Who said a little change doesn't add up? In just a little more than two years, Bank of America's Keep the Change savings program has helped its customers save more than one billion dollars in customer round-ups and bank-matching funds, the bank announced today.
At a time when consumers are struggling to put more money into savings, more than eight million people enrolled in the Keep the Change program have found an effortless way to save while making everyday purchases.
"We've seen an incredible impact in our customers' savings habits as a result of their participation in Keep the Change," said Jon Wilk, Deposits Balance Growth Executive at Bank of America. "The billion dollars saved through round-ups and bank-matching funds alone demonstrate America's 'can do' financial spirit."
Bank of America's Keep the Change program, which has been cited for its creative design and innovation, is an automatic savings program created in response to customers who asked for a simple, effortless way to save money.
When consumers sign-up for the program, every check 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 five percent thereafter, up to a maximum total of $250 per year.
Since the program was launched, these customers have accumulated approximately $10 billion in savings, including the $1 billion in customer round-ups and bank-matching funds.
"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 a great example of how easy and simple it can be to save," Wilk said. "Customers continually express their appreciation for Keep the Change as it has enabled them to grow their personal savings in a simple and straightforward manner."