LloydsTSB Save The Change Fun Loophole

Robinmsa

I've done my £50, what a great way to get absolute free cash...

:beer: :j :j :beer: :j :j :beer:

paddytt

RedDev11 wrote:

It does take a few days to start running.

Thanks - you're right! I expected the £1.01 charges to show as £2.00 but this is how it looks:

26Feb07 DEB PAYMENT TO EGG PLC CD 3546 1.01
26Feb07 DEB PAYMENT TO EGG PLC CD 3546 1.01
27Feb07 BP SAVE THE CHANGE 30.69

The whole amount for 31 transactions to Egg Money showed up as one DD to my Online Saver of £30.69.

I made 15 transactions on Sat night and 15 on Sunday (actually did 16 on one of the days!) and all showed up dated as 26th Monday - and the card still works!

Here we go for the next 19.....

Hope this helps someone

paddytt

Cypher

I'd forgot it was a short month, and thought I had a few days left, but I've just checked my balance and I'm sat at £49.79 from Febs save the change, it looks like the last few egg transfers will go though dated 1st March ending up in March's allocation oh well 21p short not perfect, but I'm more than happy. :T

freebird65

None of mine for the last 4/5 days have credited yet either -my card got blocked 2 days running and I think they've held up all the transactions for those days, so I won't be making the £50 target this month.

Oh well....£40+ is still great....it's money for nothing so cheers all round!!:beer:

chesky369

Done it! I thought I wouldn't make it but it seems all the transactions to my credit card over the weekend went through in a rush and I'm home. Money for old rope AND I've paid a chunk off my c.c. bill.

marj123

Paul_Herring wrote:

The most anyone paying income tax will receive off LTSB is £80. Since you require proof of £100 received, to match £100, anyone with a job is not going to be getting entered for the £100.

First post, so please be gentle with me!

My understanding is that if basic rate tax payers want LTSB to match £50 of save the change, then perhaps they should be aiming to save £63 (£63 less 20% = £50.40) to allow for the tax to be deducted.

Or perhaps divert the change to a savings account held by a non tax payer, such as a child or non working spouse, as I think it's the receiving account which dictates the rate of tax, although changing the nominated account half way through might jeopardise the payments.

As a non tax payer myself, I have't checked this with them, but it's something that might get you the extra 20 quid, or to be realistic, the £10 for March, as it's obviously the last day of February.
Worth a try, surely?

Paul_Herring

marj123 wrote:

My understanding is that if basic rate tax payers want LTSB to match £50 of save the change, then perhaps they should be aiming to save £63 (£63 less 20% = £50) to allow for the tax to be deducted.

The problem with that is, that LTSB are only matching up to £50 gross, which the match being taxed.

If you save £63 in either month, LTSB will still only match £50 of it. Basic rate Tax Payer will receive £40 of this.

LittleVoice

marj123 wrote:

Or perhaps divert the change to a savings account held by a non tax payer, such as a child or non working spouse, as I think it's the receiving account which dictates the rate of tax, although changing the nominated account half way through might jeopardise the payments.

Welcome to contributing to the forums.

Thank you for the reminder about being able to send STC to an account held by a non-tax payer.

circuit

i have a quick question regarding the nominated savings account.

the terms and conditions say this:

"2. Matching funds for February purchases will be credited to your nominated savings account before 1 April 2007 and for March purchases before 1 May 2007, providing that an eligible savings account is still open and you are still participating in the Save the Change scheme on the date that the matching funds are credited."

does that mean i can move the funds in the savings account back to my current account? i.e. the account just has to be open; it doesn't have to have any money in it?

i opened my accounts in a branch and was just told i was opening a 'savings account' - no initial payment was required.

LittleVoice

If you need to have the money to spend from your current account, I don't see why you shouldn't move up to the balance less £1 from the nominated savings account. I would leave the £1 in the savings account to show that the account is indeed still open.

That's assuming that there isn't a higher balance that is required to operate your particular savings account. You may also receive a lower rate of interest if the account pays on a tiers basis.