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Bank of America Keep the Change Savings Program review

Supplement your savings goals by sending your spare change to your savings account.

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.

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Annual percentage yield (APY)APY not advertised
Minimum balance to earn interest$0
Interest compoundingDaily

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).

Expert review

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.

How do I enroll in the Bank of America Keep the Change Savings program?

If you’re an existing customer, follow these steps:

  1. Visit the Bank of America website or app.
  2. Log in to online banking.
  3. Navigate to the Keep the Change Savings Program.
  4. Select Enroll Now.

If you’re not, here’s how to set up an account:

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Open an Account on the Bank of America website homepage.
  3. Under Checking & Savings, select Get Started.
  4. Review the checking account options. When you find one you like, select Open Now.
  5. Select Yes, Add a Rewards Savings account. Choose Go to Application.
  6. Enter your personal and contact information and follow the prompts to fund your 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:

  • Checking account
  • Savings account
  • Debit card

You need to meet these requirements to open any of these accounts:

  • 18 years or older
  • US citizen or resident alien
  • $100 minimum opening deposit

Required information

Have this information handy:

  • Social Security or taxpayer ID number
  • Physical US address
  • Personal, contact and citizenship details

        What are the benefits of Bank of America’s savings program?

        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:

        • Automatic savings. The bank takes over the admin by rounding up your debit card purchases to the nearest dollar and transferring the difference to your Bank of America savings account. The roundups are accumulated and transferred once a day.
        • Option to transfer to a child’s saving account. Boost your child’s savings by sending your spare change to their Bank of America savings account.
        • Flexibility. Enroll in or cancel the Keep the Change service at any time.
        • Ability to monitor savings. View a summary of your Keep the Change savings via online banking or the app.
        • Won’t overdraw your account. If your checking account is overdrawn, Bank of America cancels the Keep the Change transfer for that day.

        What should I look out for?

        This program has a few pitfalls to consider.

        • Limited to Bank of America debit accounts. You can’t transfer to an external bank account. You also can’t round up change on credit card purchases, meaning that you either won’t save much or will miss out on credit card rewards.
        • Can’t cancel online. While you can opt out of the program at any time, you have to call Bank of America or visit a local branch.
        • Doesn’t apply to all debit cards. Keep the Change isn’t available for small business debit cards.
        • Bank of America fees. It’s free to enroll in Keep the Change, but watch out for fees and minimum balances at Bank of America. For example, you’ll be charged an $8 monthly maintenance fee for your Reward Savings account unless you keep a daily balance of $500 or qualify for Preferred Rewards.

        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.

        Compare Bank of America checking accounts

        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.

        1 - 3 of 3
        Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
        Bank of America Advantage Relationship Banking
        Finder Rating: 2.8 / 5: ★★★★★
        Bank of America Advantage Relationship Banking
        $25 per month
        0.02% on balances of $50,000+
        0.01% on balances of to $49,999
        Customize your account to fit your needs and experience a wide array of services from a Big Four bank.
        Bank of America Advantage Plus Banking
        Finder Rating: 3.3 / 5: ★★★★★
        Bank of America Advantage Plus Banking
        $12 per month
        Everyday banking with more ways to waive the monthly fee.
        Bank of America Advantage SafeBalance Banking
        Finder Rating: 3.7 / 5: ★★★★★
        Bank of America Advantage SafeBalance Banking
        $4.95 per month
        Customize your account to fit your needs and experience our full scope of services

        Compare up to 4 providers

        What savings accounts does Bank of America offer?

        Since you need a checking or savings account to enroll in Keep the Change, check out which of these accounts might suit you.

        • The Reward Savings account has a tiered savings model based on how much you keep in it, and there’s an avoidable $8 monthly fee if you keep a daily balance of $500 or meet other requirements.
        • The Minor Savings Account is a joint savings account held in your child’s name. It has a minimum opening deposit of $25 and earns interest according to the account balance. When the co-owner turns 18, the account automatically converts to a Rewards Savings account.

        How do I contact Bank of America about Keep the Change?

        To ask questions about the Keep the Change Savings Program:

        • Call 844-375-7027, weekdays 8 a.m. to 11 p.m. and weekends 8 a.m. to 8 p.m. ET.
        • Visit a financial center. Use the search function on the site to find one close to you.
        • Send mail to this address:
          Bank of America
          PO Box 25118
          Tampa, FL 33622

        To opt out of the program:

        • Schedule an appointment at a financial center
        • Call 800-432-1000, weekdays 8 a.m. to 11 p.m. or weekends 8 a.m. to 8 p.m. ET. If you’re outside the US, dial 315-724-4022.

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