Lloyds TSB Save The Change

LittleVoice

LTSB were obviously aware of the potential for "abuse" and therefore placed the £50/month limit.

It seems as though some of us think multiple 1p or even £1.01 transfers is abuse.

As long as the majority of those who signed up for the scheme don't behave in that way, then I guess they will run the matching scheme for the full two months.

mary

I wouldn't call it abuse when I am simply transferring my money from my one bank account to another of my bank accounts and yet keeping within their Terms and Conditions by making debit transactions. I believe in the spirit of MSE, we are simply keeping a keen eye on their wording to see if the banks left themselves unguarded with small loopholes.

Grade_A_Reject

mary wrote:

I wouldn't call it abuse when I am simply transferring my money from my one bank account to another of my bank accounts and yet keeping within their Terms and Conditions by making debit transactions. I believe in the spirit of MSE, we are simply keeping a keen eye on their wording to see if the banks left themselves unguarded with small loopholes.

Agreed it's not abuse in the true sense of the word but I doubt making 50 purchases of 1p in Feb and in March is how LTSB envisaged the scheme working.

They have left themselves slightly unguarded but their clause to withdraw the matching at any time is their trump card.

jonesMUFCforever

mary wrote:

My daughter, a student, rang to enquire about doing Save the Change. She has an authorised student overdraft of £1,500, fully taken up (in a High interest savings account). She was told by Customer Services that so long as she tops up the account a bit, say with a £100 she can still do the STC. She just has to open a Lloyds Saver Account first. My understanding was that her current account had to be totally in the black, and not in the red at all for the STC to count. Am I right or is customer services wrong?

The account has to be in credit. They will not apply Save the Change to any overdrawn account whether it is within an authorised amount or not.

plzhelpmesave!

hiya

I have a current a/c with lloyds and was planing on opening an online saver tonite. Hubby works at Aldi, so we are planning to make up our spend by buying lots of 3p carrier bags! He says he'll wait for the really quiet times in store and spread the 50 separate transactions over a week or so!

the only time we'll ever happily pay for carrier bags!

jonesMUFCforever

Why pay for something stupid like that? Why not just buy one item a day and pay for it using your debit card.

YorkshireBoy

ejones999 wrote:

Why pay for something stupid like that? Why not just buy one item a day and pay for it using your debit card.

Well, since the maximum STC value per transaction is 99p, and there are only 59 days in February and March, your method won't generate the maximum 2 x £50 'matched payments' - which I assume is what the poster is aiming for.

Personally, I prefer daily online payments to Egg Money, Egg Savings, and my Morgan Stanley credit card - along with the odd 'conventional' card purchase.

tipsychick

johnmoney05 wrote:

If she is going to open the Saver account, she needs to transfer £250 from Current accounts to Saver account for initial deposit. So I think she just need to deposit £250 into Current account, then open the Saver account even by using the overdraft money. BUT, if she is going to take advantage of the STC, she better leave some money in the Current account...just in case go over the limit.

I don't see why it has to be the Online Saver requiring a deposit of £250.00 to get it started.

Couldn't you just open a Guaranteed Tracker? See here:

http://www.lloydstsb.com/savings.asp

You only need to fund that one with £1.00 to open it.

I know the Online Saver has a slightly better rate of interest but my main objective is to get the £100.00 for the minimum outlay!

Paul_Herring

YorkshireBoy wrote:

Paul, the minimum opening deposit for the online saver is £250.

Ah - I was confusing this with http://www.lloydstsb.com/legal/savings_legal/online_saver_page.asp

if your account has a balance below the Minimum Opening Balance, other than a balance of less than £1, it will earn interest at the fixed rates of 0.10% p.a. AER/Gross, 0.08% p.a. Net.

johnmoney05

tipsychick wrote:

I don't see why it has to be the Online Saver requiring a deposit of £250.00 to get it started.

Couldn't you just open a Guaranteed Tracker? See here:

http://www.lloydstsb.com/savings.asp

You only need to fund that one with £1.00 to open it.

I know the Online Saver has a slightly better rate of interest but my main objective is to get the £100.00 for the minimum outlay!

Well, the £250 is just a initial depsoit. You can transfer £249 back to Current account straightaway! And in any event, you better have £250 in your Current account to start your Debit Card payment shopping?!
Can't see any lost you have?