Wednesday, March 14, 2007

Keep the Change

My husband and I just signed up for a new program through our bank, Bank of America, called Keep the Change. My husband uses his ATM card more than I do (I use our credit card to get miles...really, I spend so much on the credit card just so I can get to Tahiti some day!) so we have enrolled just his card so far.
This is how the program works. You purchase something, let's say the total price is $15.65. Bank of America rounds that up to $16.00 and that is what is debited to your card. The remaining 35 cents is then placed in your savings account. For the first 3 months, Bank of America matches your savings 100%. And when the three months are over, Bank of America continues contributing 5% a year, every year. This reward is paid annually to your savings account.

Of course, when you look at the amounts and percentages, they aren't "retire early to Hawaii" kind of figures, but every little bit helps. Especially if you are like me and have a tougher time saving. If you don't bank at Bank of America but are interested, ask your bank if they have a similiar program.

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