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Ms. Jenn
Fresh, Hot & Wild
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 Posted: 02/18/06 - 12:35 Post subject: The Round Up Savings Account
Bank of America is advertising a new savings account linked to your checking account.
If you spend $19.94, it will round that up to $20 and put the $0.06 in your checking account. It will round up every purchase and put the excess in your savings account. If I write a check for $784, it will put a dollar in the savings.
I want to do this, but the DH says no. I bet we could save at least $1 everyday. Some days it'll be closer to $10.
What do you think?
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cherylpf
crazy cat lady
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Posted: 02/18/06 - 12:37 Post subject:
Seems like it would be easier with the bookkeeping to just budget to put $X in the savings account each month 
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MechEngDropout
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Posted: 02/18/06 - 12:42 Post subject:
| cherylpf wrote: | | Seems like it would be easier with the bookkeeping to just budget to put $X in the savings account each month |
 Or just dump the spare change jar into savings every month. I don't know that I'd want them to move my money for me like that. It'd be nice if THEY put up 6 cents for savings though. 
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TriBob
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Posted: 02/18/06 - 13:48 Post subject:
It is your money. They also have a chance to get higher fees from merchants. Nice gimick though.
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Ms. Jenn
Fresh, Hot & Wild
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Posted: 02/18/06 - 14:32 Post subject:
| cherylpf wrote: | | Seems like it would be easier with the bookkeeping to just budget to put $X in the savings account each month |
We're not good about putting $x in savings each month. We're both platinum members of the "we have to spend our extra money on frivolous joys club" , but we don't physically take money out of savings unless it's an emergency.
We do put our spare change in a jar everyday, but only if we use cash. We hardly use cash. 95% of our bank transactions are debit card or check related.
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purple hayes
Frightened Inmate #2
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Posted: 02/18/06 - 16:52 Post subject:
Is there a Bank of America match?
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Ms. Jenn
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Posted: 02/18/06 - 17:05 Post subject:
| purple hayes wrote: | | Is there a Bank of America match? |
YES!
We'll even match your savings.
For the first three months, we’ll match your Keep the Change savings at 100%. That means for every Keep the Change transfer, we’ll contribute the same amount to your account. And when the three months are over, we’ll continue contributing 5% a year, every year - to make it even easier to save. This reward will be paid annually to your savings account.
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cherylpf
crazy cat lady
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Posted: 02/18/06 - 18:09 Post subject:
| Ms. Jenn wrote: | | purple hayes wrote: | | Is there a Bank of America match? |
YES!
We'll even match your savings.
For the first three months, we’ll match your Keep the Change savings at 100%. That means for every Keep the Change transfer, we’ll contribute the same amount to your account. And when the three months are over, we’ll continue contributing 5% a year, every year - to make it even easier to save. This reward will be paid annually to your savings account. |
That sounds pretty good!
Another thing to do re: budgeting $X to go to savings, with many banks you can set a scheduled transfer to savings of a prescribed amount to happen every month on a specific date (ie pay day). I used to have mine send $X over to savings on the day I was paid. This way its not there to be spent as long as you are good about not pulling back from savings. And too, if you do need it when something comes up, you just transfer it back.
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purple hayes
Frightened Inmate #2
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Posted: 02/18/06 - 19:01 Post subject:
I'd do it up to the 100% match portion. That 5% business is poo.
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MechEngDropout
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Posted: 02/18/06 - 20:30 Post subject:
I'd be writing a lot of $0.01 checks those first 3 months.
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