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Scotiabank launches small change savings programme

01 May 2008  |  7680 views  |  0 Euro Coin Cash

Canada's Scotiabank has launched a new savings programme that automatically rounds-up customer spending on debit cards to the nearest dollar or five dollars and routes the extra money into a savings account.

Customers who sign up to the new "Bank the Rest" savings programme have the option of rounding up all purchases made using debit cards - including point of sale, online and cross border transactions - to the nearest dollar or five dollars, with the difference automatically deposited into a high savings account.

Customers can also calculate and track savings using a tool on the bank's Web site.

"The Bank the Rest savings programme is one way for people to automatically put their money into a high interest savings account as they go about their daily lives and without making big sacrifices. It's surprising how small change can add up to make a big difference," says Deana Stewart, financial advisor, Heritage Village Scotiabank, Edmonton.

In the UK Lloyds TSB introduced a similar service in 2006 where customers' debit transactions are rounded up to the nearest pound, with the difference routed to a savings account.

Bank of America also operates a a similar 'electronic change jar' scheme dubbed Keep the Change.

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