Today’s check of the bank accounts revealed that we have ~$90 in our savings account, which we have accrued for the last month. We bank at Bank of America, so we are able to participate in the Keep The Change program. Some people think that it means that every transaction is “rounded to the nearest dollar,” which is *sort of* true, but it doesn’t make keeping track of your checking account any easier.
Here is how it works:
You purchase a cup of coffee and muffin for $4.59 and use your debit card to pay. The coffee place gets $4.59 and that is reflected on your bank statement. BofA notes that you have $.41 coming to your Keep the Change account and at the end of each business day, BofA transfers that $.41, plus any other “change” from your transactions, into your bank account.
The first year, they match 100% of your “change” for the first 3 months, and then 5% thereafter, as long as you are in the program, up to $250. It pays out every year on the anniversary of your enrollment (as long as you are still in the program). The first year, we had a payout of $166 (because of the first 3 month bonus). This year, our payout was $20.08. That, along with a small interest accrual, brings us to $91.43 in savings.
It’s nice, because we hardly even feel it going into savings. And it’s a small amount, but if we could do even *that* every month, we’d save $1,000 in a year.