current account with saving option???

Reserviordog

ive recently heard from a friend that some current accounts have an option where every time you spend on your card, for example £9.90, that the account rounds up the remaining to the nearest pound so in this example 10 p and instantly puts this amount into a savings account.

has anyone else heard of this? and does anyone know what account it is and who with?

D1zzy

LTSB "save the change"
http://www.lloydstsb.com/savings/save_the_change.asp

withnell

Even better with Lloyds is to open a Classic account with Vantage - then you get 4% on all the mney in your account up to 7k (rather than a fairly rubbish rate on the accounts you can "save the change" to)

D1zzy

withnell wrote: »

Even better with Lloyds is to open a Classic account with Vantage - then you get 4% on all the mney in your account up to 7k (rather than a fairly rubbish rate on the accounts you can "save the change" to)

4% only on amounts between 5k & 7k - but still not bad rates for < 5k

G_M

Reserviordog wrote: »

ive recently heard from a friend that some current accounts have an option where every time you spend on your card, for example £9.90, that the account rounds up the remaining to the nearest pound so in this example 10 p and instantly puts this amount into a savings account.

has anyone else heard of this? and does anyone know what account it is and who with?

Lloyds - yes. But what's the point? If you have cash you want to earn interest on, transfer it yourself. What difference will that 10p make? Now if they were giving you the extra 10p, that would be useful! But transferring your own 10p across? Why?

td_007

D1zzy wrote: »

4% only on amounts between 5k & 7k - but still not bad rates for < 5k

Actually if one has 5K then one will get 4%AER on the entire amount till 7K. In effect if one has £5000, one will be eligible for 4% for the entire amount, but if it £4999 one will get 3% for the entire amount

D1zzy

td_007 wrote: »

Actually if one has 5K then one will get 4%AER on the entire amount till 7K. In effect if one has £5000, one will be eligible for 4% for the entire amount, but if it £4999 one will get 3% for the entire amount

Isn't that what I said ?:rolleyes:
....probably shoul've said "balances" between 5 & 7K

Reserviordog

cheers for the replies

galba

td_007 wrote: »

Actually if one has 5K then one will get 4%AER on the entire amount till 7K. In effect if one has £5000, one will be eligible for 4% for the entire amount, but if it £4999 one will get 3% for the entire amount

So....just to clarify.

With £8k in the account the interest would be 3% on the £8k plus an additional 1% on the £2k between £5 and £7k ?

This seems to be a reasonably good combined current/savings account for people with modest savings who need instant access.

dazeruk

galba wrote: »

So....just to clarify.

With £8k in the account the interest would be 3% on the £8k plus an additional 1% on the £2k between £5 and £7k ?

This seems to be a reasonably good combined current/savings account for people with modest savings who need instant access.

No.

With £8,000 in the account you would get 4% on £7,000 and then 0.1% on £1,000.

Don't forget you need to service the account with £1,000 of new money each money to get these rates.

G_M

galba wrote: »

So....just to clarify.

With £8k in the account the interest would be 3% on the £8k plus an additional 1% on the £2k between £5 and £7k ?

Oh come on! It's all here! Simples!