Lloyds TSB have come up with what I can only see as an attempt to make you inadverntantly go overdrawn and charge you the relevant interest and fees for doing so. Disguised as an facility to help you save it goes like this, each of your transactions on your debit card are rounded up to the next pound and the 'change' can be sent to another LTSB account thus keeping the money with LTSB but emptying your current account quicker. So if you spend £7.22 at Sainsburys then £8.00 will be debited from your current account and £0.78 goes to a savings account. Great if you have plenty left over at the end of the month or week, but if not monitered could put you overdrawn or worse still over your overdraft limit. Be Warned!
Quote :-
Save the Change™
Sign up for Save the Change™ and every time you make a purchase with your Lloyds TSB debit card, we'll round up the amount you spent to the nearest pound and transfer the difference into a Lloyds TSB savings account.
- Saving so easy, you'll forget you're doing it.
- Nominate your own or a family member's savings account.
- Whatever you buy, from coffees and sandwiches to your weekly shop, you'll soon discover that your small change will start adding up.