LLoydsTSB 'Keep the Change' - is it any good?

jb_lord

Hi. Are any of you out there using the 'keep the change' facility that LloydsTSB offer with their current account?

Really like the idea of it (ie debit card spend of £7.50, Lloyds round it up to £8 and put the 50p difference in a savings account) but would like to hear from anyone using it before moving across from Halifax... :mad:

Thanks.:)

YorkshireBoy

You do realise it's your money they're moving to the savings account...not theirs?

Why not move the 50p (or even a fiver if you're feeling flush) yourself?

mickbhall

I used it when i was with llyods its a good idea.

Loughton_Monkey

Be a bit ironic if you had exactly £249.99 in your account, and you bought an item for £249.50. All those unauthorised overdraft fees etc. could cost a fortune!

Nine_Lives

When i first read of it, i thought it was a good idea

until i had it spelled out to me

simax

Loughton_Monkey wrote: »

Be a bit ironic if you had exactly £249.99 in your account, and you bought an item for £249.50. All those unauthorised overdraft fees etc. could cost a fortune!

It states in the T+C's that they won't round up to the nearest pound if doing so would put you into an overdraft state (authorised or otherwise).

EarthBoy

It's useful if you find it difficult to save and want to put the odd few pounds away, but you are unlikely to accumulate a large savings balance this way.

oscarward

i use it, it's basically the same as putting your spare change in a jar when you take your trousers off at home.

[Deleted User]

oscarward wrote: »

i use it, it's basically the same as putting your spare change in a jar when you take your trousers off at home.

I'm not putting my shrapnel in a jar when I take my trousers off...

...oh, wait. I see what you mean. :rotfl:

jb_lord

K_P83 wrote: »

When i first read of it, i thought it was a good idea

until i had it spelled out to me

Sorry - I don't follow. Had what spelled out???? Is there a catch I hadn't realised?

Has MSE Martin offered any opinion on it?

opinions4u

jb_lord wrote: »

Sorry - I don't follow. Had what spelled out???? Is there a catch I hadn't realised?

While there's no specific catch, there's no obvious gain either.

Typically you'll use your debit card and have a few extra pence moved from your current account to a LTSB savings account.

Personally I prefer to move my savings in one go at a time of my choosing, rather than in 30p, 64p, 1p, 23p chunks throughout the month.

If it helps you save when you wouldn't have done, it's a good thing.

If you are already "good" at saving, then I see little benefit from this or the 1.6% Easy Saver or 1.8% Advanatage Saver account that it will most likely be shunted in to.