Lloyds TSB Save The Change

stacey21_2

Hi all,

If you have a current account and savings account with Lloyds TSB, you will be eligible to receive this new scheme called Save The Change.

What it basically does is that when you use your switch card for a purchase (for example, £4.30), it rounds it up to the nearest pound (i.e £5) and puts the 'change' from the fiver into your savings account!

For the month of March 2007, customers who are saving the change will receive a matched bonus from Lloyds too.

Ideal for people who dont carry cash but still want to have a 'coin jar'.

Hope this helps :-)

Stacey

Xbigman

I find that just, well, bizarre. They paid someone money to come up with that.

Or is it me?

Good post though, I'd not seen this elsewhere and I bank with Lloyds. Well done stacey21
Regards



X

stacey21_2

Its the first and only bank to do so :-)
I think its quite a good idea actually :-)

Xbigman

Hang on. So If I go to Tesco's and walk through the till 10 times and, by juggling my shopping list, pay £1.01 ten times, they will take 10 times 99p and save it. Will they really then give me 99p times 10 by matching the saving?

I await the exact terms and conditions eagerly I think.
Regards



X

stacey21_2

Just for March 2007 :-)

tiff

Is there anything about this on the Lloyds site?

stacey21_2

Not yet, its brand new, i work for them :-)
will check in work tonight when its due to be launched...

johnmoney05

stacey21 wrote:

What it basically does is that when you use your switch card for a purchase (for example, £4.30), it rounds it up to the nearest pound (i.e £5) and puts the 'change' from the fiver into your savings account!

Sorry, I don't understand at all. What is the benefit? You shop £4.30, then Lloyds charge you £5, then put £0.70 into your saving account. Well, I can live without it.

Phoenix79_2

Xbigman wrote:

Hang on. So If I go to Tesco's and walk through the till 10 times and, by juggling my shopping list, pay £1.01 ten times, they will take 10 times 99p and save it. Will they really then give me 99p times 10 by matching the saving?

If you were in the queue at Tesco's in front of me and you tried to do that then we would fall out!

smudge2006

johnmoney05 wrote:

Sorry, I don't understand at all. What is the benefit? You shop £4.30, then Lloyds charge you £5, then put £0.70 into your saving account. Well, I can live without it.

Thats very cynical John! It's set up for people who have never thought about saving or think they can't afford it. This will hopefully show them that it can be done.

Surely Lloyds should be applauded for helping people save rather then badgering them for loans all the time??

Phoenix79_2

What about of you're in your overdraft? Surely taking (more) money from your account and sticking it in a savings account is countereffective if the apr on the overdraft is more than the savings account? Or have I got it wrong?!