Change scheme raises £30 million
A bank scheme which sees customers putting their loose change to one side during card transactions has saved more than £30 million in three years, Lloyds TSB has announced.
The Save the Change initiative run by the bank sees debit card transactions rounded up to the nearest pound, with the spare change automatically put into a Lloyds TSB account of the customer's choosing. It is the only service of its kind in the UK banking industry.
More than 500,000 customers have signed up for the scheme, with the majority being men between the ages of 16 and 34. During months when consumers are struggling financially, the facility can be switched off via online banking and turned back on again when necessary.
Lloyds TSB head of savings Greg Coughlan said: "Save the Change really is an effortless way to save, it simply becomes part of everyday spending, so it's no surprise that it's proven so popular.
"It's fantastic that they are seeing the benefits of saving a little but often and that over time it really does add up."
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