Lloyds TSB Save the Change to good to be true?

pjbltd

Hi there

Sorry if there is a thread for this already but I was buying something from Amazon when I noticed an advert for the Lloyds Save the Change Debit Card, a card where when you spend on it they round up the difference and put it in a savings account?

Seems a great idea but I can't help suspecting there must be a catch! Not sure what it is though

Martin if you're out there, whats the fault in their scheme?!:money:

Cheers

Here's link to it

http://www3.lloydstsb.com/savethechange.asp?WT.mc%5Fid=STC070218%5FAmazon%5FSalesConfPage%5F300x250

tunesurfer

Hi there - doubt if Martin will reply as theres hundreds of posts in a day but ive seen this mentioned a few times before and people trying to work out ways to make the most of it (ie how to make money from it I think as an introduction Lloyds were matching your first months savings - but this might have finished now).

Theres a search function at the top of the page - use the drop down box to search forums, good luck and welcome to MSE.

spurs_nut

There is no catch.

It's been going for two months now.

Unfortunately you've missed out on the two month bonus of them matching what you save up to £50.

pjbltd

How long do you think it will last?

Dont want to go to my local branch and sign up if its going to end soon

LittleVoice

The system is that LTSB round up your debit card purchases so that any extra pence (eg 60p if you spend £4.40) is moved to a savings account automatically.

There is no scheduled end to the scheme.

However, the good thing has been that LTSB has promised to match the savings which are swept into the savings account during February and March this year - up to £50/month and then less tax if interest is not paid gross.

As the matching by LTSB ends effectively on 28 March (because of the delay built into the system) and you need to have a LTSB debit card already and register for the scheme, you need to do a lot of transfers in a couple of days if you want to get your £50 for March.

newmum1

Martin has already voiced his opinion on this account if you do a search it should come up, as I cant remember which thread it was in, possibly current accounts.

Biggles

I think you may be under the illusion that LTSB are giving you something.

Apart from the special offer, which ends 31 Mar, they deduct the rounded-up amount from your current account and put the difference in your savings account. Nothing you couldn't do yourself, in other words.

MOCHA

Does this not end up pushing people into overdraft quite often? I'm sure LTSB will slap on a penalty charge if it does.............

RTNI

MOCHA wrote: »

Does this not end up pushing people into overdraft quite often? I'm sure LTSB will slap on a penalty charge if it does.............

No, it says on the website that save the change will not be processed if account overdrawn, (either auth or un-auth) or if it would send it into an overdraft.