Anyone seen this from Bank of America. Any time you use your check card for a purchase it is rounded up to the next dollar and that change is put in your savings account.
If I buy dinner for $12.05 on my check card, .95 cents gets put into savings.
Seems like a good solution for some people that have trouble saving. It's not necessarily a ton of money, but I'm hoping it'll add up over time.
Just wondering if anyone else has done this or seen this.
Interesting. But are you provided the option?
You mean the option per each transaction? I don't think you are, but I could be wrong.
I am going out to buy 1,000,000 $.05 gumballs in 1,000,000 separate transactions. If I don't have $950,000 in my account by the end of the month then I am going to kick someone's a$$!!!
What you dont get is, it's your own money. They round up the purchase and carry over the difference. But you are saving your own money.
WAMU gives you 3cents on every POS up to 250...of their money.
"What you don't get is it's your own money..."
I'm not sure if this was directed at me or the poster above, but of course I know it's my own money. This helps me constantly add a bit to savings from my checkings that I don't ever touch.
I do this. It helps save some cash.
Also, they do match a certain percentage of it. I forget how much, but it's not all your money.
"Also, they do match a certain percentage of it. I forget how much, but it's not all your money. "
"WAMU gives you 3cents on every POS up to 250...of their money."
What is WAMU?
So you are saying you cant stash a little bit of cash away once a month on your own?
Nope, I let the IRS do it.
They give it to me in April.
"Nope, I let the IRS do it.
They give it to me in April."
And they pay 0 interest.
BOA matches 5% per year of your savings in the program. When I signed up they matched 100% of the first 3 months it was and is great.
"Nope, I let the IRS do it. They give it to me in April."
"And they pay 0 interest."
Some good points presented here.
You can look at the income tax (withholding tax), that you will get a portion of back in a positive way:
Forced savings - This is good if you have poor saving habits.
But even better (as gobe alluded to) is to pay less income throughout the year to government and invest it instead of having the government keep it interest free.
Website links for the BOA and WAMU?
Found BOA, what is WAMU's program called?
I save a ton of money on my own but I also signed up for this keep the change program. It's a little bit of a hassle to enter the transactions but its worth it.
I didnt know they matched, that's cool. What's the max they will match.
WAMU pays 3 cents on every swipe up to 250. I think its called Wamu Rewards.