Lloyds Save the Change or similar?

Ben8282

jackoftrade wrote: »

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.

Considering all the things that you LIKE about your current bank it appears even more strange to me that you would want to change banks for the reason stated.

couriervanman

The best Lloyds one was years ago when they matched what you saved under 99p........hence it was used to the max by lots of eagle eyed savers

jackoftrade

Ben8282 wrote: »

Considering all the things that you LIKE about your current bank it appears even more strange to me that you would want to change banks for the reason stated.

I like my current bank for the reasons as stated above, but Metro is very limited in terms of what they offer. I plan to keep my Metro accounts but I am looking at setting up a new account elsewhere, I am not looking to switch but I am looking for accounts I can save more by using their services that come with their current accounts. Is cashback a good idea or not when saving money? I know the Santander 123 has good perks and I have been shopping around to see what other banks who may be able to offer better services with their accounts.

Eco_Miser

jackoftrade wrote: »

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.

If you need £6 of cash each week, then just withdraw £10 a fortnight, and take the other £2 out of the money pot.

What is the point of accumulating around £5 in cash every week then banking it once a year?

Get it into a savings account as quickly as possible (or better don't draw out more than you actually need in the first place). Spend your loose change - pay the exact price instead of making the shopkeeper (or whoever) find change which you then hoard for a year.

You seem to be messing around with tricks to take money off yourself, which you eventually put into a savings account. Instead, stop playing tricks, stop leaving cash lying around, and save properly and regularly.