SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                                 August 20, 1998
                ------------------------------------------------
                Date of report (Date of earliest event reported)

                             Tel-Save Holdings, Inc.
                -------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


          Delaware               0-26728          23-2827736
-------------------------------------------------------------------
(State or Other Jurisdiction    (Commission       (IRS Employer
     of Incorporation)          File Number)    Identification No.)


                       6805 Route 202, New Hope, PA 18938
                    ----------------------------------------
                    (Address of Principal Executive Offices)


                                  215-862-1500
               --------------------------------------------------
               Registrant's telephone number, including area code

<PAGE>
Item 5.  Other Events.

          Tel-Save  Holdings,  Inc.  announced  on  August  20,  1998  that  its
previously  reported  discussions with Communication  TeleSystems  International
d.b.a.  WorldxChange  Communications  regarding the possible acquisition of such
company had been terminated.


<PAGE>

                                   SIGNATURES

          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                 Tel-Save Holdings, Inc.
                                                    (Registrant)

Date:  August 27, 1998                      By:  /s/ Aloysius T. Lawn, IV
                                                --------------------------------
                                                     General Counsel
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 2215}]
{"company-data": {"conformed-name": "TEL SAVE HOLDINGS INC", "cik": "0000948545", "assigned-sic": "4812", "irs-number": "232827736", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26728", "film-number": "98699366"}, "business-address": {"street1": "6805 ROUTE 202", "city": "NEW HOPE", "state": "PA", "zip": "18938", "phone": "2158621500"}, "mail-address": {"street1": "6805 RIYTE 202", "city": "NEW HOPE", "state": "PA", "zip": "18938"}}
SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                                 August 20, 1998
                ------------------------------------------------
                Date of report (Date of earliest event reported)

                             Tel-Save Holdings, Inc.
                -------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)

          Delaware               0-26728          23-2827736
-------------------------------------------------------------------
(State or Other Jurisdiction    (Commission       (IRS Employer
     of Incorporation)          File Number)    Identification No.)

                       6805 Route 202, New Hope, PA 18938
                    ----------------------------------------
                    (Address of Principal Executive Offices)

                                  215-862-1500
               --------------------------------------------------
               Registrant's telephone number, including area code
Item 5.  Other Events.

          Tel-Save  Holdings,  Inc.  announced  on  August  20,  1998  that  its
previously  reported  discussions with Communication  TeleSystems  International
d.b.a.  WorldxChange  Communications  regarding the possible acquisition of such
company had been terminated.
SIGNATURES

          Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                 Tel-Save Holdings, Inc.
                                                    (Registrant)

Date:  August 27, 1998                      By:  /s/ Aloysius T. Lawn, IV
                                                --------------------------------
                                                     General Counsel