$90 in Savings

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.

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One thought on “$90 in Savings

  1. I am loving this ‘keep the change’ program. I wish Chase had something like it. We currently have jars for our change. All quarters go toward laundry, but Dimes are for a Disney trip that my fiancee’s mom is taking us on in 2011. Pennies or ‘Cents’ are for a Cruise (like in 10 years), and Nickels are for Nunchucks. (Our puppy chewed up our wii nunchuck.) I am with you in the debt situation. I just started a blog myself!

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