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LLoyds 'top-up' savings account - free money in Feb/March
magpiejay
Posts: 190 Forumite
Lloyds bank are launching a new type of savings product next year. It 'rounds up' transactions bought on a Llyods debit card to the nearest £1 and diverts the pennies rounded up into a savings pot.
Best of all, in Feb and March next year, they will MATCH the diverted pennies up to £50 a month, so potentially, there's a free £100...though you may need to have quite a lot of debit card transactions in a month to get this. (Or buy your shopping in seperate transactions.) I suspect they will have a 'minimum' payment amount to trigger the penny-save.
story here:
http://news.bbc.co.uk/1/hi/business/6207704.stm
Best of all, in Feb and March next year, they will MATCH the diverted pennies up to £50 a month, so potentially, there's a free £100...though you may need to have quite a lot of debit card transactions in a month to get this. (Or buy your shopping in seperate transactions.) I suspect they will have a 'minimum' payment amount to trigger the penny-save.
story here:
http://news.bbc.co.uk/1/hi/business/6207704.stm
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Comments
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There is currently a thread on this very subject running in the Budgeting & Current Accounts Forum.
http://forums.moneysavingexpert.com/showthread.html?t=3185230 -
magpiejay wrote:Lloyds bank are launching a new type of savings product next year. It 'rounds up' transactions bought on a Llyods debit card to the nearest £1 and diverts the pennies rounded up into a savings pot.
Best of all, in Feb and March next year, they will MATCH the diverted pennies up to £50 a month, so potentially, there's a free £100...though you may need to have quite a lot of debit card transactions in a month to get this. (Or buy your shopping in seperate transactions.) I suspect they will have a 'minimum' payment amount to trigger the penny-save.
Banks have given away £100 for less. I doubt they are too bothered - they could get your current account AND savings account business, plus loads of free publicity, for a maximum of £100/customer. Seems like a good deal for them to me. Good marketing.My policies are based not on some economics theory, but on things I and millions like me were brought up with: an honest day's work for an honest day's pay; live within your means; put by a nest egg for a rainy day; pay your bills on time; support the police - Margaret Thatcher.0 -
Apart from the publicity that they will receive, don't they also get a cut from the retailers like credit card providers do ? If so, anybody know what it is ?
At some point, surely retailers are going to say "No you can't use a debit card to buy a packet of fag papers mate" or have I got it completely wrong (as usual) and debit card transactions are provided as a free service to retailers ?0 -
I believe they normally pay a fixed charge per trans with a debit card, whereas with a credit card its a percentage of the transaction.0
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