In this brief guide, we are going to discuss the Lloyds save the change, how to set it up and how to cancel it.
Does Lloyds do save the change?
Yes, Lloyds does save the change and you can switch it on in your internet banking portal. To use the Lloyds save the change you will need a Lloyds savings account and a Lloyds debit card. The Lloyds save the change feature is very clever and rounds up all your transaction to the nearest pound. The difference between what you spent and the nearest pound and put away in your savings which should grow as you continue to spend with your Lloyds debit card.
What is Save the change?
Save the change is a very easy way to build up your savings by simply spending as you normally would. IN essence it is a way to build up your savings without thinking of building up your savings. Save the change works by rounding up all of your transactions to the nearest pound and then depositing the difference in a linked savings account.
Lloyds save the change
The Lloyds save the change is a very easy way to save and could help you if you are struggling to save.
With the Lloyds save to change every time you use your Lloyds debit card to buy something then your transaction will be rounded up to the nearest pound and the difference will be paid into a linked Lloyds savings account.
The Lloyds save the change will only work when your account is in credit and will therefore not put you in overdraft.
At the start of the next working day, Lloyds will transfer the difference between what your transaction cost and what was rounded up into your nominated Lloyds savings account.
For example, if your bagel costs £3.20, Lloydstransfer 80p from your current account into your savings account.
This means every time you spend on your Lloyds debit card you will likely be building your savings as well.
You can read the terms and conditions of the Lloyds save the change here.
How to switch on Save the Change®
You can switch on the Lloyds Save the Change® on and off or change your nominated savings account whenever you like through your Lloyds online portal.
To use the save the change feature you will need:
A Lloyds current account. You can sign up to any of Lloyd’s current account.
A Lloyds savings account. You can sign up to a Lloyds savings account such as the Everyday Saver or Kids’ Saver
Once you have both of the above you can then switch on the Lloyds dave the change on and off via online banking.
You can also turn on save the change via the Lloyds banking app
You simply sign in and select ‘Apply’ from the bottom of the screen. Next, select ‘Savings’ followed by ‘Save the Change ®’ and follow the guidance provided.
How do I cancel save the change Lloyds?
You can cancel Lloyds Save the Change, or alter the savings account you transfer your change to, through Online Banking at any time.
In this brief guide, we covered the Lloyds save the change. If you have any comments or questions please let us know..
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.