Llyods Save the Change

mummyplus3

Does anyone use this now?

I did a search but didn't find much about it apart from a thread from 07/08 when you could double up what you "saved" :T

I've only been using it a few months (since mid Jan) and I'm really pleased, It's moved approx £25 over in small sums and because my family income is so little thats quite a big amount of money for us! Will pay for a lovely day at the seaside for the 4 of us or hopefully to leave it in there to accumulate and get the childrens christmas presents.

I think for those that struggle to save its a really good idea, I know the interest on the account isnt very much but it's such a piddly amount really I don't suppose it would make more than 5-10p interest over a year if that!

I'm interested to see how much others have saved or whether they dont like it etc and the reason etc... or maybe there is a better way of doing it?

GettingItRight

I am with Lloyds TSB and I considered this idea, but in the end decided not to bother. I use my current account for my wages to go into, but then I tend to transfer out all of it into different accounts except £50 and never use this account for retail transactions.

Personally, I budget down to the final coin and prefer to transfer excess towards the end of month into an ISA. I just feel that if I were to have it, I'd fear I'd forget about it and it would:

a) ruin my monthly budget plan.
b) take away money which I am most likely going to be saving anyway.

I admit I do like the idea and for some it acts as a nice little bit of encouragement to save. It will work for some but not for others.

Tupperware_Queen

I did it for a bit, but to be honest, as GIR says, I find it much easier to budget by spending from a seperate account. I did get annoyed that it took several days to move the money, so the transaction would go out on say, Monday, but the save the change not move till Wed or Thurs. Made it harder to keep track of IMO

stef73

Both my wife a i use save the change . We have 2 children and 1 saves the change into 1 childs account and the other into other childs . My eldest has just bought a DSI with his save the change money . Over a year it adds up for them and they learn if they want something they have to buy it with savings (even though we have bought it for them really)

Tupperware_Queen

stef73 wrote: »

Both my wife a i use save the change . We have 2 children and 1 saves the change into 1 childs account and the other into other childs . My eldest has just bought a DSI with his save the change money . Over a year it adds up for them and they learn if they want something they have to buy it with savings (even though we have bought it for them really)

thats a really good idea!

mummyplus3

stef73 wrote: »

Both my wife a i use save the change . We have 2 children and 1 saves the change into 1 childs account and the other into other childs . My eldest has just bought a DSI with his save the change money . Over a year it adds up for them and they learn if they want something they have to buy it with savings (even though we have bought it for them really)

Thats a really nice idea!