Recently Bank of America has been advertising their new promotion where you can “keep your change” and roll it over into a savings account from purchases you make on your checking accounts. The Bank of America Keep the Change program works every time you buy something with their debit card they round up your purchase to the nearest dollar amount then transfer the difference to savings from the checking account the debit card is under. This program is supposed to motivate people to put more into a savings account which is more money for Bank of America and your pocketbook if it teaches you to save money. At a time when Americans are so much in debt this may help people save but it could also result in a negative result if you spend a lot of money with your debit card and it’s depleting your checking account by keeping too much “change.”
If you are considering opening up a Bank of America account for this Keep the Change program then now is the time to do it. They are now matching the Keep the Change amount you transfer into savings at 100% for the first three months then continue matching it at 5% a year at the end of each year. This turns into a great rewards program from Bank of America and will hopefully motivate many people to start saving more money and learn how to manage their money more when they add up how much change can matter.
The downside to Bank of America savings accounts is that they do not pay as much as Everbank, ING, or Emigrant Direct Savings Accounts. This also competes with the Citibank Thank You Rewards with their savings accounts and may be less complicated to some users. There is also a maximum amount you can earn per checking account at $250 per anniversary period and a drawback of refunds on your debit card going back to your Checking minus the amount that went to the “change” savings fund.
If you do not have enough money in your account to rollover change into savings then the transfer cancels for that day. Although, if you live that close on the edge with a checking account this type of program is definitely not for you.
Bank of America is certainly taking this promotion serious and is spending some big money advertising this to educate people to save more with their bank. There is even a patent pending on the Keep the Change program in the works for Bank of America so that no other bank can copy this system.
Bank of America with angry customers charging $5 monthly for debit card fees
