Lloyds Bank Account? - Save the Change

Emma1975_3

I have just registered for the 'Save the Change' savings scheme and it seems a good idea, so I thought I'd let everyone know...If you have a Lloyds Bank Account and an Online Saver Account Lloyds will round up and give you the change from every purchase made on your debit card. ie. if you spend £1.20 then they will put 80p into your savings account. It says you have to have £250 in your Online Savings account to benefit from the interest rate they are offering, but this doesn't affect the Save the Change offer - you can open the account immediately with a nil balance and pay in a nominal amount each month, but still benefit from the extra savings. Only pence but it'll mount up! I hope it's as good as it sounds!

jonesMUFCforever

One thing to remember - it only works whilst your spending account is in credit.

whitewing

I set up save the change and think it's really good. I set it up to go in my son's acct but it's mounting up nice and regularly (even though I'm strictly budgeting these days thanks to this website!). I wish I'd set it up on my own savings acct now!

LittleVoice

If you spend £1.20, they deduct £2 from your current account and put the 80p in a savings account. It's always your money, not theirs. It's a good scheme if you want to save your money in very small amounts and aren't bothered about getting the best interest rate available.

Biggles

Emma1975 wrote: »

I have just registered for the 'Save the Change' savings scheme and it seems a good idea, so I thought I'd let everyone know.

Since this came out last year, it's been pretty well thrashed out on the Current Accounts board http://forums.moneysavingexpert.com/showthread.html?t=318523.

The initial offer (LTSB matching your saving) was OK, but now it's only really a gimmick. As Little Voice says, it's your money, they're giving you nothing. If you want to save, stick a pound or two in a savings account occasionally. Maybe one that pays better than LTSB ;-)

emily.2828

Well atleast it is a way to save without noticing it so much surely!!!

whitewing

I think it's fun and my son certainly finds the varying amounts going into his acct more interesting than a set amount once a month. Every so often we can go to the branch and get a printout so he can see it building up It's only like chucking the money into his piggyback with the added bonus of not being able to raid it on a whim! He's never going to be a millionaire on my 'save the change'...