Lloyds TSB - Save the Change. Anyone doing this?

Nine_Lives

Sign up for Save the Change™ and every time you make a purchase with your Lloyds TSB debit card, we'll round up the amount you spent to the nearest pound and transfer the difference into a Lloyds TSB savings account.

Sounds pretty straight forward, but also too good to be true - as though there's something hidden & sneaky to catch you out.

Anyone experienced it & can offer an informed opinion?

Crap_with_money.com

There's no hidden catch - and definitely one of their better products imho! I think it's basically a way of getting you to open a savings account, and get yourself into the habit of putting some money away a little at a time. I doubt you'll ever make your fortune from it, but it can be a way of building up a wee "cushion" without even noticing it.

ojo3

Hi, I have signed up to it and so far it doesnt do any harm. I think with time you see the benefit of it. I think its a way for people who find it difficult to put money aside each amount to get started. If people realise how much they have saved after a while it might encourage them to save more hence I think the use of save the change. Its going well for me and I would encourage anyone to try it. thanks

iereboy

It is straight forward and does as the tin says.

There are no charges and nothing is hidden and sneaky to catch you out.

It encourages those people who can't save to save indirectly.

Good luck with it if you take it up

7891368

I use it (:
Dead easy service and you don't miss the money. It does tend to take the amount as a bulk rather than each individual transaction though. So your statement will show SAVE THE CHANGE £4.27 for example/

Bin_Boy

No catch, but they simply charge your current account to the next pound and transfer the difference to your saving account. eg. it's your money they put in the savings account not additional funds.

Full details here: http://www.lloydstsb.com/stand_alone/savethechange_terms.asp

Nine_Lives

Bin_Boy wrote: »

No catch, but they simply charge your current account to the next pound and transfer the difference to your saving account. eg. it's your money they put in the savings account not additional funds.

Full details here: http://www.lloydstsb.com/stand_alone/savethechange_terms.asp

This is where i got crossed wires then.

I figured if you bought something for £10.50, they'd basically give you 50p in a savings account

By the sounds of it then, this is only really for people who find it difficult to save.

Not one for me then.

Bin_Boy

I thought exactly the same thing and had set up another savings account before reading the full T&C's. Oh well another saving account with £1 in it won't hurt. :beer:

altocumulus

Lousy interest rate

paulmcerlean

I use it. Its great.

exel1966

It was useful when it first came online about 4 years ago as LLoyds had an incentive of doubling the amount you saved at their own cost meaning free money up to £100 which many of us gained very quickly through some clever transaction methods !

Now, I can't see the point !