Nationwide Building Society has confirmed that its Round Ups feature rounds debit card transactions to the nearest pound, after a customer asked on social media when such an option would be offered. The building society said the service is already available, and similar tools are offered by other major banks including Lloyds Bank and HSBC.
How the Nationwide round-up works
In response to a customer question about rounding up money in current accounts, Nationwide said: "We do currently offer a Rounds Ups feature, which'll round-up your debit card transactions to the nearest pound. You can find out how to set this up, alongside our other savings tools here."
The group included a link to a demonstration tool on its website showing the various options for managing savings, including how to set up "round-up tools". Customers with a Nationwide current account can set up round-ups in the app so that debit card payments are rounded up to the nearest pound, with the extra amount transferred into their savings account.
Other savings tools and bank options
Guidance from Nationwide explains: "We call this your spare change. You can then transfer all your spare change from the last 7 days to your savings account." Other tools include setting savings goals to save a certain amount by a particular date, and 'quick save', which moves funds from a current account into a savings account.
Lloyds Banking Group offers a 'Save the Change' tool through all its banks, including Lloyds Bank, Halifax and Bank of Scotland. NatWest also has a Round Ups feature, available to customers with an eligible current account, an instant savings account, and who use the app.
