Does anyone else love 'Save the Change' at LloydsTSB? :-)

Hominu

First Direct do something called 'Sweep' which I thought was a great idea - you just set a lower limit (enough for bills and usual account activity) and anything above that got 'swept' into a savings account. Nice idea, pity their savings accounts are so poor, so I have to manually do it myself to my own savings accounts held elsewhere.

missile

Look after the pennies is good, but the interest generated is pathetic.

I would suugest you guys would be better setting up a SO to transfer even a nominal ammount, say £0.99 / month into a savings account with a better rate.

innovate

daveb5 wrote: »

.....i like the idea of a bit of a surprise when i check it after a couple of weeks:D

You are surprised by finding your money in your savings account?

G_M

opinions4u wrote: »

It's been going for several years here.

When it was launched they used to double the value of the change saved.

Now that would perhap make me interested. Then once a month I'd move the cash generated from their (doubtless) poorly paying savings account to my own savings account elsewhere...

opinions4u

G_M wrote: »

Now that would perhap make me interested. Then once a month I'd move the cash generated from their (doubtless) poorly paying savings account to my own savings account elsewhere...

It's a good job I don't bank with them. The messing about I'd have done in shops and online to make my purchase £26.01 instead of £25.99 would have been anal.

thumshie

ognum wrote: »

this facility was available on a current account I had with Bank of America at least 10 years ago. It's taken a while it get here.

Yes, As i recall the exec that joined LloydsTSB use to be at BoA- its been here since 2007!!!:
https://forums.moneysavingexpert.com/discussion/comment/3684501#Comment_3684501

Much better when they matched the amount saved :O) wasn't too hard filling up the car with £10.01 in fuel...

vulcan59

Depends on your current account. If you've got a Vantage account it could be paying up to 4% interest so why transfer money out to a savings account which pays less.

anamenottaken

opinions4u wrote: »

It's a good job I don't bank with them. The messing about I'd have done in shops and online to make my purchase £26.01 instead of £25.99 would have been anal.

Yes. I remember the days!

Ensured that small amounts I would have put on cash-back credit card were switched to the debit card and that I added a very low value item to bring the amount just over the whole pound. It was also possible to make £1.01 payments into an Egg account using the debit card.

They weren't completely silly in offering to match the savings - there was a time limit during which it operated and a monthly £ limit.

waiax73

thumshie wrote: »

Yes, As i recall the exec that joined LloydsTSB use to be at BoA- its been here since 2007!!!:
https://forums.moneysavingexpert.com/discussion/comment/3684501#Comment_3684501

Much better when they matched the amount saved :O) wasn't too hard filling up the car with £10.01 in fuel...

clever guy - he knew that wherever he releases a feature like that, people will like it.
I've been using it for some time now and one thing that annoys me is that the transfer takes a couple of days to process.... Apart from that, I love it!