lloyds tsb 'save the change'

OpenToSuggestions · 8 Sep 2008 at 20:51

These look good. You spend something on your debit card, say £11.30, it rounds it to £12 and puts 70p into your savings.

Just wondering if anyone has one? My student account does bounce back and forth between Crebit and the (interest free) overdraft, but I cant find any terms and conditions against this (just wondering if I have missed any). It looks like a good idea, as it means I could save a bit each time I use my card without realising it.

Thanks

wonder_lander · 8 Sep 2008 at 21:00

I've got one. Something to be aware of is that it only works if you are in credit!

georges · 8 Sep 2008 at 21:02

I have it.

Then I realised I usually just take cash out to buy things with, so I don't end up with annoying numbers in my account

I think in the four months or so I've had it, it's rounded up about a fiver into savings..

Jez · 8 Sep 2008 at 21:05

What benefit does this actually have? Lloyds TSB seem to thrive on offering completely pointless gimmicks. Anyone remember that interest paid same day on cheques nonsense they were promoting for a while?

Jock Dodds · 8 Sep 2008 at 21:07

I've had it since 15th June and it has contributed £8.70 to my holiday fund. My philosophy is "it might not fly me to Thailand, but it will get me a ruddy good hand job when I get there"

Jez · 8 Sep 2008 at 21:09

Jock Dodds said:
I've had it since 15th June and it has contributed £8.70 to my holiday fund. My philosophy is "it might not fly me to Thailand, but it will get me a ruddy good hand job when I get there"

It doesn't give you money though, so what have you gained. I am completely and utterly failing to see ANY point in this nonsense whatsoever?

Luseac · 8 Sep 2008 at 21:11

Presumably for people can't save? I would just rather put a lump sum into savings each month.

pitchfork · 8 Sep 2008 at 21:15

some people find it hard to save, I do, if I want something, i'll buy it if i've got the dosh. None of this "I want to have such and such in my bank just incase"

Jez · 8 Sep 2008 at 21:17

pitchfork said:
some people find it hard to save, I do, if I want something, i'll buy it if i've got the dosh. None of this "I want to have such and such in my bank just incase"

Then they should set up direct debits to savings accounts for the day they get paid. What use is odd 30p's here and there, its just another total nonsense feature of Lloyds TSB.

Streeteh · 8 Sep 2008 at 21:17

When i worked my summer jobs i found it very easy to just chuck 25% of my paychecks into my savings account, however obviously with a job like that i didn't have any real responsibilities in life so maybe its harder when you work full time and have bills to pay (still a student, so i've got the bills part sorted, but no income to save from). Still, because of my previous experiences i see this as more of an annoyance than an aid.

wonder_lander · 8 Sep 2008 at 21:17

It's the debit card alternative to "the shrapnel jar"

Go out for a few beers, come back with a pocket full of change, whack it in the jar.

It just moves small amounts from your current account to your savings account.

wonder_lander · 8 Sep 2008 at 21:18

I have other savings, this is just another little fund for a rainy day.

Streeteh · 8 Sep 2008 at 21:20

wonder_lander said:
It's the debit card alternative to "the shrapnel jar"

The problem is, the shrapnel jar (which i hate, i HATE small change as i never spend it) is the result of spending cash which is why i will preferably use my card. If they figured out a way to teleport any coppers into my savings account without me having to lug my bin-bag full of 2ps down to the bank i would be well up for it!

jr1104 · 8 Sep 2008 at 21:20

It's much easier to just have a direct debit set up for, say, £50 each month. That way the money is still yours, but your savings actually build up at a reasonable rate. Obviously, it depends on how much you earn, but it definitely takes the 'hassle' out of saving.

Redz · 8 Sep 2008 at 21:22

wonder_lander said:
It's the debit card alternative to "the shrapnel jar"

Go out for a few beers, come back with a pocket full of change, whack it in the jar.

It just moves small amounts from your current account to your savings account.

Exactly. No harm in registering for it.

Jez · 8 Sep 2008 at 21:26

Using a debit card (which this relies on) is bad financial planning anyway. Credit cards offer much increased protection, and often offer other features which really is free money.

Werewolf · 8 Sep 2008 at 21:31

Why is a debit card bad financial planning?

Most of the credit card extra features aren't going to be much help with normal, low level shopping that you walk out the store with (I always use credit cards for anything of high value, or that i cannot walk out the store with, but debit cards for things like grocery shopping).

Ironic Namesake · 8 Sep 2008 at 21:31

I think its quite a good idea for people that don't normally save - could add up to quite a bit in the long run I guess.

Ironic Namesake · 8 Sep 2008 at 21:32

Werewolf said:
Why is a debit card bad financial planning?

Most of the credit card extra features aren't going to be much help with normal, low level shopping that you walk out the store with (I always use credit cards for anything of high value, or that i cannot walk out the store with, but debit cards for things like grocery shopping).

Cashback , Airmiles, BA Miles, Interest free credit to name a few

Jock Dodds · 8 Sep 2008 at 21:36

Jez said:
Using a debit card (which this relies on) is bad financial planning anyway. Credit cards offer much increased protection, and often offer other features which really is free money.

I think you might be over-emphasising this a little. It's a fun, free, gimmick on a debit card, it's hardly a deal-breaker for a mortgage. It's equivalent to a branded piggy bank!