Keep the Change!
By cafn8me on
Building my savings has never been easy...there's always something popping up to make demands on my hard-earned money!But with their Keep the Change savings program, Bank of America has made it easier for me to put money away and earn interest without really feeling a pinch from it!This program requires only a Bank of America Checking account with a companion Savings account.A Bank of America Check Card is issued at the time the accounts are opened.(Paper checks are also available for a fee, but who writes paper checks anymore?)Each time I use my Bank of America Check Card to make a purchase -- gas, groceries, coffee and a muffin -- the Bank rounds up the amount of my purchase to the nearest dollar, and transfers the difference directly from my checking account to my savings at no charge.This is the equivalent to emptying the bottom of my purse into a coffee can - but with interest!
For the first 3 months, Bank of America will match the savings 100%, subsequent months are matched at 5%.In the 4 months since I opened the account, I have managed to save close to $300!Not bad, considering I never felt the sting of making an actual deposit!
I had heard of this and supposed this was how it worked, but I'm glad to know for sure. Yes, this is all the best of the usually change jar, with super payback. I like how hard the bank is working to get people to participate. That's good for everyone!
Every time I see the B of A ad, I wonder how much realistically you actually can save Cafn8me. Now, after reading about your realtime experience with their program, I can see it is WELL worth having.
I also have Keep the Change with BOA...you are right it much easier to save when you don't really know you are doing it. The first time I looked after starting this program I was stunned to see I had saved $60.00! And all because I bought coke and a hot dog every day!
I like that they match it for the first three months. Is there are minimum amount of time you have to keep the account open? Also, what kind of interest rates do they offer?
Wow $300 in 4 months for basically doing nothing! That's great!
If your a BOA, customer it is a great program. You can also link more than one account to your savings, therefore double dip on the bonus.
WOW...what a great idea! I wish my credit union did this! I have a bad problem of raiding the change jars :0)
I have seen them advertising this, almost makes me want to switch. Thanks for the info, wasn't quite sure how it worked. Amazing how a few cents can add up! Thanks
This sounds like a great way to save money. Thanks for the information. I'm going to check this out!