UPDATE! LLL has introduced a new security requirement for all LLL Internet Banking users. All users are now required to update their login password to a password with increased complexity.

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Article image for No debit card, no worries. The benefits of targeted saving.

Posted by LLL

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When you look at your purse or wallet, does it bulge with loyalty cards, gift cards, debit cards and credit cards?

It seems that every time you sign up to a new membership or reward program these days you get another card to add to your collection of plastic.

Here at the LLL, we don’t produce plastic cards.

Specifically, we don’t offer debit cards linking to LLL Savings Accounts, and we do this quite deliberately for a number of reasons:

Targeted savings

There’s a fine balance between being able to access your funds whenever you need them and feeling like your funds are locked away. At the LLL, we think we have struck the right balance.

Without being able to withdraw your funds from a debit card on a whim, your LLL Savings Account really does serve as a targeted savings account.

Without a debit card to constantly tempt you, your LLL Savings Account can grow and not be diminished by incidental day-to-day purchases.

And when you do need to access your funds, all you need to do is simply log in to Internet Banking or contact the LLL to transfer whatever you need, whether that be to another LLL account, a separate financial institution (with a debit card) via Faster Payments or BPAY.

Significantly, targeted savings help you meet your financial goals sooner, whether they are big or small, thanks to the LLL’s variable interest rate. View other ways to access your funds.

Teaching your kids not to rely on cards

Similarly, for children, the LLL aims to instill the mindset of ‘learning to save before they learn to spend’.

Not having a debit card teaches kids that funds can be put away for long and/or short-term goals. The funds are always available, but because there’s no debit card, the temptation to make impulse purchases is largely removed.

Indeed, teaching children the value of their savings account will help them become successful savers in the future.

And remember, when your school-aged child receives cash from a gift or earnings, depositing the funds is easy with school banking; simply present their LLL passbook with the cash deposit to their participating Lutheran school and the funds will be promptly added to their account.

Online savings

You should treat your LLL Savings Account as an online-only account.

In an increasingly cashless society, transacting on your or your child’s account digitally gives you full control over the funds in the account, such as when and where the funds are moved, a full history of transactions with payee details in a secure online environment, with no fees or charges – at all.

100% fraud-free!

It’s simple, without a debit card you can’t be a victim of debit card fraud. Your funds are securely tucked away in your LLL account, happily earning interest every single day!

No fees

The LLL charges no fees at all. We even cover the fees of some third-party providers, but offering debit cards would mean the LLL would no longer be able to offer a fee-free environment.

Saves the planet

Loyalty and expired debit cards are difficult to recycle, even when a card is cut up into little pieces it is hard to recycle the hard PVC plastic and separate it from the data strip on the back.

And even though loyalty and debit cards are somewhat recyclable, most end up in landfill adding to the world’s plastic pollution. 

So there you have it – who needs a debit card when you have the LLL!

For information on LLL Savings Accounts please visit our website.

This is general advice only. You should consider if this product is right for you.

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