New scheme could ‘break psychological barrier’ of saving

A new savings scheme launched by Lloyds TSB could help people to get over the “psychological barrier” linked to saving, it has been claimed.

Save the Change, which rounds up every debit card transaction and puts the remainder in a savings account, is scheduled to commence on February 1st 2007.

For the first two months, the bank has promised to match savers’ contributions up to a total of £50.

And Lloyds TSB’s spokesperson, Kirsty Clay, said that the psychological aspect of saving could be helped by the scheme, providing a way for people to put money away without noticing.

“[The money] soon builds up,” Ms Clay remarked.

“People who have signed up, especially because we are helping them match it, will notice that they have saved a decent amount of money.”

She added that it was aimed at consumers who know they should save but do not or have not yet managed to do so.

Those wishing to participate in the scheme must have both a current and savings account with Lloyds TSB.

© Adfero Ltd

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