While watching TV this evening, (I am a complete and unapologetic So You Think You Can Dance addict) an interesting commercial came on that showed a man swiping his debit card as a way of adding money to his savings account.
Huh — Buying stuff adds to your savings?
It turns out that the ad was for a program through Bank of America called, Keep The Change. Participants in this program have all debit card purchases rounded up to the nearest dollar amount and that bit of change is then automatically transferred into their savings account.
Interesting.
Normally, I am a proponent of a conscious and deliberate life, but the unconscious manner of this program actually appeals to me. 37¢ here and 52¢ there can add up faster than you can say:
“Gee Willikers Coin-Girl, where did I all this money come from?”
But the best part of the program is that Bank of America will:
Match your Keep the Change savings for the first 3 months, to the penny. After that, we’ll continue matching 5% a year. The maximum total match is $250 per year.
Sadly, I bank at a credit union that doesn’t put together fancy programs or even have commercials for that matter. (Although I am otherwise very happy with them.)
I started a personal savings program this last June where I put any extra money into specific ING Direct savings accounts. I didn’t work any overtime, and no money from my paychecks was to be diverted to savings. (So as not to derail any progress on debt reduction.) The money has come from a garage sale, unexpected windfalls, odd jobs and even found change. I have over $1800 so far, which is split into three different saving accounts.
This has really shown me the power of 37¢ here and 52¢ there.
I won’t be able to participate in Keep the Change, but kind of wish that I could. Are any of you Bank of America customers, and if so are you participating in this program? For those of us who bank elsewhere, what do you think of this program? Would you want your bank to siphon money into a savings account, or would you rather be in full control of your finances? Please share your thoughts in the comments section below.
Katy Wolk-Stanley
“Use it up, wear it out, make it do or do without.”
P.S. It goes without saying that I am in no way affiliated with Bank of America and have received no compensation for this column.
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