Save your change

[Armywife]

Originally Posted by mjrube94

For anyone who has an account with Bank of America, they have a new twist on saving your change: If you sign up for their program, anytime you use your debit card to make a purchase, they'll round up to the next higher dollar and transfer the difference into your BOA savings account. For the first 3 months, they'll match 100% of whatever they transfer, then after that they'll match 5%, up to an annual limit of $250 (not bad).

So if you buy a soda for $1.25, they'll deduct $2 from your checking account ($1.25 for the soda, and $.75 which they will transfer to savings. During the first three months, they'll put in an additional $.75).

It's free, and I'm thinking of signing up on Tuesday (you need to actually go to a branch), but I haven't yet figured out how to maximize my benefit. I almost never use my debit card, as I get back 1% or 2% from my credit cards. So for every potential transaction, I'd have to figure out if I get more from the BOA match or from the credit card. Also, I think I really need to concentrate my effort during the first 3 months when I'd get the 100% match, because it will take a while for 5% of $.75 to add up!

NOW THIS is why I LOOVE Savingadvice!

Thanks for the heads up on BOA.. I am going to open an account today!

TY,
Barb

[mjrube94]

ArmyWife,

If you haven't already opened an account, hold off. If I refer you, I get $25, and you get $25 for the checking account and $10 for a savings account. Makes the deal even sweeter! Send me an email.

[marglo]

We have a piggy bank. Used to use a quart jar. We dip into it now and then, but last time I counted it was getting close to $20. We can't seem to save as much this way as some do, but at least it is saving. I plan to apply it to debt at the end of the year, however much is there. Everything extra is applied to debt if possible these days! I tried saving $1 but we just don't have enough money ...every dollar in our budget is assigned to a spending category.

[cercis]

When I had my first checking account, I rounded up every check when I recorded it in the register.

I ended up saving about $20 in 5 months this way (I've never written a lot of checks). It's the same idea as a coin jar.

I won't do the stamp machine thing because I use maybe 2 stamps/month (one for rent check and occasionally one to send a card, etc) so I'd end up with a major amount of stamps.

My kids are saving change in a water cooler bottle to pay for a trip to disney world. They save pretty much all money they get, including the occasional twenty from a bday card. I figure when it comes time to go to disney (when the bottle is full) they'll have almost $2k in it. And we'll have a family party rolling coins if that's what it takes.

[flash]

My husband has a real thing about carrying change, and it gets rat holed everywhere!

Last year we went through all the drawers, valets, boxes, basement storage, old penny jars, etc. Even found $200 in Travelers Cheques from his last trip to the Hague. We cashed in, and yes we did use CoinStar, but the change came to $860, which had been accumulately for 23 years because it just never gets rolled. So the 8% they charged was worth it to have the money back in usable form for us.

We tucked the money into a vacation fund.

[marjorie]

An alternative to Coinstar is using coins at the grocery self checkout. Prolly wouldn't have occured to me; read it somewhere!

[Armywife]

Here's a tip for those who are near a Commerce bank- they have a coin machine that charges NO FEES!! You can either deposit your change or receive cash outright... I am very happy with this service

Here is their website:
http://bank.commerceonline.com/

[CJsoccerchic]

Wow, I'm with a credit union so now everytime I go to the teller, I am going to make it a habit to ask for some coin wrappers just so I can have them around the house, cause I do have a money jar, but I do try to use the money jar when I can!!
In the end, if I have the coin wrappers, then i can wrap my own coins and turn it into my credit union that doens't charge and I'm a happy camper!
YAY!

[Jason]

At one time I would place all of my change and $1 bills into a jar and then towards the end of the month (after I had spent my budgeted money) I would would have a nice bonus in case I needed it. Geez, I need to start doing that again

[Ima saver]

I save all of my change everyday, except pennies. I turn it into my bank about every two months where they count it for free. I take whatever I get and pay extra on my land payment every month.

[Tree0164]

Coinstar machine you can now redeem them for gift certificates to places like Amazon and Starbuck. So it might be helpful for some Christmas shopping next year.

[Ima saver]

The last time I took my rolled change to my bank, they unrolled it and told me to bring it loose next time. I try to take it in about every 2 months.

[JBinKC]

You mean none of your banks take coins unsorted free of charge ? I would be looking for another bank.

[Armywife]

True. There are several U.S. banks that have an automatic coin counter which is free for customers. Commerce bank has one called "Penny arcade"

[Ima saver]

Oh yes, my bank does take unsorted coins free of charge. I use to take them rolled before they got this new sorting machine. I love it.

[Ima saver]

I just found a bag of wheat pennies. Are they worth anything more than a penny?

[cercis]

I don't know Ima, it would depend on their condition. You could probably find a dealer who will look through them and help you value them.

[abowers]

[quote=mjrube94]
It's free, and I'm thinking of signing up on Tuesday (you need to actually go to a branch), but I haven't yet figured out how to maximize my benefit. QUOTE]


I signed up for Keep the Change online.
I've been doing it since the end of November I think -- I actually meant to add up how much has been transferred into my savings account so far. I'm looking forward to when they double it (The catch is they don't match it immediately, the match will come a year after you enroll).

About coins--- I have a piggy bank for pennies
a container for quarters (Laundry...)
and then another container for dimes and nickels. I roll them up when the container gets full and bring them to my bank (Bank of America). They take rolled coins, just not through the drive up window. I deposited $14 of coins a couple weeks ago. I have a lot of change that I need to roll still, but I'm out of rolls.

UPDATE: Since the end of November I've had 18.47 moved into savings from my checking account. I have til February for this to be matched 100%. I'm making sure I don't buy things just for the sake of using my debit card, I'm only using it when I would normally have to buy something.

[acezz4e_tish]

i always keep 2 dollars in change in hand. if i break down and need to use payphone or i just got drove by and splashed with mud. we have a quarter car wash here. i keep it clean, cause teachers have to open doors and close them, and i wouldnt want to get them all dirty for doing thier duty.lol.

[acezz4e_tish]

i wish those phones iwth the card swipes would hit the streets soon. would love to buy a phone card and just swipe it to make a call, why i keep change, cause i hate having to put in all those numbers. i also keep a cell phone but i use it only if im not near a phone. with caller id, if you need help a payphone near you is better then a cell that could go dead on ya and you have to explain where you are instead of them knowing already.