Lloyds TSB helps in debit card saving

December 6, 2006

Consumers who find saving to be difficult may well consider looking at a new proposal from Lloyds TSB. Launching on February 1st 2007, "Save The Change" is set to alter our methods of saving cash.

Every purchase made with a Lloyds TSB debit card will automatically be rounded up to the nearest full pound. This extra amount will then be placed into an interest bearing savings account.

An example of how this scheme would work could be the purchase of cinema tickets amounting to £12.45, using a Lloyds TSB debit card the purchase would be rounded up to £13.00 with £0.55 being deposited into a savings account.

Lloyds compare the "Save The Change" scheme to the modern day equivalent of putting loose change in a piggy bank.

It was found that nearly a quarter of the population do not have any savings and that the main reason people gave for not saving is that they had no extra money left at the end of the month.

Group Executive Director, Terri Dial, 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.”

As an extra bonus, Lloyds TSB will match 100 per cent of any savings made during February and March.