The Rest

Review of Bank of America’s Keep the Change Program

February 29, 2008

Last February I wrote about enrolling in Bank of America’s Keep the Change program. In those posts I summarized the way the program worked so I won’t repeat all of the details here. The important points are these:

  • When you use your Bank of America debit card to make a purchase, the amount of the purchase is rounded up the the nearest dollar and the difference is transferred into your Bank of America savings account.
  • Bank of America matches the transferred amount at 100% for the first 90 days you’re enrolled and at 5% thereafter up to a maximum of $250/year.
  • The Bank of America match is deposited in your savings account once a year.

On my last statement I received my first match of $82.14. My thoughts on the program now that a year has passed? My first thought is that a year is a long time to wait for $82. It is, however, free money and I received it for doing what I would have done anyway. That is to say that I didn’t change my purchasing habits at all in an effort to maximize my match.

The bookkeeping for the small transfers was not a big issue. I probably use my debit card 10-20 days a month so I had that number of transfers on each statement.

I’d be curious to hear what others’ experiences with the program have been. Or are you using a similar program at your bricks and mortar or online bank?

If you’d like to give it a try but are not a Bank of America customer, email me at and I’ll send you a referral by return email. You can earn $25 for opening a checking account and an additional $10 for opening a savings account ($25 if it’s opened with $1000 or more). That starts to make the Keep the Change program look a little more lucrative!

  1. I enrolled in BoA’s Keep The Change program (it’s why I switched to BoA) but since I started watching my spending, it hasn’t been all that great. I spend less on the card, so the change doesn’t add up so quick and the regular transfers out my account to the savings when I did use my card would throw my balances in the register off, causing me the headache to go find em all.

    But free money is free money on the match, so I guess I shouldn’t complain.

    Nice blog, btw, you got a new subscriber ;)

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