Co-op saving scheme’s stamp of approval

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Saving stamps are enjoying a massive revival, as careful shoppers are squirreling their cash away to prepare for Christmas.

The Co-operative said purchases of its stamps, which can be used to buy food in its stores, are already up 50 per cent on last year – meaning a bumper £2.5m of them is due to be cashed in. Around £1.7m was spent on the saving stamps throughout 2010, the Co-operative said.

Shoppers who redeem the stamps in December receive £2 free for every £48 they have managed to put away.

Households have been squeezed by a rising cost of living, while struggling to find savings accounts which will give them a real return on their money.

Sean Toal, acting chief executive for Co-operative Food, said the scheme helped customers enjoy Christmas but still “keep a grip on the purse strings”.