Lloyds TSB Save The Change

trets77

agreed i already save and will get my free £100 and then knock it on the head.

do you think :think: i will feel guilty for taking the freebie/ bribe and then running:wave: ...think again

Bullett_Tooth_Tony

stacey21 wrote:

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

I work for them too...... where abouts do you work and what department are you in?

The information's not on the website yet, but i say it on the intranet. I'm sure they'll be soem terms and conditions to prevent people exploiting the matched savings.

YorkshireBoy

Bullett_Tooth_Tony wrote:

The information's not on the website yet...

http://www.lloydstsb.com/savethechange.asp?link=service_message

I'm sure they'll be soem terms and conditions to prevent people exploiting the matched savings.

There are several, but my personal favourite is the taxing of the matched payment...

Save the Change T&C's

Tax will be payable on your matched payment on the same basis as the interest on your nominated savings account. For example, if you currently receive interest net (after the deduction of income tax) on your nominated savings account and the amount to be matched is £10 you will receive £8 in matched funds.

roswell

Other than the matched - tax funds from loyds theres no point in this account its just a trap to get you over drawn.

Example.

Normal account.
Balance £2.00
Purchase £1.01
Balance £0.99
Purchase £0.55
Balance £0.44

Save the Change
Balance £2.00
Purchase £1.01
Balance after save the change £0.00
Purchase £0.55
Balance -£0.55

seven-day-weekend

I have two current accounts (one a joint acount with my husband) and both myself and my husband have High Interest Accounts with LTSB - but, drat it, we live in Spain and hardly get to use the debit cards at all!

Just a question, if I were to spend £5.01 would they only charge me £5.01 on my debit card and then give me 99p into my account? Or do they charge me £6 on my card?

In other words, is it 'free' money or not?

My son has a current account; it may be worth him opening a Savings account.

exel1966

roswell wrote:

Other than the matched - tax funds from loyds theres no point in this account its just a trap to get you over drawn.

Example.

Normal account.
Balance £2.00
Purchase £1.01
Balance £0.99
Purchase £0.55
Balance £0.44

Save the Change
Balance £2.00
Purchase £1.01
Balance after save the change £0.00
Purchase £0.55
Balance -£0.55

WRONG ! If there are insufficient funds in the account funds will not be moved to the savings account. If you have signed up for this then the onus is on the account holder to know what funds are in their account. If you already operate a LLoyds Current and savings account this is an oppertunity to gain FREE money during FEB / MAR.

exel1966

seven-day-weekend wrote:

I have two current accounts (one a joint acount with my husband) and both myself and my husband have High Interest Accounts with LTSB - but, drat it, we live in Spain and hardly get to use the debit cards at all!

Just a question, if I were to spend £5.01 would they only charge me £5.01 on my debit card and then give me 99p into my account? Or do they charge me £6 on my card?

In other words, is it 'free' money or not?

My son has a current account; it may be worth him opening a Savings account.

No, they would charge you £6 on the debit card, 99p of it going into the savings account.
It is only free money during the months of FEB/MAR as Lloyds say they will match penny for penny everthing you have saved.

Paul_Herring

exel1966 wrote:

WRONG ! If there are insufficient funds in the account funds will not be moved to the savings account.

If you look carefully at the example you quoted, no funds were moved if there were insufficient funds - otherwise the overdrawn amount would have been -£1, not -£0.55.

I find the example to be highly contrived however. Anyone knowing their current account limit to be that close to £0 would (a) know they're signed up to StC and (b) would probably not be spending on a card knowing they were that close to £0 (c) would likely have an authorised overdraft facility.

In all other cases, the person is likely to go overdrawn regardless of whether they're signed up to StC or not so the point is moot.

dawny10

I think it's one of those offers that has little real substance but will generate a lot of publicity.

I do, however, fully intend to be having the full £80 net off them during Feb & March! I do a lot of matched betting so make a lot of debit card transactions per month so shall be depositing £xx.01 everytime instead of the normal amount. The petrol idea is a good one as well.

After March I suspect I will de-register.

YorkshireBoy

dawny10 wrote:

After March I suspect I will de-register.

You'll have to wait until May 1st to be sure of getting both matched payments.