Saving money can often feel like a daunting task, a constant battle against daily expenses and unexpected splurges. But what if you could save without even thinking about it? What if your everyday spending could actually contribute to your savings goals? That's precisely where programs like Bank of America's "Keep the Change" come into play. It's an ingenious way to harness the power of small, consistent contributions to build up your savings over time.
So, are you ready to discover how to turn your spare change into significant savings? Let's dive in!
How to Get and Keep the Change with Bank of America: Your Step-by-Step Guide
The "Keep the Change" program is designed to make saving effortless. It works by rounding up your debit card purchases to the nearest dollar and transferring the difference into your linked Bank of America savings account. Think of it as a digital coin jar, but one that automatically collects your spare change from every transaction.
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| How To Get Keep The Change Bank Of America |
Step 1: Confirm Your Eligibility – Do You Qualify for Effortless Savings?
Before you can start accumulating those valuable cents, you need to ensure you meet the basic requirements. This step is crucial, as it lays the foundation for your automated savings journey.
Sub-heading: What You'll Need:
To enroll in Bank of America's Keep the Change program, you must have:
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- A Bank of America Checking Account: This is your primary account from which purchases will be made and rounded up.
- A Bank of America Savings Account: This is where your "spare change" will be transferred. If you don't have one, you'll need to open one.
- A Bank of America Debit Card: This debit card must be linked to your checking account, as all qualifying purchases made with this card will trigger the round-up.
Important Note: The Keep the Change program is designed for personal accounts and is generally not available for Small Business debit cards.
Step 2: Enroll in the Keep the Change Program – Let the Savings Begin!
Once you've confirmed your eligibility, enrolling is a straightforward process. Bank of America offers a few convenient ways to sign up.
Sub-heading: Online Banking Enrollment: The Easiest Way
This is often the quickest and most preferred method for many users.
- Log In to Your Bank of America Online Banking: Go to the official Bank of America website (
bankofamerica.com - Navigate to the "Keep the Change" Section: Once logged in, look for a section related to "Savings," "Tools," or "Manage Accounts." You'll typically find "Keep the Change" listed as a savings program or feature. You can often use the search bar within online banking as well.
- Select "Enroll Now": Follow the on-screen prompts to enroll. You'll likely need to select which checking account and which savings account you wish to link for the program.
- Confirm Your Enrollment: Review the terms and conditions carefully, then confirm your enrollment. You should receive a confirmation message or email shortly after.
Sub-heading: Mobile Banking Enrollment: Savings on the Go
If you prefer to manage your finances from your smartphone, the Bank of America mobile app is a great alternative.
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- Open the Bank of America Mobile App: Download and open the Bank of America app on your mobile device.
- Log In to Your Account: Enter your User ID and Passcode to access your mobile banking.
- Find "Keep the Change": Similar to online banking, navigate through the app's menu. Look for sections like "Accounts," "Savings," or "Services." The "Keep the Change" option should be visible.
- Enroll and Link Accounts: Tap on "Keep the Change" and follow the instructions to link your eligible checking and savings accounts.
- Review and Confirm: Read through the details and confirm your enrollment.
Sub-heading: In-Person Enrollment: A Personal Touch
If you prefer a face-to-face interaction or need assistance, you can always visit a Bank of America financial center.
- Locate Your Nearest Financial Center: Use the Bank of America website's branch locator to find a convenient financial center near you.
- Speak with a Bank Representative: Inform the representative that you wish to enroll in the "Keep the Change" program.
- Provide Necessary Information: They will guide you through the process, confirm your accounts, and help you complete the enrollment.
Step 3: Start Spending (Responsibly!) to Start Saving – The Magic of Round-Ups
Once enrolled, the beauty of Keep the Change is that it works in the background. You don't need to do anything extra.
Sub-heading: How the Round-Up Works:
- Debit Card Purchases: Every time you use your enrolled Bank of America debit card for a purchase, the transaction amount is automatically rounded up to the nearest whole dollar.
- The "Change" Transfer: The difference between your purchase amount and the next whole dollar is then transferred from your linked checking account to your linked savings account.
- Example: If you buy a coffee for $3.25, $0.75 will be transferred to your savings account. If you buy groceries for $54.90, $0.10 will be transferred.
- Aggregated Daily Transfer: Bank of America doesn't make a separate transfer for every single transaction. Instead, they aggregate all your round-ups from purchases that post to your checking account each business day and make a single transfer at the end of that business day. This helps keep your transaction history cleaner.
Sub-heading: Important Considerations:
- Sufficient Funds: For the round-up to occur, you must have sufficient available funds in your checking account at the end of the business day. If your account is overdrawn or doesn't have enough to cover the aggregated round-up, the transfer for that day will not happen.
- Canceled Purchases: If a debit card purchase is later canceled or reversed, the corresponding Keep the Change transfer will remain in your savings account. This is a great perk, as you don't lose those savings!
- No Credit Card Round-Ups: Remember, this program specifically applies to debit card purchases. Credit card transactions do not qualify for Keep the Change round-ups.
Step 4: Track Your Progress – Watch Your Savings Grow!
One of the most motivating aspects of any savings plan is seeing your progress. Keep the Change makes this easy.
Sub-heading: Monitoring Your Savings:
- Online Banking: Log in to your Bank of America online banking. You can view a summary of your Keep the Change savings, including the total amount transferred, within your savings account details.
- Mobile Banking App: The mobile app also provides a clear overview of your savings account, allowing you to see the accumulated "change" and track your progress on the go.
- Statements: Your monthly statements for your savings account will also reflect the Keep the Change transfers.
Step 5: Maximize Your Savings – Tips for Getting More Out of Keep the Change
While Keep the Change is automatic, there are ways to optimize its effectiveness and accelerate your savings.
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Sub-heading: Strategic Spending:
- Use Your Debit Card More Often: The more you use your enrolled Bank of America debit card for everyday purchases, the more round-ups you'll generate.
- Small, Frequent Purchases: Small purchases often lead to larger "change" amounts. For example, a $1.01 purchase generates $0.99 in savings, whereas a $1.99 purchase only generates $0.01. While you shouldn't buy things just to generate change, be mindful that frequent, smaller transactions can add up significantly.
Sub-heading: Combine with Other Savings Strategies:
- Automatic Transfers: Consider setting up additional recurring automatic transfers from your checking to your savings account. Keep the Change is a great baseline, but supplementing it with fixed transfers can supercharge your savings.
- Budgeting: Use budgeting tools (like Bank of America's Better Money Habits resources) to understand your spending patterns and identify areas where you can comfortably save more.
Frequently Asked Questions (FAQs) about Bank of America Keep the Change
Here are 10 common questions about the Keep the Change program, with quick and concise answers:
How to enroll in Bank of America Keep the Change?
You can enroll online through your Bank of America online banking account, via the Bank of America mobile app, or by visiting a Bank of America financial center in person.
How to check my Keep the Change savings balance?
You can easily check your Keep the Change savings balance by logging into your Bank of America online banking account or through the Bank of America mobile app, where it will be reflected in your linked savings account.
How to stop or cancel Bank of America Keep the Change?
To stop or cancel the Keep the Change service, you will typically need to call Bank of America customer service at 1-800-432-1000 or visit a local financial center. It usually cannot be canceled online.
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How to link a different checking or savings account to Keep the Change?
While you generally link accounts during the initial enrollment, if you need to change them, you may need to cancel your current enrollment and re-enroll with the new accounts, or contact Bank of America customer service for assistance.
How to know if my purchase qualified for Keep the Change?
Each qualifying debit card purchase you make will be rounded up, and the aggregated "change" from those purchases will be transferred as a single transaction to your savings account at the end of each business day. You'll see this aggregated transfer on your savings statement.
How to get my money out of Keep the Change?
The money saved through Keep the Change is simply in your linked Bank of America savings account. You can access it like any other funds in your savings account – through transfers to your checking account, ATM withdrawals, or other standard savings account access methods.
How to ensure all my debit card purchases are rounded up?
Ensure you're using your enrolled Bank of America debit card for all purchases, and that your linked checking account has sufficient funds to cover the daily aggregated round-up transfer.
How to qualify for Bank of America Keep the Change?
You need to have an eligible Bank of America personal checking account, a Bank of America savings account, and a Bank of America debit card linked to your checking account.
How to get a matching contribution from Bank of America with Keep the Change?
Historically, Bank of America offered matching contributions for the Keep the Change program (e.g., 100% match for the first three months up to a certain amount, then 5% thereafter). However, based on current information, Bank of America no longer appears to offer a matching contribution for the Keep the Change program. It's always best to check the latest program terms directly with Bank of America.
How to see the individual round-up amounts for each transaction?
Bank of America typically aggregates all the round-ups from your daily debit card purchases into a single transfer. While you won't see individual round-up amounts listed for each transaction, the single daily transfer amount will reflect the sum of all your qualifying spare change.
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