Catch a Gideon

Keep the Change isn’t that cool

November 29th, 2006 by digerati

Bank of America now offers their “Keep the Change” program. The idea is that you can use your debit card and they will round up the transaction to the next dollar, moving the “change” to your savings account from your checking.

Here’s what BoA says about it:

With Keep the Change, saving money is finally easy. All you have to do is shop.

Convenient – When you enroll, we help you build your savings by rounding up every purchase you make to the nearest dollar. The difference is subtracted from your checking account and deposited into your savings account. Automatically.1
Well-timed – Chances are, you’ll be shopping more often than usual during the holiday season. The more you shop with your Bank of America Visa® Check Card, the more you add to your savings.
Double Savings – We’ll match the change on every purchase you make for the first 3 months, to the penny. After that, we’ll continue matching 5% a year, every year, up to $250.2 It all adds up. When the holidays are over, you’ll have accumulated more than just gifts – some extra cash in your savings.

Sign up now so you can start shopping – and saving – for the holidays. All it takes is you and your Bank of America Visa® Check Card.

Our best wishes for a happy holiday season.

Hmm, sounds great right? The bank will match 100%! How cool is that? Well, it could be cooler. It’s great that they offer this, but 100% on $250 just isn’t that much. It’s better than nothing, and if you’re a BoA customer it’s worth doing.

The biggest problem is they still offer jack in the way of interest! My account with them offers .2% interest. My Citi and HSBC accounts bring in over 5% right now. So, if you have more than $5000 in your savings account its a better deal to put them money in a real savings account than it is to get the $250 matching from Bank of America.

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