I read about this program a few days ago…maybe in Clark Howard’s newsletter? I can’t remember. Anyway, I think it’s a great idea. Basically, Bank of America will round up all your debit card purchases and deposit the “change” into a savings account. And they’re even matching a portion of your deposits. I already save my change from cash purchases, and the way I see it, this will help keep my purse from being too heavy! There’s an interesting debate on the program on Signal vs. Noise. I don’t understand why some folks are in such a ruckus about it…of course Bank of America is going to make money on the program, but it certainly doesn’t hurt to participate in it either. I’ll probably just transfer the deposits into my ING Direct account to earn a better rate anyway.
bank of america says “keep the change”
Published October 26th, 2005
Tagged bank of america, keep the change money
I live in Atlanta, Georgia, and work as a 
Sounds interesting. What was the starting interest rate for a saving account with BOA?. I hate change myself, but if I could save it without really holding it physically, this would be something to consider.
The starting rate is pretty awful — maybe half a percent? But I’m looking at it more as a way to electronically do what I do physically now — save all the change from my transactions as another easy way to save. I’ll just move my money from BofA to ING on a regular basis, but at least this might mean less coin-counting and rolling sessions.