A Whole Knew Kind of Change Jar!!!

[zendus]

http://www.bankofamerica.com/promos/...072g350000c239


A Whole Knew Kind of Change Jar!!!

"KEEP THE CHANGE"

Spend with your debit card. Add to your savings. Only from Bank of America (BOA).

Savings so simple your wallet won’t miss it.

Every time you buy something with a Bank of America Visa debit card, we'll round up your purchase to the nearest dollar amount and transfer the difference from your checking to your savings account free of charge. Because every bag of groceries, every coffee and every tank of gas adds up to more savings for you.

So you get to keep the change and grow your savings. What could be easier?

We'll (BOA) even match your savings.

For the first three months, we'll (BOA) match your Keep the Change savings at 100%. That means for every Keep the Change transfer, we'll contribute the same amount to your Bank of America savings account. And when the three months are over, to make it even easier to save, we'll continue matching 5% a year, every year.

Getting started is easy.

To find out what you need for Keep the Change, simply select the Bank of America accounts you currently have. If you don’t have any of the accounts listed or are a new customer, just press "Submit" to sign up.

{There are a few noteworthy conditions: }

The matching funds will be credited to your savings account annually, within 8 weeks after the month in which the anniversary of your enrollment in the Keep the Change savings service occurs. To receive the matching funds, your checking and savings accounts must be open and in good standing and you must still be enrolled in the Keep the Change savings service at the time the matching funds are credited.

and:

Savings accounts eligible to receive matching funds include Regular Savings, which requires a minimum opening balance of $100 and pays a variable Annual Percentage Yield that was 0.50% as of 9/23/05.

and:

Keep the Change is not available in Washington or Idaho.


{Reprinted off the BOA website}

[cicy33]

I used to do something like this in my checkbook but I haven't recently.

[zendus]

Did you have any success, any substantial savings? Did your checking account offer interest? Did you ever feel like it was a financial burden or did you miss the extra money? Was it harder to make ends meet or did you find that you needed the money to make ends meet?

I was excited when I first heard about it, but then worry if I would really need the extra funds just to make ends meet. I am on a very tight budget and count every penny, I am curious of your opinion, if you don't mind sharing.

Best Regards, Z

~ "Life is not measured by the number of breaths we take, but by the moments that take our breath away."

[mjrube94]

I started this a few weeks ago when it was first announced and I'm pretty excited about it. I already had a BOA checking and savings accounts, so that was convenient (although they are offering signup bonuses - $25 for checking, $10 for savings if referred by an existing customer).

Zendus, don't worry about the fact that you count every penny. The way the program works, they transfer your change to your savings account at the end of every day. The change they match is accumulated and transferred at the end of 12 months. By law, you're allowed to make a certain number (4?) of transfers from your savings account to your checking account. So once or twice each month, you can always transfer your change back to your checking account. That way, you can still take advantage of their match.

After only a few weeks, I have accumulated about $5 in change. I know it's not much, but it's $5 more than I had a few weeks ago. And the nice thing is that it will feel like a windfall 12 months from now when I get it.

[cicy33]

my checking account did not offer interest. I did it because my dh is in construction and sometimes we run short between jobs. So, I started it without telling him so that we would be okay during those times. I saved over $500 one year doing that. But eventually he found out cuz I have a big mouth! lol then it was almost impossible cuz I would do it but he would be like oh, you have an extra $$$ in there. the key is to ignore it and forget that you have it. I like the idea of transferring it, keep it out of the account. but it also did help me to not bounce a check occasionally.

[zendus]

I'm totally stoked! Thanks for all of the input. I am going to step over onto the risky business of savings, LOL I know it is not risky, but beings I am a bit apprehensive, I was bit concerned. Thanks for the great opinions posted, I am going to actually try to start saving for a change and I am totally stoked about all of the possibilities. A savings account is unchartered water for me. I can't even imagine what it would be like to have money to buy a new tire if one of ours becomes flat.

I too will have to keep it on the hush-hush, my DH would do the exact same thing. I usually will end up accidentally spilling the beans eventually too, but in the mean time the journey should be fascinating for me. You guys are the best!!!!

Best Regards, Z

~ "Life is not measured by the number of breaths we take, but by the moments that take our breath away."

[Tree0164]

I signed up for the this on our both of our debit card through Bank of America. It seems like a pretty good deal.

[ender513]

Originally Posted by mjrube94

By law, you're allowed to make a certain number (4?) of transfers from your savings account to your checking account. So once or twice each month, you can always transfer your change back to your checking account.

All savings accounts legally can have unlimited withdrawals in person or at an ATM. However, only 6 withdrawals or transfers per statement can be ACH (automated clearing house?). That includes telephone transfers (with some banks), direct withdrawals set up to happen automatically, online banking, etc. If you have a money market account, no more than 3 of those withdrawals can be by check.

Some banks might limit transactions on savings accounts, but the 6 ACH transactions is a government thing.

So, if anyone is worried about needing that money that's automatically transferred they can always go into a bank (I guess if there isn't a teller fee anyway) or use an ATM and transfer it without any worry. Just be careful about transfering out of the savings account using online banking, you don't want to do that more than 6 times a month Generally banks charge a fee and seen a scary letter if you go over the limit . . .

[niki_the_tiger]

So, if anyone is worried about needing that money that's automatically transferred they can always go into a bank (I guess if there isn't a teller fee anyway) or use an ATM and transfer it without any worry. Just be careful about transfering out of the savings account using online banking, you don't want to do that more than 6 times a month Generally banks charge a fee and seen a scary letter if you go over the limit . . .

Really, there is a limit? Is each bank different? I transfer money all the time between my checking and savings... hmmm.

I started this a few weeks ago when it was first announced and I'm pretty excited about it. I already had a BOA checking and savings accounts, so that was convenient (although they are offering signup bonuses - $25 for checking, $10 for savings if referred by an existing customer).

Anybody want to refer me?

-Niki Langevin

[arianeira]

The limit that ender513 is referring to is the federal regulation on savings accounts and it just limits withdrawals to 6 per month. You can make as many deposits as you want. Unfortunately most transfers are also included in this limit, but again it only applies to transfers OUT of savings.

[niki_the_tiger]

Hmm that's interesting. Though I think most of my transfers are into the savings. Only about two are from the savings to the checking.

[Realtor]

Bank Of America has this new savings program if you have a checking account with them with a debit card. They will open a free savings account for you for a year. Every time you purchase something with your debt card and the change that remains goes into your savings account. They round off to the nearest dollar.

Exp.

The cost of your lunch is $5.05 and you use your debit card.
That additional .95 cents (which they round of to the nearest dollar) which in this case would be $1 goes into your savings account.

Now here is the great part. For the first three months they will meet 100% of your savings from keep the change. So lets say per day your keep the savings were 1.25 x 90 = 112.50 is the amount you would have at the end of three months. They will add in another 112.50 making your total savings for three months 225.

Your savings can be any amount but I think its pretty cool that they will match 100% of your savings. Plus they give you a free checking account for a year. No obligations. I already have checking account with them and signed up for it. So when I go out to eat, buy gas, or pay for anything I use my debit card and my savings adds up. Pretty cool.