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Lloyds Save the Change or similar?

jackoftrade
Posts: 15 Forumite
Hi all,
I'm currently with Metro Bank but I am looking at setting up a new account elsewhere because Metro are very limited in terms of the products/services they provide. I like the idea of the Save the Change scheme with Lloyds so I would like some of you to share your experiences so I can get more insight for myself. A few key questions I'd like to know; Have you used it? If so, how much have you saved since you have used it? If you haven't used it, do you know about it, why or why not?
Does anyone know if there are similar schemes other banks/building societies run or offer? If so please could I ask you to point me in the right direction.
Thanks,
Jack
I'm currently with Metro Bank but I am looking at setting up a new account elsewhere because Metro are very limited in terms of the products/services they provide. I like the idea of the Save the Change scheme with Lloyds so I would like some of you to share your experiences so I can get more insight for myself. A few key questions I'd like to know; Have you used it? If so, how much have you saved since you have used it? If you haven't used it, do you know about it, why or why not?
Does anyone know if there are similar schemes other banks/building societies run or offer? If so please could I ask you to point me in the right direction.
Thanks,
Jack
Here to help as much as I can and I love to hear about your money saving tips!
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Comments
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Lloyds, Halifax, TSB, Starling, and Monzo all offer a Save the Change facility, although they all call it something different. TSB calls it Save the Pennies, and Starling calls it Rounding Up.
I find it works well for me. You're unlikely to get rich by using it, but it's a useful way of saving small amounts regularly.0 -
Thanks for the info, EarthBoy. I want to be able to save up as much as I can, so I have been looking at various methods, the more I can save up, the more I'd be able to enjoy life within a few years down the line.Here to help as much as I can and I love to hear about your money saving tips!0
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I can well understand why you want to leave Metro Bank but I would have thought there were more important considerations than this when choosing a new bank to open an account with.
I have this set up but as I rarely use my debit card for purchases preferring to use a credit card it is rarely used and as far as Lloyds are concerned the money is paid into one of those 0.2% AER savings accounts.0 -
jackoftrade wrote: »Thanks for the info, EarthBoy. I want to be able to save up as much as I can, so I have been looking at various methods, the more I can save up, the more I'd be able to enjoy life within a few years down the line.
The best way to save money is to come up with a realistic budget which takes into account of your income, required spending and how much you can save each month.
These schemes are for people who are poor at budgeting and can't manage their money properly. If you manage your money properly save the change will just end up transferring money you need into a saving account which you will then have to transfer back.0 -
jackoftrade wrote: »I want to be able to save up as much as I can, so I have been looking at various methods, the more I can save up, the more I'd be able to enjoy life within a few years down the line.
Don't hope to save with a system that deducts a maximum of 99p, but more likely 5p, each time you use your card.Eco Miser
Saving money for well over half a century0 -
I have been manually moving my 99p and under to dedicated savings accounts:
1. every time I was paid, I would move the pennies
2. every time a bill came out, I would move the pennies
3. every time I used my debit card, I would move the pennies.
Only takes a second to log into the app, see the pennies and transfer them over.Mortgage started 2020, aiming to clear it in 2026.0 -
Here’s what I do. Budget each month is a five weeker, then evert two mints out of three I save 20% of my weekly spends. Soon builds up!
Also, you’d be better off with a Lloyds club account if you pay in over £1,500 a month, better interest. Other saving accounts at Lloyds are carp!0 -
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I can well understand why you want to leave Metro Bank but I would have thought there were more important considerations than this when choosing a new bank to open an account with.
I have this set up but as I rarely use my debit card for purchases preferring to use a credit card it is rarely used and as far as Lloyds are concerned the money is paid into one of those 0.2% AER savings accounts.
I like Metro Bank because of their products they offer. The reason why I joined Metro was because of their high interest rates they offer and they have excellent customer service despite being patchy. I have 3 accounts with them (Current Account, a "Cash Card" account and the online savings account currently at 0.90%). I don't have a credit card as I don't require one just yet. However, I find there are services, which Metro do not provide, unlike other banks, such as things like insurance and other perks with certain current accounts. I do like the idea on the way they operate to different banks, such as their opening hours operate on retail hours rather than the traditional banking hours (9am-5pm). Very handy as work sometimes means I am required to do overtime or have to cover for another member of staff.Here to help as much as I can and I love to hear about your money saving tips!0 -
Then set up a proper saving system, such as transferring your anticipated spare money for the month into a savings account as soon as you get paid.
Don't hope to save with a system that deducts a maximum of 99p, but more likely 5p, each time you use your card.
Here is what I currently do. I set all of my Direct Debits to come out of my account a few days after I get paid. Then whatever I have left over, I use for daily expendables, such as travel costs and food. I withdraw £10 each week as I need to use £6 per week (£5 every fortnightly), so I have been putting £4 into a money pot along with any loose change, which I will put into my account at the end of each year. Then after all the important things are deducted, I can then play around and keep some for myself or transfer into my savings account. If you have any other tips, I'd like to know.Here to help as much as I can and I love to hear about your money saving tips!0
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