Co-op Member Prices: new scheme to save shoppers money

Co-op says the new loyalty scheme delivers lower prices for its members. So how much can you expect to save?

A new programme has been launched which can help Co-op shoppers save cash when shopping at the supermarket.

Co-op Member Prices is only available to members of the co-operative, and can help you save a few quid just at a time when food price inflation is at record highs.

So how does it work, and will it save you money?

Save at the till wherever you shop: top supermarket promotions currently available

How does Co-op Member Prices work?

Co-op Member Prices is a new initiative from the Co-op and means that members get lower prices on certain items.

It has gone live with five initial deals.

Members pay £5 for Co-op’s Irresistible pizza (510g), rather than £6.45, or £3 for the 235g version, rather than £4,10.

The Co-ops freezer filler deal ‒ where you can buy five frozen items at a reduced price ‒ costs £5 for members, rather than £6, while the lunchtime meal deal will set you back £3.50 rather than £4 if you are a member.

Finally, members pay £5 for the pizza and fries deal, instead of £6.

These are just the opening deals though, with Coop promising future discounts on wine and BBQ products.

Becoming a member of Co-op will set you back £1, but there are additional benefits to doing so beyond access to the new discount scheme.

For example, you will get personalised offers each week, while when you buy certain items you get 2p added to your membership account for every £1 spent.

Co-op matches that ‘cashback’ in the form of charitable donations.

Deja vu all over again

The idea of Coop Member Prices will undoubtedly feel familiar for many of us.

After all, it is becoming a tried and true tactic for supermarkets to offer more competitive prices to shoppers who sign up for their loyalty scheme.

First to do it was Tesco, with its Clubcard Prices programme which was launched last year and is open to anyone that joins the Clubcard loyalty scheme.

It means lower prices on around 300 items so long as you scan your membership card when you shop.

Then last week Sainsbury’s unveiled its own version, Nectar Prices.

Again it delivers reduced prices to shoppers who scan their Nectar card at the till, and there are around 300 products included.

It is a clever gimmick at a time of rising food prices. All of us are counting the cost of our food shopping, and considering ways to save a few quid.

While dropping from branded to non-branded items can help, others will be making a more significant change by switching supermarket.

After all, that same basket of goods is likely to cost you less at Aldi or Lidl than it will at Tesco or Sainsbury’s. 

But you may be less inclined to make that switch if you can reduce the cost of your shopping by a few quid thanks to a price promotion like these member prices schemes.

Pain at the supermarket till

The rate at which our food prices are rising is causing significant pain for most of us when it comes to our household finances.

Just this week the Office for National Statistics (ONS) released data on the rate of inflation, and while overall inflation is declining (slowly), food price inflation is growing at an ever more frightening pace.

According to the ONS, the price of food and non-alcoholic drinks rose by an average of 19.2% in the 12 months to March, up from the 18.2% increase seen in the year to February.

The last time there was a comparable rate was back in 1977 when it was estimated to be just shy of 22%.

The fact is that none of us are seeing our incomes increase at a comparable rate. Indeed, the fact that so many other household outgoing are increasing, from Council Tax to broadband bills, means that our money is under serious pressure. 

Making your money go further

Supermarkets know full well how under pressure our money is, and they don’t fancy losing our business to their more budget-friendly rivals.

That’s why they are so keen to launch promotions that keep us spending money with them, from reduced prices for members to freezing prizes on selected items.

In the end though, it’s down to shoppers to keep on top of where we can get the best value for money and not be afraid to switch supermarkets if it means saving cash. Loyalty is only worth it if it means you’re better off as a result.