If contributing to your 401K isn't keeping you busy enough. Think about your IRA, savings, credit card debt, and paying down your mortgage. What's left for me after all that? There are a couple of other ways to help you save more money out there. Bank of America customers have saved more than $2 billion with the Keep the Change program.
The U.S. household savings rate in May rose to a 15 year high, according to the latest Commerce department report. Bank of America customers contributed to that rate by using the Keep the Change program as an effortless way way to save while making everyday purchases. In fact, since the program's launch in 2005, customers have save more than $2 billion.
When consumers sign up for the program, every debit card purchase is automatically rounded up to the nearest whole dollar, and the difference is transferred from their checking into their savings account. Bank of America matches 100% of transfers for the first three months and 5% thereafter, up to a maximum total of $250 per year.
"We've seen an incredible impact in our customers' savings as a result of their participation in Keep the Change, especially customers who are just starting to save for the first time," said Jon Wilk, Balances and Rates executive at Bank of America. "Helping customers save more than $2 billion illustrates how change can add up over time."
In addition to Keep the Change, the newly introduced Add It Up program, a secure online shopping site that allows enrolled customers to earn up to 20% cash back on their purchases, is also helping customers stretch their money. By using both Add It Up and Keep the Change, Bank of America customers can receive the combined value of saving while they are spending.
"Even with today's economic environment, consumers are finding ways, to get more from their money, and our innovative Keep the Change savings program is one example of the advantages of being a Bank of America customer," Wilk said.
The U.S. household savings rate in May rose to a 15 year high, according to the latest Commerce department report. Bank of America customers contributed to that rate by using the Keep the Change program as an effortless way way to save while making everyday purchases. In fact, since the program's launch in 2005, customers have save more than $2 billion.
When consumers sign up for the program, every debit card purchase is automatically rounded up to the nearest whole dollar, and the difference is transferred from their checking into their savings account. Bank of America matches 100% of transfers for the first three months and 5% thereafter, up to a maximum total of $250 per year.
"We've seen an incredible impact in our customers' savings as a result of their participation in Keep the Change, especially customers who are just starting to save for the first time," said Jon Wilk, Balances and Rates executive at Bank of America. "Helping customers save more than $2 billion illustrates how change can add up over time."
In addition to Keep the Change, the newly introduced Add It Up program, a secure online shopping site that allows enrolled customers to earn up to 20% cash back on their purchases, is also helping customers stretch their money. By using both Add It Up and Keep the Change, Bank of America customers can receive the combined value of saving while they are spending.
"Even with today's economic environment, consumers are finding ways, to get more from their money, and our innovative Keep the Change savings program is one example of the advantages of being a Bank of America customer," Wilk said.
If you had started the Keep the Change Program when it started you could have potentially built your emergency fund to $1,000 by now. If you you bank with Bank of America and haven't started this program now is the time. Money is being lost. If you don't bank with Bank of America, maybe you should.
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