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Lloyds TSB sweeps up loose change

06 December 2006
A new scheme from high street bank Lloyds TSB will give savers an electronic piggy bank linked to their debit card, which will match pound for pound money saved up to a value of £100.

Lloyd's innovative new Save the Change scheme will round up customers debit card purchases to the nearest full pound and then deposit the resulting change into a savings account.

If a customer who has signed up to the scheme spent £4.20 on lunch, 80p would be swept up and deposited in a savings account. In February and March next year, the bank will match any savings to the maximum value of £50 each month.

The bank said that over a third of Britons want to save more, but more than one in four have no savings while one in ten have never saved during their lifetimes.

Susan Rice, chief executive of Lloyds TSB Scotland said: "How do people save in an increasingly cashless society… Now, customers can put a little money aside every time they buy a train ticket, a cinema ticket or their weekly groceries."

Ms Rice said that customers, who will need to sign up to a Lloyds TSB savings account, would scarcely notice the difference with individual purchases but would soon see the pennies build up.

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