Are there any bank account "tarts" out there?

colsten

ceredigion wrote: »

That is where I was heading. Dose the change count as part of the transaction with regards to the 5% reward.

I doubt it but can't say for certain. In any case, it would only make the difference of a knat's c*ck. Remember, it is still your money that gets shuffled about.

diamonds

ceredigion wrote: »

"TSB Save the Change"
when did you set that up? If recently how ? Is it still active ?

About a year ago, via online banking, yes...poor interest rate but I just transfer to somewhere else once a month. I also, when I am logged in always transfer the pennies balance on my TSB Classic+ to Save The Change, currently have £38 from the last 6 weeks doing both

diamonds

colsten wrote: »

TSB's (and Lloyds') "Save the change" is a pretty unattractive way of saving money. The main reason being that it does not offer any any free cash - it's all exclusively your own money that gets moved about, and in tiny amounts. Whilst there are still cashback credit cards, you will most likely do a great deal better by paying as much as possible by CC, and putting that free cashback money into an account that pays decent interest.

There is also a danger that you'd move money from a 5% TSB Plus account into a TSB account that pays mediocre interest (the 5% TSB Monthly Saver is excluded from the "Save the change" scheme). Whilst it is unlikely to be a huge amount of money that would be moved that way, the principle of moving money from a 5% account to an account that pays significantly less simply lacks logic.

But if your balance every month is £2380 for contactless and 5% Saver its win win win Every little helps...so Save The Change only if you play the right (TSB) game^

diamonds

ceredigion wrote: »

That is where I was heading. Dose the change count as part of the transaction with regards to the 5% reward.

No I dont think so, only the transaction amount, STC is a automatic internal transfer... look at you ceredigion trying to bankrupt Spain again lol, cant you just be happy a minimum £2380 start of month TSB balance with three HIGH 5's from the TSB

ceredigion

colsten wrote: »

I doubt it but can't say for certain. In any case, it would only make the difference of a knat's c*ck. Remember, it is still your money that gets shuffled about.

None of us are shy of moving our own money around to get a reward. I will also concede 100 debit card payments of 1p is excessive but no harm in playing.

diamonds

ceredigion wrote: »

None of us are shy of moving our own money around to get a reward. I will also concede 100 debit card payments of 1p is excessive but no harm in playing.

Exactly, if it has a positive effect on someone to save then go ahead and do 100 x 1p, I'm not that bad lol and I'm too busy, but like I said because my £2000+ TSB Classic+ has a STC linked I do square the balance to pounds and sent the pennies to the STC any time I log in, I certainly wouldnt log in just to do it

colsten

diamonds wrote: »

But if your balance every month is £2380 for contactless and 5% Saver its win win win Every little helps...so Save The Change only if you play the right (TSB) game^

Why on earth would you have more than £2,000 in your TSB Plus account at any point in time?

Why on earth would you want to save even only a penny in a mediocre TSB account (which is all that's available for Save The Change) if you can get 6% in Regular Savers?

diamonds

colsten wrote: »

Why on earth would you have more than £2,000 in your TSB Plus account at any point in time?

Why on earth would you want to save even only a penny in a mediocre TSB account (which is all that's available for Save The Change) if you can get 6% in Regular Savers?

£500 in, £120 straight out to go to another RS with a £130 top up, £250 to 5% TSB RS.


£2000 balance at 5%, £130 to cover contactless and STC on my daily buys for the month and 2 DD's on the account.


I have 3 Reg Sav's - 4% Halifax HTB ISA, 5% TSB and next month the new 6% M&S = £750 a month.

I am living like I am paying debts off, currently sitting on £5000 from May last year. Aim to buy Feb 2017, car plan is off, property in.

Most people couldn't do as I do to save, its a mentality of success and much bargain hunting on a almost daily basis. Everything I buy is based on price, and that means price reductions not the cheapest :rotfl: My local delicious M&S food reductions are very cheap at 5.30PM.

I needed new curtains (90x90) due to a rip (done a dodgy but passable make do and mend) for 2 months, I waited and picked up a absolute great soft pair of lined cream pair today, was £45 paid £9.99. Spent £2.50 on loads of cheap 29p veg at Asda next door too, will see me through the week


Dontya worry about me not doing anything right colsten

Doctor_Duke

"Save the Change" oh come on you lot stop playing the oh my it's a low interest rate etc. Yeah we know that but it is but it is fun watching them round up transactions to the nearest pound. It all soon adds up but it's not a serious saving account. I leave that to all my regular savers! Sadly the change amounts are separate transactions so don't actually round up as single contactless transaction.

colsten

Doctor_Duke wrote: »

"Save the Change" oh come on you lot stop playing the oh my it's a low interest rate etc. Yeah we know that but it is but it is fun watching them round up transactions to the nearest pound. It all soon adds up but it's not a serious saving account. I leave that to all my regular savers! Sadly the change amounts are separate transactions so don't actually round up as single contactless transaction.

Alright, I accept your challenge.

Please demonstrate how you can make more (or anything like the same amount of money) with a "Save the change" scheme than you can with CC, or DD, cashback (not necessarily with TSB).

If that is too onerous, please demonstrate how "it soon adds up" if you transfer your own money from a 5% account to a ~1% account. To help you with your demonstration, here are the current TSB interest rates: http://www.tsb.co.uk/help/savings/savings-rates.pdf. To help you further, the TSB Monthly Saver is excluded from the "Save the change" scheme.

Once you have failed to demonstrate the better value of the "Save the change" scheme, can you please explain the value of "it is fun watching them round up transactions to the nearest pound"? Do you realise you are simply a victim of a bank's marketing machine that will rope you into more deals that are good (for them) and bad (for you) down the line? I could almost guarantee that "Save the change" savers are on TSB's/Lloyds' suckers' list, or whatever they call their list of un-savvy customers.