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“Keeping Some Change…..”
Tagged Under : bank, bank of america, bank of america keep the change, banks, cash, check, free money, money, save, saving
If you haven’t seen the advertisements on tv or from your bank for these programs yet, listen up! Most banks are offering a great service to help you save money. I bank with Bank of America and whatever I spend, they round up to the closest dollar and put that money into my savings account. For the first 3 months they will match 100% of the money you save, and for the rest of the year they will match 5%. Not only is this a great way to save money without missing it, it is FREE money in your bank account.
Just to put that $250 in perspective, if you kept an average of $2,000 in your savings account during the year, $250 is the equivalent of a 12.5% yield! Try finding a bank account that will offer you that kind of return on a normal savings account!
I’ve seen other banks with similar programs that help you save with a cash incentive. Check with your bank to see if they have any programs in place and if you’re shopping for a new bank, why not see if they have any incentivized savings plans that you can take advantage of?
Bank Of America – Keep The Change
Stumble it!
Does Bank of America kill you with their fees?
I think that depends on what kind of account you have with them. I have a mortgage with Bofa so they give me a Prima account. I don’t think I pay fees for anything at all actually.
I’m not sure how they are when it comes to different kinds of accounts, but from my own personal experience they haven’t nickled and dimed me at all.
I thought that was the coolest thing when BOA came out with that program… The husband has a BOA account for his “play money” but he doesn’t use the program… I’m a WAMU girl myself.. love them!
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I think different country the bank service on interest rates would be different.
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I think the way this works is that when you make a debit card purchase, BOA always rounds up to the nearest dollar and transfers the “change” from your checking to your savings (i.e. if you spend $3.01, $.99 of “change” goes into your savings account). It also, as you said, matches all the “change” you transfer over for the first three months, which equals free money for you. A little while ago I was thinking about how to game this system by making a very high number of $.01 purchases, and you could in fact do this (buying very cheap items on eBay, pumping $.01 worth of gas, etc.), but I concluded it would be too much of a pain. Still, I think the idea of someone doing it is cool.
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Each country has there own rates.
http://www.wahb.biz
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