Yes, this is an old service but it is one that had me thinking: ‘Why didn’t I think of this?’ Lloyds TSB has a ‘Save the change’ service for all their clients who have personal current accounts with a VISA debit card. What this does is to round up all purchases to the nearest whole pound. This applies to purchases made in the UK as well as purchases made abroad.

This beats the old practice of clearing your pockets of lose coins and throwing them in a jar for a rainy day. While that is already an excellent way to save money, it might not be the most practical: consider lugging around a jar full of change to the bank!

A small amount of googling shows that Bank of America was one of the first banks to offer this incentive scheme. Their programme started in 2006 and they even offered to match clients’ change for 90 days. Some people find they save more money through this scheme than they thought possible and relish having ‘extra’ money – even though it’s their own.

Though, to be honest, it only works if you use your debit card to pay for everything. Someone who uses his or her debit card infrequently may not find this scheme worthwhile, and would be better off by saving spare money into a high-interest account.

For those of us without such discipline, this scheme could be the perfect starting point for would-be savers. So many of us buy all those morning coffees and lunchtime snacks, without ever considering saving the change. This forces you to save, even if it is only a few pounds every month.

Let us know your thoughts in the comment section and tell us whether we are on the right track. Would you consider this as a good way for saving-intolerant people?