Who am I to pass up free money? Last year we switched to Bank of America to escape the nagging checking account and debit card fees our old bank was charging. At the time I was aware of BofA’s Keep the Change program but I never took the time to enroll. Today I did.
Here’s how it works in a nutshell:
1. Use your Bank of America debit/check card to make purchases and they will round your purchase up to the next dollar and transfer the difference into your Bank of America savings account.
2. For the first three months, BofA will match 100% of the amount that you transfer into your savings account.
3. After the first three months, they will continue to match 5% of what you transfer.
Of course the way to take full advantage of this program would be to make purchases that just barely go over an even dollar amount, so the amount rolled into savings and therefore matched would be the greatest with each transaction. I don’t plan to worry about that or alter my spending habits in any way.
Admittedly, the savings won’t be huge but I think it will be fun to see what it amounts to. BofA’s allows you to see what you’ve saved – including the match – at any time through online banking. I plan to share regular updates here.
If you’re interested in experimenting along with me you’ll need both a Bank of America checking account with check card and a Bank of America savings account. If you don’t currently have those, email me and I’ll send you a link to open them that will reward you with a $25 checking account bonus and an additional $10 savings account bonus ($25 if you open it with $1000 or more). (Full disclosure: I also earn $25 for the referral.)
If you’re already taking part in this program, I’d love to hear what your savings has been.