LloydsTSB Save The Change Fun Loophole

kingmonkey

So min to get the full £100 is 3.4 1p transactions a day for this month. Then 1.6 1p transactions a day for March.

Hmmm.

theluckiswithme

Paul_Herring wrote:

If you're opening the saver account, you need £250 to open it and if you want to keep a decent interest rate for the duration, keep at least £250 in there. After May 1st (when the 2nd payment from LTSB hits it,) you can close it, but if you don't care about the interest rate on the account, keep it at £1. There are other eligable accounts however.

I get that about needing to put £250 in to get a decent interest rate but do you need to leave the money in the savings account that gets moved in there as a consequence of your transactions being rounded up to the nearest pound?

Loz

Slightly off topic but was very disappointed to find that Lloyds TSB are now charging £35 a year for their credit card from next month - have cancelled after being with them for years and switched to Goldfish.

zooropa

My save the change is £30 on one account and £25 on the other. I find Egg, William Hill (min deposit £2.01 - no need to gamle it!) and Tesco Pay at Pump (less embarassing)to be the easiest. My wife is doing it too, so we should net £240 over the two months. If you have multiple accounts you need to make sure each goes to a different nominated savings account. The on line saver at 4.5% is best but you need £250 to get that % (lousy otherwise) Not the best rate but oK for a couple of months to net easy money

Good luck to all MSEs

biscuit81_2

Paul_Herring wrote:

In addition you must remain registered for the scheme, and have the associated savings bank account open by at least 1st May.

I saw that but does that mean you have to keep the £50 in or just still remain using the scheme?

Mr_Doh!

If your account is overdrawn even within an agreed overdraft limit, you get nothing! Nothing gets moved into your savings account. So if nothing gets swepted and they match it, you get double nothing.

lesandflynny

Done it today, what a great way to make £100 in two months.

I cannot wait to reap the rewards.

ollyshaw

theluckiswithme wrote:

I get that about needing to put £250 in to get a decent interest rate but do you need to leave the money in the savings account that gets moved in there as a consequence of your transactions being rounded up to the nearest pound?

I just opened an account with £1. It says £250 to start earning great interest (you get virtually nothing for under £250).

Hence you only need a pound to open the savings account (unless anyone can tell me different).

I am already well under way making up for the 13 days of feb I missed. Does anyone know how many transactions per day till the card is blocked? I need to make 3.5 transactions per day in feb and then 1.6 in march.

Cheers,

Olly

YorkshireBoy

ollyshaw wrote:

I just opened an account with £1. It says £250 to start earning great interest (you get virtually nothing for under £250).

Hence you only need a pound to open the savings account (unless anyone can tell me different).

There are at least 3 references to a minimum opening deposit of £250 being required for the online saver...

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

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

http://www.lloydstsb.com/legal/savings_legal/online_saver_page.asp

Be a shame to blow £100, because you didn't bother to read the small print.

Does anyone know how many transactions per day till the card is blocked?

15, according to a post in the other long running thread.

Paul_Herring

theluckiswithme wrote:

I get that about needing to put £250 in to get a decent interest rate but do you need to leave the money in the savings account that gets moved in there as a consequence of your transactions being rounded up to the nearest pound?

biscuit81 wrote:

I saw that but does that mean you have to keep the £50 in or just still remain using the scheme?

You open with £250, then the next day, withdraw £249. (Leaving £1)

On the 1st of April (provided you've had enough transactions) you may withdraw another £40 (From February's transactions, leaving £1)

On the 1st of May (provided you've had enough transactions) you may withdraw another £41 (+any accrued interest) and close the account.

Edit: - as pointed out later in this thread, I've completely ignored the money moved from your current account every day before these dates in this reply - yes you can move this money out when you want aswell.