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Keep the Change rounds up your debit card purchases to the nearest dollar and transfers your change to your savings account. It’s a seamless way to slowly and steadily save, but you might miss credit card or other rewards.
N/A
APY
$0
Fee
Annual percentage yield (APY) | APY not advertised |
---|---|
Fee | $0 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Review by
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
If you’re an existing Bank of America customer and use your debit card for everyday purchases, the Keep the Change program could help you tuck away more money without feeling the pinch of saving. The idea is the same as dropping your spare change into a glass jar after coming home each day.
After you enroll, Bank of America rounds up the change from your debit card purchases to the nearest dollar and automatically deposits it into your savings account. But don’t worry — if you don’t have sufficient funds in your checking account, the bank will cancel the transaction for that day.
If your goal is to start your savings habit, save more on a tight budget or stick with Bank of America products, this program might work well for you. However, by using Keep the Change, you won’t earn the cash back you could by charging those same purchases to a rewards credit card.
And you can find money round-up or investing apps with similar features, although you may pay a monthly fee. For example, Acorns is a micro-investing app that lets you connect your debit card, round up purchases and invest the money.
If you’re an existing customer, follow these steps:
If you’re not, here’s how to set up an account:
Once you’ve set up online banking, you can enroll in Keep the Change.
You need three Bank of America products to enroll in the program:
You need to meet these requirements to open any of these accounts:
Have this information handy:
With this program, you’re privy to the benefits of banking with Bank of America, such as access to a wide network of ATMs, sophisticated online and mobile banking tools, BankAmeriDeals and Preferred Rewards. These are the unique benefits of the Keep the Change savings program:
This program has a few pitfalls to consider.
Before you sign up for this savings program, check out our savings account guide to get a full look at other accounts and their available perks. You could grow your savings faster with automated savings transfers into a high-yield savings account.
Since you need your Bank of America debit card to enroll in Keep the Change, learn more information about its checking accounts if you haven’t signed up for one already.
Since you need a checking or savings account to enroll in Keep the Change, check out which of these accounts might suit you.
To ask questions about the Keep the Change Savings Program:
To opt out of the program:
Bank of America Keep the Change Savings is not currently available on Finder
Have you considered CIT Savings Connect?
Secure a 4.05% APY, 16x the national average. Pay $0 in monthly fees and no account opening fee.