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Last Updated: Tuesday, 5 December 2006, 00:05 GMT
Bank card to 'top up' savings pot
A card in a piggy bank
Some money spent on a debit card will go into savings
A bank card which automatically rounds up customers' purchases to the nearest pound and then pushes the extra cash into savings is being launched.

The Lloyds TSB Save the Change scheme is being marketed as a modern equivalent of a penny jar - an easy way to put money away for a rainy day.

On a 19.73 debit card transaction, the card holder would be charged 20, with 27p going into savings.

At present, one in four UK consumers do not have any savings.

"We want to make it as easy as possible for people to get into the savings habit...at the end of the year customers will have a nice nest egg to build on for the future," Terri Dial, Lloyds TSB group executive director said.

The scheme will start next February.

During February and March the bank has said that it will match the funds paid into customers Save the Change accounts up to a maximum of 50 per month.

Most Lloyds TSB savings accounts will be able to be linked into Save the Change and parents can nominate a child's savings account.




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