Keeping my change with Bank of America

First off, a disclaimer…I dont work for Bank of America. That being said, I think their “Keep the Change” program is an incredible way for the “troubled saver” to actually save some money. I think it was back in November of 2005 when I first heard of this program, and we immediately signed up. How does it work? Well, for every debit card purchase that you make, BofA will round up your purchase to the nearest dollar. So when your bill at 7-11 comes to $4.81, BofA will debit your account for $4.81, and transfer $0.19 to your savings account automatically. This in effect makes your bill at 7-11 $5.00. Now, I realize that $0.19 is not a lot of money, but say you make 3 different purchases on your debit card during the day as follows:

7-11 – $4.81 – $0.19 transferred to savings
Grocery Store – $101.02 – $0.98 transferred to savings
Gas Station – $40.32 – $0.68 transferred to savings

Total savings for that one day would be $1.85. If you did the that same amount of purchases every day, you would be saving $1.85 X 30 days = $55.50 per month, or $666.00 PER YEAR.

This to me seems like a no-brainer. I mean, how much would you really miss $1.85 per day? Ever since we enrolled in it, we have not missed the extra dollar or 2 every day, and its been nice to see the savings account go up without even making an effort. This program is great for people that might have trouble putting aside money every time they get paid.

The added bonus to the Keep the Change program? For the first 3 months, they will match your savings up to $250…and aft r that, they will match 5% of your savings. Free money is ALWAYS the way to go! Its like getting a company match on your 401K, but without having to put the money away yourself..its all automatic, you dont miss the daily withdrawals, and it all ads up in the end.

If you do bank with BofA, please be sure to look into this program. We have socked away hundreds of dollars without any effort, and we just got our first matching funds check for nearly $200 in free money!

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Comments (7)

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  1. This post put me into decision mode. I’ve been thinking about opening a Bank of America account and laying it out like that — decision! Thanks.

  2. jay says:

    I was a little confused about where the actual free money was coming from when I saw the commercials, but it’s a little more clear now. I’ve been looking for a reason to switch banks lately anyway. Are there fees on this account?

  3. david says:

    No, there are no fees on their checking accounts right now, if you sign up on their homepage, they are offering free checking and bill pay at http://www.bankofamerica.com/index.cfm

  4. […] General banking Though a lot of people have a big problem with Bank of America, we have been with them for years and have not (knock on wood) had any issues yet. We have our checking accounts and our measly savings account with them, and we do all of our online banking and bill paying through their site as well. The advantage to being with a big national bank is that there are ATM’s everywhere in this country that we do not have to pay fees to use. The disadvantage is that it is sometimes difficult to get customer service to answer a phone call. I am sure that if we lived in a small town we would use a local bank where they might know our name, but while we are in this giant metropolis we will stay with Bank of America. One thing I do like about them is that I can see all my accounts, from credit cards to frequent flier miles, on their site through the My Accounts tab. Makes keeping track of everything a lot easier. Also, their Keep the Change program has definitely helped us save a few extra bucks. […]

  5. Brendan says:

    Keep the Change just isn’t that cool. First off, you’re not saving that much money. Second, they don’t match that much (a $250 annual limit). Third, Bank of America doesn’t pay interest even on their savings accounts. If you setup to automatically transfer to a better account it might get you somewhere.

    See more…

  6. david says:

    Thanks for the comment Brendan. However, I disagree with your basic premise of its not saving that much money. Sure, its not like taking a set amount out of your account every week or so and saving it, but its an automatic thing that doesn’t hurt you at all. What other bank matches your savings even up to $1? None that I know of. And Keep the Change should be in addition to a regular savings plan that everyone should have. We put away an additional $30-$40 per month using Keep the Change, and we don’t even notice that it is gone and we don’t count it towards our weekly automatic transfer to a money market account. So in my mind, its pretty cool because I don’t notice it is even missing at a dollar or 2 a day, and at the end of the year we have $400 or so saved up “by accident”. BofA does pay interest, even if its a little, and we barely keep any money in their savings account, we move it to our ING account.

  7. […] Get a Bank of America Savings Account with Keep The Change. I already have a checking account with them, but their savings accounts require either a fee or a […]