Saving the change....

[mariec99]

I haev heard about a bank ( I think it is Washington Mutual) that will set up your checking account so that every time you use your debit card, they round the amount up to the nearest dollar and then deposit the change into your savings account. I wish my bank did this! I suggested it to them but in the meantime I want to do this. Short of keeping track and transferring the money manually, does anyone have an idea to simplify this task? Do you know of another bank that does this?

[Diolla]

I do it manually, when I spend cash I just throw it into a change jar and take it to the bank when it gets heavy. A little more difficult , I round up my purchases by adding an extra entry I call KTC (Keep the Change) then when I balance my account I take all the extra change and transfer it to savings. It doesn't add up near as fast as the people in the commercial does (mine is approx. $5.00 right now).

[vsjhoc]

Originally Posted by mariec99

I haev heard about a bank ( I think it is Washington Mutual) that will set up your checking account so that every time you use your debit card, they round the amount up to the nearest dollar and then deposit the change into your savings account. I wish my bank did this! I suggested it to them but in the meantime I want to do this. Short of keeping track and transferring the money manually, does anyone have an idea to simplify this task? Do you know of another bank that does this?

Bank of America's "Keep the Change" program.

http://www.bankofamerica.com/state.c...027g850000c336

[mariec99]

I love the KTC entry idea!

[Gruntina]

It seems like too much work organizing your bank accounts and making sure your statements and checkbook records are up to par.

If one already have a budget set up, then I can see the positive gains of evens squeezing more money to your savings.

[PrincessPerky]

if I were interested in doing this cheaply (INg has way better interest than the BOA plan) I would switch to a two line entry, first line as usual, the second would be the 'round up amount' I prolly wouldn't do the subtraction math in the middle, but I would keep track of the up amount, and add it up when I balanced the checkbook, assing a tranfer of that amount to ing.

OR some people who trust their banks just subtract the rounded amount, then when balancing the checkbook anything over a set 'cushion' goes into the saving account. (course you arn't balancing os much as finding out how mcuh is over the cusion according to the bank)

[Ima saver]

It is easier to never spend change. I don't except pennies. I throw it all in a jar and take to the bank once a month. I add it to my challenge money!

[Kirbycruiser]

I have this account. I like it because it is linked to my checking and I have automatic debits from my checking to my savings. The ktc deposits are just extra. The account is free so it doesn't cost me anything when it gets up to a certain amount I transfer the savings to higher yeilding savings account.

It works for me. Just convienant. Usually adds up to about $6.00 to $10.00 a month but It would just be spent otherwise.

[Tree0164]

I have the Bank of America keep the change program. I do all of my banking online so it is very easy for me to keep track of how much money is being moved around.

It will be one year in October and I have done appromaxiately $500. Easy money that I would have spent before.

[greedy4chips]

So what they really have done is done away with coins and all transactions are ending in .00

I really like the concept! Everyone has a coin jar or equivalent. I am not rich but I toss cash into an envelope and coins into a jar whenever I can. Less cash in the wallet means less I can spend. It's just my method. I love seeing the envelope swell with cash!