Lloyds TSB Save The Change

stacey21_2

Hiya, yes its in telephony, we seem to get all the info first these days... ad's etc should be starting soon :-)

jonesMUFCforever

So its you that keeps grabbing my loan and savings appointments!!!
Naughty.

dexters_mum_2

I like the idea of this but would it be an opt in or out system? I wouldn't like it if I couldn't afford it but these days now I have a bit more money, I'd be happy to do it.
Can't see it appealing to everyone though....

techno_geek

Shame it doesn't benefit people like me who spend on their credit cards and only use their debit cards for cash withdrawals!!

Every time there's a transaction on my account that leaves me with a non-round balance I simply transfer the pennies into my savings account when I'm using online banking

Money_Man_Steve

I just read about the LTSB 'Save the Change' scheme on BBC News here. The article says that the bank with match the amount saved during February and March 2007, up to a maximum of £50 per month. This is confirmed on the LTSB website here - see the 'how to register' page.

I reckon this scheme would be an interesting alternative to using a cashback credit card for those few months, although in the long term it'll only be worthwhile if the interest rate on the savings account is competitive.

I think people also need to understand that there is little point in saving if they have debts which are charging them a higher rate of interest than they would earn by saving.

buses7675

I wonder if this is only for shop purchases?!

They might be able to spot CC purchases with this system, but how about paying off a Next Directory account (that looks like a purchase at a Next shop), pay it in a few goes, each payment at £xx.01!

Worth a try!

Cheers

Steve

System

Hmm, am trying to get me head round this one. I am another one who only spends on my credit card but i do have bills/standing orders/direct debits go out of my bank account. i wonder if they would count as spends? Presently all my odd coppers i get from rounded up pounds get shoved into an online saver which i save for my two baby grandsons ...... but i like the idea of Lloyds matching it.

magpiejay

shockingly, the interest rate on the savings account is actually less than you get from leaving the money in your (classic plus) account if you have less than £250 in your online saver, and only 0.15% better (after bonus runs out) if you have at least £250.

Definately one to open now, use fully in feb/ march, then move elsewhere.

JohnFB

Yes magpiejay

You are dead right

'shockingly, the interest rate on the savings account is actually less than you get from leaving the money in your (classic plus) account '

unless they can come up with a higher rate on the Saving account I don't think I'll be using this.

Locana

I think its a good idea!!