lloyds TSB save the change account

thewizz2009 · 5 December 2006 at 2:25PM

Hi

Just saw working lunch, and they mentioned this account, it rounds your spend on a debit card to the nearest pound, and then transfers it to a savings account. This sounds similar to me to the 20p saving club except does it for all purchases automatically.

They also said for Jan and Feb they would match saving upto £50 per month

Anyone think this is a good idea?

mmcmahon · 5 December 2006 at 2:33PM

I've already signed up. But it's Feb and March. Think it starts on 1st Feb. Free £100 as far as I'm concerned

thewizz2009 · 5 December 2006 at 2:57PM

I think you would need £250 to open the online saver, could you then move that money out, once opened? it says it requires £250 minimum to open, but to maintain too?

Also can u create an order to empty the account everymonth to a good rate paying account? is that a standing order?

Mike_St_Helens · 5 December 2006 at 3:06PM

How cool.. Ive just opened one !!

You dont need £250 - thats just to get the intro bonus on the savings rate.

Imelda · 5 December 2006 at 3:11PM

I do this anyway with my accounts, I much prefer having round number balances, have over £200 since June. It also makes me think in the supermarket if I am going to go one or two pennies over, since it will mean putting 90p+ into my savings

thewizz2009 · 5 December 2006 at 3:40PM

How hard is it to move the money collected into a good paying bank, the online saver pays 0.1% if u open with £1 compared to 5.45% of the best.

its hard to call it a saving scheme at such a low rate, it wouldnt beat inflation

james32_uk · 5 December 2006 at 8:36PM

What a brilliant idea! I've registered, although it was easy for me as I already have a Lloyds current and savings account. It pays over 4% when you have over £250 in there.

Not sure how mmcmahon expects to get his £100 bonus though. At an average of 50p 'saved' per transaction you'll need over 3 transactions a day to get your £50 per month bonus!

Xbigman · 6 December 2006 at 4:14AM

I already posted on the investment board about this. Fill your car up with petrol in small goes and always put in an extra 1p. So put in £10.01 and they should round it to £11 and put the extra 99p in your savings account then match it with another 99p. Likewise pay for your shopping in small chunks, going back through multiple times if you like. Its not hard to come up with a few small shopping runs that end in an odd penny or two.

I'm waiting for the exact terms and conditions before I get too excited though. If multiple spends in the same place on the same day are ignored then that will slow down my plans dramaticly.
Regards

X