Lloyds TSB to help encourage savings habits

A new scheme has been introduced by Lloyds TSB which aims to encourage saving for those who might not usually be inclined to do so.

Save the Change works by rounding up each payment made by Lloyds TSB debit card users to the nearest pound and depositing the remainder into a savings account.

The scheme has been compared by the bank to “putting your loose change in a jar or piggy bank” and is aimed at encouraging saving with everyday purchases such as groceries or petrol.

“We want to make it as easy as possible for people to get into the savings habit,” remarked Terri Dial, group executive director of UK Retail Banking at Lloyds TSB.

“One in three British consumers say they want to save but it can be a real struggle,” she added.

Research from the bank discovered that 23 per cent of Britons have no savings at all, while 34 per cent wish they were more disciplined when it came to putting away money.

And a benefit of the scheme could be that “it won’t even feel like saving”, said Ms Dial. “At the end of the year, customers will have a nice nest egg to build on for the future.”

In addition to Save the Change, Lloyds TSB also offers a number of different savings and investment products.

© Adfero Ltd

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