You are here: Home - Saving & Banking - News -

Lloyds TSB launches Save the Change

0
Written by:
05/12/2006

Lloyds TSB is launching a debit card with its UK current accounts which automatically rounds up purchases to the nearest pound and sweeps the change into a savings account at the end of each day.

The scheme is called Save for Change and is a first for a UK bank. It is essentially the electronic equivalent of someone putting loose change in a jar or piggy bank.

The amounts could soon stack up as Lloyds TSB research shows that 29% of consumers with UK current accounts use their debit card more often than they were a year ago, with 36% using it for smaller purchases.

Terri Dial, group executive director at Lloyds TSB, said: “One in three British consumers say they want to save but it can be a real struggle.

“We want to make it as easy as possible for people to get into the savings habit and the beauty of Save the Change is that it won’t even feel like saving but, at the end of the year, customers will have a nice nest egg to build on for the future.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
ING ‘a big disappointment’

One-time savings pacesetter ING Direct has drawn a lot of criticism from savers angry that it has refused to raise...

Close