Bank of America gets a lot of complaints, but I’m still happy with them.
They have an interesting savings program called “Keep the Change.” Every time you use your debit card, they round the amount up to the nearest dollar and move that from your checking account to your savings account. For the first year, they’ll match the first 3 months at 100% and then every month after that is matched at 5%, payable at the end of the year to a maximum of $250. It’s the equivalent of a jar by your bedside where you collect all the change at the bottom of your pocket before putting your jeans in the laundry.
We use our debit card a lot. I’d rather keep no more than $5–10 cash in my wallet and use the card. It gives me a printed record of how we’re spending money. Easier to track.
So in just 6 weeks of participating in “Keep the Change” we’ve managed to save $30.60 that we otherwise would have left in the checking account and blown. It adds up. My quick math shows that at this rate we can expect to save around $260 a year in these small deposits, plus around $70 that Bank of America will pay us. Not bad.