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Free money! Save the change (LloydsTSB customers only)

Premier Avatar
9y, 11m agoFound 9 years, 11 months ago
I know this doesn't start until February 2007 but I, like LloydsTSB, couldn't wait to tell you about FREE MONEY they are giving away!

Basically use a LloydsTSB debit card anytime in February & March 2007 and they will round up the value to the nearest pound and put it in a savings account for you.

e,g. buy something for £1.23 on a debit card and 77p will be transferred to a savings account.

But that's not free money I hear you cry! But wait - the nice part about this is that LloydsTSB will then match the amount transferred from their own funds!

Sadly it's not quite as good as winning the lottery as tax will be deducted from any money the bank gives - seems like it's being treated as 'interest'

It needs a bit of setting up,but with posting early, you've plenty of time - click on the deal for full details.

I can see a lot of petrol purchases for £x.01 occuring in a couple of months time!


-Thanks to Toni Tax on MSE for the pointer!

Free money limited to £50 max per month
- Premier
More From Lloyds Bank:

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#1
I wonder if someone can arrange a couple of thousands of 1p deals? :)
Oops, didn't notice the 50 quid limit...
#2
Yeah, I didn't notice the £50 per month at first - but still up to £100 free (less tax) :thumbsup:

Also good to know is that should you have insufficient funds in your current account then a transfer of the 'change' will not occur so you won't be hit with any charges for going overdrawn
#3
Small paypal purchases?
#4
so if u spend a penny they give u £1?
#5
Only if you spend it on a Wii :santa:
#6
rayman
Only if you spend it on a Wii :santa:


nice one:-D :-D
#7
I see many many 1p paypal deposits in the new future.. 102 or so in feb/march
#8
You also need to open a Lloyds TSB Savings account with a minimum deposit of #250
#9
Where is it on the LLoyds website that you get up to £50 back. I can not see that??!:?
#10
auser100
Where is it on the LLoyds website that you get up to £50 back. I can not see that??!:?


You need to refer to the terms and condiions which are located here :)

http://www.lloydstsb.com/stand_alone/savethechange_terms.asp

Save the Change February and March Matching promotion

1. From 1 February to 31 March 2007 we will match the amount of “change” transferred to your nominated savings account up to a total amount of £50 in February and £50 in March.
#11
Nice one....Only hope this gets 'bumped' nearer the time.:santa:
#12
ashley0611.com
You also need to open a Lloyds TSB Savings account with a minimum deposit of #250

I'm pretty sure if you don't have a LloydsTSB savings account already, you could open a Guaranteed Tracker Account for just £1 deposit and use that. :)
#13
40 minutes on the phone to India and I'm on the way. I have a current account, just registered for phone banking and then opened a saving account. In 3 or 4 days I can call them again to obtain the sort code and account number so I can fill in the online registration (if it's still there by that time :) ).

If anyone want's a geographic alternative telephone number it's : 0207 7857654

Cheers Premier - I'd have never spotted this tucked away in that corner of MSE, and you gave the OP credit which is always nice to see. Have some rep.
#14
Premier
I'm pretty sure if you don't have a LloydsTSB savings account already, you could open a Guaranteed Tracker Account for just £1 deposit and use that. :)

You can Save the Change to all our savings accounts apart from: Monthly Saver,
Term Deposit, Child Trust Fund, TESSA and Mini Cash ISA accounts.

I went for "online saver". They started rambling on about a £250 minimum but that was only to get the higher interest rate. Opened it with £1 but apparently I have transfer some more in later !?

Actually looking back at the second grey box on the "how to register" page it specifically mentions "online saver" - so that one should be fine for sure (as premier says any others apart from those excluded should also be fine). I have a current account already so that's ideal for me.

I can see this being hammered once MSE (Martin) twigs properly so hopefully a) it doesn't get pulled b) we're early enough.
banned#15
Anyone see any way they can get out of it if I purchase 1p ebooks each day on ebay paying with an empty Paypal account funded through a Lloyds debit card?
I personally hate Paypal having my info but for this I'd open another account.
Be nice to get something back from them for a change.
#16
thepearce
Actually looking back at the second grey box on the "how to register" page it specifically mentions "online saver". I have a current account already so that's ideal for me.

I think they are plugging their 'Online Saver' Account perhaps because current internet bank customers can open one online.

However you should be able to use any of their savings accounts apart from the ones specifically excluded
#17
WishIReadSooner
Anyone see any way they can get out of it if I purchase 1p ebooks each day on ebay paying with an empty Paypal account funded through a Lloyds debit card?
I personally hate Paypal having my info but for this I'd open another account.
Be nice to get something back from them for a change.

Doesn't a paypal account that receives a credit have to pay 20p fees?
Personal paypal accounts don't but then credit/debit card funded payment receipts are limited to 2 per month.

I guess not your problem really as long as you can find enough ebayers who are happy to sell to you and end up 19p out of pocket
#18
Cheers, just signed up.
#19
Is it me, or can anyone else not see where lloydstsb say they are giving you free money?

The way I read it is that if you buy a coffee for example at £1.49 on your card, they round it up to £2 and take this from your current account. Starbucks or whoever get the £1.49 and the remaining 51p is transferred to your savings account. The only extra money you are getting is from the higher interest rates in the saver account, and on low values like 51p this is going to be hardly anything.

Or am I talking *******?

Gareth
#20
garethpaul
Is it me, or can anyone else not see where lloydstsb say they are giving you free money?

The way I read it is that if you buy a coffee for example at £1.49 on your card, they round it up to £2 and take this from your current account. Starbucks or whoever get the £1.49 and the remaining 51p is transferred to your savings account. The only extra money you are getting is from the higher interest rates in the saver account, and on low values like 51p this is going to be hardly anything.

Or am I talking *******?

Gareth


I think he might be right...

Welcome to the forums gareth.
#21
garethpaul
Is it me, or can anyone else not see where lloydstsb say they are giving you free money?

The way I read it is that if you buy a coffee for example at £1.49 on your card, they round it up to £2 and take this from your current account. Starbucks or whoever get the £1.49 and the remaining 51p is transferred to your savings account. The only extra money you are getting is from the higher interest rates in the saver account, and on low values like 51p this is going to be hardly anything.

Or am I talking *******?

Gareth


From their T+T:

[COLOR=navy]Save the Change February and March Matching promotion[/COLOR]
[COLOR=navy][/COLOR]
[COLOR=navy]1. From 1 February to 31 March 2007 we will match the amount of “change” transferred to your nominated savings account up to a total amount of £50 in February and £50 in March.[/COLOR]
#22
its basically a special promotion just for feb and march. But whats worrying is this again from their terms and consition:

[COLOR=red]The Save the Change scheme will commence on 1 February 2007. We may withdraw the Save the Change scheme at any time[/COLOR]

so they can pull it anythime they want!!! doesnt sound too good, especially if thousands and thousands if people sign up for £100 fo 2 months
banned 1 Like #23
Premier
Doesn't a paypal account that receives a credit have to pay 20p fees?
Personal paypal accounts don't but then credit/debit card funded payment receipts are limited to 2 per month.

I guess not your problem really as long as you can find enough ebayers who are happy to sell to you and end up 19p out of pocket


I don't think so as many people on ebay sell 1p books. I've never dealt on this small a sum & didn't know they limited you as to how many debit card payments were made.

Maybe someone with more knowledge of Paypal will come along.

Personally I'd love to hammer Paypal & Lloyds - both of them have had far too much money from me for a very poor service.
#24
[SIZE=2]
pre-reg
its basically a special promotion just for feb and march. But whats worrying is this again from their terms and consition:

[COLOR=red]The Save the Change scheme will commence on 1 February 2007. We may withdraw the Save the Change scheme at any time[/COLOR]

so they can pull it anythime they want!!! doesnt sound too good, especially if thousands and thousands if people sign up for £100 fo 2 months
[/SIZE]
[SIZE=2]Most promotions offered usually say something like 'this offer may end at anytime before the planned finish date' but it's unlikely to happen unless it is vastly oversubscribed and everyone maxes out. Pulling any promotion early reflects badly on the company concerned.[/SIZE]
[SIZE=2]Even if this promotion does get pulled, what have you lost? [/SIZE]

[SIZE=2]This is a marketing promotion as most offers are. The bank are wanting people open savings accounts and even attract new current account customers. I'm sure a bank (BOS?) was offering £100 to anyone who opened a current account recently. Banks often offer students incentives to join them. Credit card companies often pay incentives to join or for you recommending someone else. The reason for this? In the long term the bank believes they will recover much more than the initial 'reward' offered by you becoming their customer - but whether you decide to keep the account open or even stay with the bank long term is entirely up to you.[/SIZE]
#25
Indeed. I had £100 from Barclays (or was it £50) a while back. that was on MSE and was pulled not long after launch (though anyone who had joined still got the money). I've also joined citibank for a 1GB ipod nano (& £50 quidco cashback). Pulling the offer completely is in IMO unlikely but they may well pull the plug on new signups sooner than anticipated.
#26
Basically all I see this as is that:

Taken normally every purchase you make (from when the scheme starts) it will be rounded up to the nearest pound - i.e. £0.66 on bread will be debited from your debit card/account and 34p (1-0.66) will be paid into your savings account automatically.

Only during the months of February and March will they match the money that is transferred into your savings account minus the tax that is applicable to you, up to a maximum of £50 per month. i.e. in the first two months if you had the same above purchase 34p + (34p - tax) will be paid into your account.

After the 2 month trial period the scheme will continue, unrewarded, and you will just be transferring the small amounts of cash into your savings account.

All this is is a scheme to help you save, and promote the use of their debit card for small purchases (of which they earn money from retailers), and so you see how much you can 'save' in your savings account. This is just a marketing ploy to make you use your plastic as apposed to petty cash, which makes them quids in eventually. (especially when people have been shown to spend more on their debit card than if they were using cash)
I must admit that this is a clever scheme, not only to help people save but also as a marketing gimmic too.

But its nice of them to give you 'free' money for a bit :)

Ian
#27
That's right muddyfox, I forgot about the retailers transaction charge which I think is about 60p each time they accept a debit card payment. That's why small retailers won't accept card payments for anything less than about £5.00

Large supermarkets seem to accept debit cards for amounts much less though. ;-)

But then again cash is a pain to the large supermakets - its a security risk, they need to pay securicor to take it away, then they need to pay the bank a considerable percentage to accept it. That cashback service the supermarket offers ain't all for the customer; it's a very cheap way for the supermarkets to bank their cash!
#28
needed a savings account for ages............this was a great incentive. Thanks op.
#29
It's in interesting little scheme but imo there are far easier ways to make £50 over a month. Theres thousands of schemes out there to make money from if you invest the time. Look at the free ipods and 360's schemes for example if you refer x amount of people. Invest some time and a little money on them and you can make money but at the end of the day its certainly not worth it unless you have the motivation. The only benefit this has is if you are making a bit of money off this by continuing your spending as it is and that works to the scheme, but even so it seems like a small gain to me.
2 Likes #30
i think its digusting people who have banked with them 4 years should be the only 1s to benefit from this now everyone will jump on the bandwagon and spoil it for everyone i hope they close it to people who have not held a account for at least 12 months
2 Likes #31
polly69
i think its digusting people who have banked with them 4 years should be the only 1s to benefit from this now everyone will jump on the bandwagon and spoil it for everyone i hope they close it to people who have not held a account for at least 12 months


"I'm alright Jack"?

As a customer of Lloyds for over 10 years, and a money-saver/bargain hunter I have to disagree. The aim of this (from their point) is to have people open a savings account. If someone needs to open a current account too then I'm sure they will rub their hands at the thought. Many banks offer a (similar sized) incentive for joining - this one is a bit more complex. Look at all the offers out there for NEW customers, for which existing customers are barred and be thankful you can take part in this one.

IMHO if MSE (Martin) get wind of this and it ends up in the weekly email either Lloyds will be very happy at lots of accounts (in some cases two per person) being opened, or realise they are after the quick "buck" and pull the offer (I predict for new sign ups). That's what happened with Barclays but Alliance & Leicester for instance is still going strong.

MSE / bangwagon is just a fact of life now. Deals expire more rapidly but there are more people sharing (I hope) information, and more people saving money. I for one am not upset by the fact that more people are saving money at the expense of big business.
#32
woohoo, this sounds fun. This is for new customers not ones who've stayed for years, im sure theyll send you a thank you letter.
1 Like #33
polly69
i think its digusting people who have banked with them 4 years should be the only 1s to benefit from this now everyone will jump on the bandwagon and spoil it for everyone i hope they close it to people who have not held a account for at least 12 months


So which should it be then? 4 years or 12 months? :thinking:

As said above, you're lucky that's it's even open to existing customers! I have had several accounts where I've missed out on 'incentives' due to already being a customer with that particular bank, but that's to be expected. There's really nothing in it for them as far as giving existing customers anything for free. It's all about getting new people signed up. :roll:
1 Like #34
That looks like 4 as in 'for' to me.
#35
I've just asked my bank Natwest when they will be rolling out a similar service OR I might have to consider moving my account. Mind you, it'll never happen as I think that Natwest are one of the laziest banks around.
#36
So this will mean having to make over 50 transactions every month in order to get the max since you can only 'Make' -£1 each time. (about two per day)

Not worth the hassle. Especially when you take into account the time involved on top of the time taken to sign up & then eventually cancel a card that you didn't actually want in the first place..
#37
rizla01
So this will mean having to make over 50 transactions every month in order to get the max since you can only 'Make' -£1 each time. (about two per day)

Not worth the hassle. Especially when you take into account the time involved on top of the time taken to sign up & then eventually cancel a card that you didn't actually want in the first place..


I have the feeling there'll be an easy enough way to rack up 50 transactions in minutes without even getting off my backside.

£100 for a few minutes work. You betcha I'll go for that.
#38
[email protected]
I have the feeling there'll be an easy enough way to rack up 50 transactions in minutes without even getting off my backside.

£100 for a few minutes work. You betcha I'll go for that.


Well perhaps you could enlighten me as to how you are going to do this?
100+ transactions that you would normally make in two months?
These transactions would surely take more than 'A couple of minutes'.
#39
rizla01
Well perhaps you could enlighten me as to how you are going to do this?
100+ transactions that you would normally make in two months?


There's a thread on MSE too. Initially I was thinking paypal. Payments against my egg credit card, online bookmaker deposits are other ideas. 50 transactions a month will not be hard for me if it transpires not to be as easy I hope.
#40
Great link thanks. As a lloydstsb customer with a saving account (actully a few of them cause I change them when the bonus rate runs out) that already make me money for nothing this is a nice bonus.
You see I keep most of my money in the savings account and spend on my credit card (that gives me up to 12 weeks interest free to pay) and pay the interest free ammount at the end of the month. This way I have collected interest in my savings account while I am spending. Might sound complicated but as I use internet banking it is real easy to move money about to suit myself. Anyone know otherways to improve apon this way of spending/saving please let me know.

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