Save The Change 1

(Marty Bell) #1

Hey all,

This may not be something others are interested in but I thought I’d throw it out there as I find the concept interesting.

This app/platform/whatever-it-is ‘Acorns’ rounds all your purchases up to the nearest $ and invests the change in a diversified portfolio.

What if Mondo allowed users to do this, but put the change into a separate savings account? Unsure how significant the savings would add up to be, but could maybe get you flights somewhere fun after a few months?

Just a thought :blush:

Piggy Bank - Save on each transaction
Round up transactions
Save The Change 3
Save The Change 2
Moneybox app integration
Virtual 'Savings' Accounts
Sustainably - a Save the Change Integration for Monzo
Virtual 'Savings' Accounts
Spare change
Spare change
Automatic savings transfer
Save The Change 4
Save The Change 2
Save The Change 6
Save The Change 5
Competitor update
Save the Change
Add change from any transaction to a pot
Auto save to nearest pound from each transaction
Add change from any transaction to a pot
Auto save to nearest pound from each transaction
Save the change 8
Save the change 8
Round up savings
Save The Change 4
MightAx, blown away within a weekend
Acorn Integration
Round up savings
Save the change 8
Save The Change 3
A few features ideas
Save The Change 5
Save The Change 6

I currently do this with Lloyds bank - it’s called save the change. I would love this feature with Mondo.

(Andrew Ross) #3

How exactly does this work? Where do all the pennies go?

(Gabriele) #4

I do this with Lloyds, you set it up to put the change in a designated savings account.

It would be trivially easy to do this with Mondo, as soon as they get their banking license, offer a savings account and expose the transfer via API :crown:

(Andrew Ross) #5

Does it round everything up? £1.02 gets rounded to £2 and 92p goes into savings account. I like that idea…

(James) #6

I agree, I have this with my TSB bank account. At the end of the month I usually have around £10-£20 saved up.

(Andrew Ross) #7

Wow - wouldn’t have thought it would have added up that quickly. What a great idea.

(Ryan Stubbs) #8

I used this with Lloyds and thought it was great. Would definitely love this feature!

(Terry) #9

I like this idea :slight_smile: effortless saving.

(Gabriele) #10

Yep, it rounds everything up to the nearest pound. As @JamesG said, it quickly adds up at the end of the month :slight_smile:

(Stuart Cameron) #11

The save the change idea has been brought up and I’m sure someone developed something in one of the Hackathons…

Definitely a great idea, Bank of Scotland have a similar savings scheme!

(Ian Cook) #12

This would be a brilliant feature.
I tend to round up transactions manually myself at the moment with my regular account and do lots of little manual transfers.
An automated process would be a great addition :thumbsup:

(Peter Fields) #13

98p would go to savings. If 6p went missing every transaction I would be worried ^^

(jonny.j.watkinson) #14

A personal preference here but I think save the change is a bit gimmicky and prefer features / services within the app to be left as clean/simple as possible.

(Matt) #15

I’d definitely use this. I’d heard of Acorns but didn’t know UK banks did it. I’d also like the ability to add an extra amount, like change+50p for every transaction, to get the savings moving faster. At the moment I throw all my coins in a jar at the end of the day to save for flights, which obviously can be more than rounding up when you’ve split a note for something small, so being able to compensate with a larger amount per transaction would be great.

(Joe H) #16

I’m sure if Mondo did this when they’re a bank and have savings accounts, it’ll be an optional thing :slight_smile:

(Stuart Cameron) #17

You have to opt in to this with the Bank of Scotland.

(james_e_bell) #18

Looks like Paypal getting in on the action with Acorns:

It would be useful if this could go into an investment account rather than just a savings account - would be cool to link to my nutmeg isa

(james_e_bell) #19

Looks like its only the Lloyds group that does it (Lloyds, Bank of Scotland, TSB are all brands of the same group) unless you know any others? Doesnt look like Natwest or Santander do it

(Andrew Ross) #20

Santander certainly don’t do it…