To be surprised that since I installed 'loose change' round-up app, I've saved...

[FaderInvader]

£449 since November?! Hoping this might help others who are rubbish with saving money.

I downloaded an app that rounds-up my debit card and direct debit transactions to the nearest pound and it invests it into a Stocks and Shares ISA.

I'm crap at saving, so the fact that I can't access it readily means it's built up to £449. With a £19.61 / 4.5% return.

I've also set up regular small savings with my local credit union. Which means I can take out loans if needed at 1% per month, charged on the remaining balance only. I took out a small loan for my dad's car repairs and when he paid it back the interest was minimal and no early repayment charges.

Apologies if I'm teaching you to suck eggs, but I went 41 years until I found out about these options. Just wanted to share them. ☺️

Wow thanks for the tip!
Going to look into this!

Thank you. That's pretty impressive. Can you name the app?

I'd say the credit union is good for people with poor credit, you have to start saving to access getting a future loan, but it's excellent rates compared to payday and doorstep lenders.

Oh, sorry @donajimena hopefully I'm okay to make it? It's called Moneybox. If you look on Money Saving Expert, it's mentioned there.

www.moneysavingexpert.com/banking/digital-banking/#savings

*name it

Not make it!

I’ve lost loads of money with Moneybox
I don’t rate it

@RogueV sorry to hear that, which risk level and how many years to save did you pick?

dont know about other banks but lloyds do save the change

how ever much you spend it rounds it up to the nearest pound

i use my card for everything so its lots of transactions a day and dont use cash at all not even loose change,i dont even own a purse

i discovered it last tuesday so it hasnt been a week yet and as of today saved £8.40
i havent missed the money at all

i tried credit union last year and was told i have to much money coming in to use them so they dont accept everyone

Lots of banks also do this, if you have mobile banking you can turn on the change saver feature (I know Lloyd's are in the process of introducing this on the app but not sure if they do it on website, but tsb Halifax and I believe nationwide have the feature on the app). Not sure about interest rates as I need every penny in my account so havent turned it on but will do as soon as I'm back at work!

Oooh, yes I've heard some banks offer this round-up. Thanks for sharing.

You may not be able to access one credit union, but be accepted by another.

Thanks for that, just set up ‘Save the Change’ in the halifax app. I also very rarely use cash so it could mount up

Great tip, thanks op!!

If it's a Stocks and Shares ISA then some of (all of!) that increase will vanish when the markets next go down.

You do realise that a stocks and share ISA isn't saving but investment, right, with the risk that you could lose it all or be in the red for a significant period of time?

@jimmyhill Thanks. I am aware, thank you though. ☺️

On the app you can select risk level and term for savings. Plus my OP has revealed that some banks offer the round-up feature that I wasn't aware of. So hopefully folk will find it helpful too.

I save my change on my Revolut card.

I've had save the change with Lloyds for quite a few years now. Usually adds up to about £40/50 a month

Wishing my bank NatWest did this feature now. Does sound better.

Monzo has this. I don’t use it for my main spending although I’m starting to wonder if I should. I’ve saved about £50 since Feb with round ups from “out & about purchases “ - travel/top up grocery shops & the odd coffee or lunch

I wish all the banks did this. Mine doesn't.

Thanks for the tip, I've just set up save the change on my Lloyd's app.

I'm also going to look into the credit union.

How do you set up save the change on the Lloyds app? Feeling thick but can't figure it out. Thanks.

@FaderInvader

It's OK, but tbh I save as much with chucking 50ps and £1 coins into a tin. It's mid June and I have saved £333 since mid Jan.

I've been doing the first for years with lloyds. It's great.

@rainbowllama in the Lloyds app go to "apply" which, on my iPhone, is across the bottom of the page and it's really quick and easy to set up. You need a current account with debit card and a savings account - either your own or someone else's to save the change to.

Thank you!!