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, as I suggested in my previous post about paying down our debt and saving money.
The added bonus to the Keep the Change program? For the first year, they will match your savings…and for every year after 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 in a few months we will be getting our matching check…Free Money!
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