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. ☺️

But if you didn't have the app, wouldn't you just have £449 more in your current account? Apart from the investment growth, it's just moving money around, it's not magicking it out of thin air.

@HariboLectar I always use my card so would of been ideal if nationwide had it lol

barbara I think it's for people who don't really budget and tend to spend whatever they have available. So they wouldn't have 449 available because it would have been frittered away on incidentals IYSWIM.

(Might sound a bit judgemental the way I've put it, but it really isn't meant like that.)

For the pp who has lost "loads" of money with Moneybox. Can I ask how? I thought it was a relatively new app? How much did you lose.

Mine is currently showing an increase of 5.96%. I'm aware that this could go down but then surely you just wait for it to come back up. The money I've got in there will stay in there for a few years as it's an investment.

Plum also have a roundup feature which I mix and match between that and moneybox

I'm with nationwide and I can't see that they do it either. I do like the idea above of moving the spare change at the end of the day, I think I'm going to do that instead!

You can stay with nationwide but link plum or another to do your roundups

Exactly @BarbaraofSevillle. Maybe I’m thick, but I don’t get it. I don’t understand how moving bits of money around stops you spending it. £1 is the same £1 whichever account it’s in 🤷‍♀️

Of course it doesn’t magic money out of thin air, nothing does! In the same way that putting a portion of your salary into a savings account isn’t making new money appear and is just moving money around.
It works for me because if the money isn’t in my current account then I don’t spend it. The money is skimmed off every night and put in my savings account, and I don’t touch it. At the end of the year I have a nice amount for Christmas that I haven’t really noticed leave my current account. My interest rate is also higher in my savings account than my current account.
It’s a mindset thing I guess. If you already work to a strict budget then it won’t help you.

Maybe I’m thick, but I don’t get it. I don’t understand how moving bits of money around stops you spending it. £1 is the same £1 whichever account it’s in

But surely that’s the same with any savings you have? It’s just your money, but in a different place. People don’t tend to keep their savings in their current account generally.
I don’t have a debit card for my savings account, so I’m less likely to spend it if it’s in there.

BarbaraofSevillle It benefits people who aren’t very good or organised at saving. I’m not an naturally organised person, when it comes paperwork and transferring money is just another bother to my day.

I've just tried to set it up with Halifax but it says I need to have a savings account. Bit annoying as I have a spare account that I dont use that would be perfect for it!

I don’t understand how moving bits of money around stops you spending it. £1 is the same £1 whichever account it’s in

Because mentally for me if it's a savings account I don't touch it. But I struggle to justify putting £10/30/50 in at a time as I don't think I can afford it. But when it builds little by little I won't notice it gone

Depends on your mindset I suppose. I don't pour over my bills and track my balance for example so this helps in the background without leaving me short

just turned on save the change in my lloyds account.

i do the same thing manually with hsbc so whenever i log in to my account i just move the change part into my savings.

can't find the offers bit on the app though but mines an international account so maybe its different.

I use something similar called Chip and it originally gave you up to 5% interest for referrals but they're about to stop that and give you interest another way. I think I've saved about £800 in the last year without really noticing.

To anyone with a Nationwide account @Justme10*@MummytoCSJH @RightOnTheEdge*

You could suggest it here

portal.nationet.com/nationwide/appforms/generalFeedback/default.aspx

@HariboLectar ooh good idea il do that now thanks

I do this with Halifax and it's great. I also round up to the nearest £10 each day as I check internet banking every morning. So my debit card rounding up goes to my savings account and then if my new balance is £876.52, I transfer £6.72. I have no end of money by the end of the month, and I use it to try and pay my (small) loan off quicker.

I wish I could transfer it to my mortgage which is also Halifax!

Thanks so much for posting this @FaderInvader, I've just signed up for it with my bank. I did have to open a new account though as my existing accounts weren't eligible. Strangely enough after a year the new account will automatically revert to the same type of saving account I already have.

I use something similar called Chip

I use Chip too, it's amazing. It generally pays for our holiday spending money.

Thanks @faderinvader. I just set up a savings account for this. Its a great idea. I already save for Christmas but this will hopefully be a good addition to it!

@Justme10 I've done it, hopefully if a few people suggest it they'll make it happen

Sorry @MummytoCSJH not sure what happened to the tag up there
portal.nationet.com/nationwide/appforms/generalFeedback/default.aspx

I do it through Plum on FB messenger. Plum is Barclays afaik too so their investments seem to get good returns.

I turn off the notifications for that messenger thread and it auto saves for me. I forget about it totally so never dip in to it.

I've saved about £860 in a year without even thinking about it, and it's just money I would've seen in my account and gone "oooh I can buy another takeaway/posh coffee/weekends supply of chocolate" but because it's not there, I don't, and I don't miss it.

Well done, Faderinvader! I'll think about doing the same.

Thanks OP, I've just set this up as I'm with Lloyds. I'm a big over spender and spend a lot on bits and bobs throughout the month so I'll report back in a month and see how much I've saved!

@HariboLectar I've already had a reply to say they are not planning to make this a feature but they will pass my feedback on