Anyone here use Bank of America's Keep the Change program?

[Imyourzero]

Seems like an easy way to save some extra money. For those not familiar, this is the program where you open a checking account with them and when you make a purchase using your debit/check card they automatically round the purchase up to the nearest dollar and deposit that amount into your savings. I hardly ever use checks and use my Visa checking card for 98% of transactions so I'm thinking after a few months I'll have a nice little wad o' cash built up. I figure I won't miss a few cents here and there, and all purchases on the card will end with .00 so it'll be a cinch to balance the transactions.

They also match you 100% on the deposits for the first 3 months, up to $250. That's free money, which is always a good thing! I think they match 5% after the

The only thing that sucks is that the interest on their standard savings account is 0.20. That's obviously low, but you can always transfer it into a higher-rate account. One guy said that he transferred his BOA savings every so often into an ING account that yielded 4.4% and saved some additional cash that way...

One thing I'm wondering though, is how they handle ATM transactions? I'm assuming that I'll get charged ATM fees at any of my local banks' ATMs. If so, that kinda stinks but I am keeping my existing checking/savings accounts so that I can use their ATM without any fees.

I think WaMu is supposed to have a similar program, and they advertise no ATM fees, but I couldn't locate the info on their site so I went with BOA (I already have a credit card with them).

Just wondering if anyone else here participated in this program, and how you like their service, benefits, etc.

 

[intogamer]

Just make a wad load of 2 cent transactions

 

[TankGuys]

It sounds fine in theory, but a cash back credit card makes far more sense, from a 'savings' standpoint. During the match period, this program is decent - but after that, all they are doing is forcing you to save up to $0.99 each time you run a transaction. In the end, you still have the same amount of money, they are just making you start saving. That's certainly better than nothing, since most Americans are terrible savers. The 5% match is nice - but remember that's only a match on the amount you actually 'save'. So, even if you do a boat load of $1.01 transactions, that's still only $0.05 in "free" money that you get, and that's the absolute max you can ever get on any transaction, regardless of the amount.

However, it's much better to use a CC that just GIVES you 1% or so on each transaction. That's truly free money - that you can still save if you like. Consider that this method also means you get a larger match for larger transaction amounts - so anytime you spend more than $5.00, you end up ahead of what the "keep the change" program gives you. Then, if you still want to save other money, just have the discipline to do so. That way will see your savings account much larger in the end, and costs you nothing

 

[davestar]

apart from the match from BofA, i think this is the stupidest program ever conceived. i guess it just shows that americans (in general) are too lazy to manage their money responsibly and they need an automated program to force them to "save" ~$20 bucks a month.

 

[Tobolo]

Yeah I do it. And they will match 100% for two months but it is payed out yearly. So don't think you will get it anytime soon.

Also, it depends on how much you use your card. I use about 1-2 times a weekday. I save about $8 a month. Not a real lot of money.

If WaMu does do this go get an account with them. I am stuck with BoA until I can close my credit card with them, but they are the worst bank I have dealt with in my life.
If I never set food in another BoA I would be quite content. I actually tried to cash out a bunch of ones I saved and it took almost an hour. The woman refused to do it and I had to speak with a manager, and every person I talked to was absolutely rude.
Try calling their corporate office also. Great way to get a Migraine.

 

[j00fek]

can you find the FEES on the account?

id like to look into this but im scared of them nasty banks (always been with credit unions)

 

[Imyourzero]

Originally posted by: davestar
apart from the match from BofA, i think this is the stupidest program ever conceived. i guess it just shows that americans (in general) are too lazy to manage their money responsibly and they need an automated program to force them to "save" ~$20 bucks a month.

I think that's a pretty lame generalization. I, along with millions of other Americans, already have multiple other savings/retirement accounts that are accruing money. The BOA program may be sort of gimmicky in a marketing sense, but there is nothing wrong with having a few cents per transaction that are deposited into another savings account. Even if it's only a few hundred bucks at the end of the year, think of it as extra change that you would normally wasted in a vending machine. I actually think it's pretty brilliant, since after a while you'll forget that the money is being deposited and will get a nice little surprise at the end of the year.