and 24 per cent admitted they would still be paying for Christmas at Easter.
Planning and budgeting is the solution suggested by 83 per cent of the survey, but only 29 per cent agreed they set a Christmas spending budget and stuck to it.
With the Post Office® Christmas Club you can plan ahead, making pre-payments from just £5 over the counter at any Post Office® branch using a special Christmas Club payment card.
From 1 November the card is unlocked, enabling customers to use it to buy goods and services directly at retailers, or to purchase retail gift vouchers. The maximum individual payment is £500, up to a total of £1,000 per card per annum.
Each club member will receive a great bonus booklet of at least £100 in special offers with selected retail partners - a significant benefit compared to current rates available from high street savings account.
Post Office® marketing director Gary Hockey-Morley said: "As one of the UK’s most trusted brands with an unparalleled retail network, we are responding to the need for a convenient way for people to put money aside for Christmas.
"Our customers now have a way to put aside small regular amounts which ensures their cash is locked away until they need it at Christmas."
Nicola O’Reilly, senior policy advocate at the National Consumer Council, said: "NCC welcomes the launch of the Post Office® Christmas Club. It is important that there is a choice of secure products on the market for people who want to pre-pay or save for Christmas.
"The Farepak experience has shown that Christmas represents a major financial commitment for all of us, and people on lower-income in particular, value being able to put small, regular amounts aside in advance to prepare for expensive events."
Funds will be locked away until 1 November 2008, when the Christmas Club card can be used in three ways:
• The Post Office® has negotiated partnerships providing club members with over 200 places to spend their money, covering grocery, wine merchants, fashion, travel and leisure, and health and beauty companies. Top names include Argos, Boots, Debenhams, Halfords, HMV, House of Fraser, JJB Sports, Peacocks, Sainsbury’s, Thorntons, Woolworths and WHSmith.
• Christmas Club funds can also be redeemed against One4All vouchers which are available at all Post Office® branches. One4All gift vouchers are valid in 25,000 outlets and are accepted in a wide range of high street stores such as B&Q, Comet, Debenhams, Halfords, Mothercare, River Island, Woolworths.
• The third option is that sub Post Office® branches can elect to be part of the redemption scheme so customers can choose to purchase goods from its retail side.
Customers can sign up and start putting money away for next Christmas now. It’s easy - just pick up an application pack from any Post Office® branch and return with the completed form, plus ID, to complete the membership process.
For more information on Post Office® products and services, call 08457 22 33 44 or visit www.postoffice.co.uk.
ENDS
Issued by Royal Mail Press Office:
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NOTES TO EDITORS
The Post Office® Christmas Club fills a gap identified by HM Treasury’s Review of Christmas Saving Schemes by Brian Pomeroy, Chairman of the Financial Inclusion Taskforce, in March 2007 carried out in the wake of the Farepak collapse.
The scheme will be available at all Post Office® branches from today.
The normal gift voucher transaction fee will be waived for club members. Vouchers are available in all denominations from £10 to £100.
*A Populus poll for The Times before Christmas showed that adults expected to spend £393 each just on presents
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,045 adults. Fieldwork was undertaken between 18th - 20th December 2007. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
For more information on Post Office® gift vouchers and other Post Office® products, visit www.postoffice.co.uk or call 08457 223344.