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What is Keep the Change?

Oliver KahnVerified
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Summary：Keep the Change is a savings program offered by some banks that rounds up purchases made with a debit card to the nearest dollar and transfers the difference into a savings account.

What is Keep the Change?

Keep the Change is asavings programoffered by some banks that rounds up purchases made with a debit card to the nearest dollar and transfers the difference into a savings account. For example, if a customer spends $9.50 on a coffee, Keep the Change will round up to $10 and transfer $0.50 into their savings account.

How does it work?

To enroll in Keep the Change, a customer must have a checking account and a savings account with the same bank. Once enrolled, every time the customer makes a purchase with their debit card, the transaction is rounded up to the nearest dollar and the difference is automatically transferred from their checking account to their savings account.

What are the benefits?

One of the biggest benefits of Keep the Change is the ease of saving. Customers don't have to think about saving or set aside money manually. The program does it for them. Additionally, the small amounts that are transferred add up over time and can lead to substantial savings.

Are there any drawbacks?

While Keep the Change is a convenient and easy way to save money, it may not be the best option for everyone. Some banks charge fees for the program, and the interest earned on the savings account may be lower than other savings options. It's important to read the terms and conditions of the program and compare it to other savings options to determine if it's right for you.

Investment strategies

For those looking to invest their savings, Keep the Change could be a starting point. The money saved through the program could be used to start investing in stocks or other investment options. However, it's important to do thorough research and consult with a financial advisor before making any investment decisions.

Conclusion

Keep the Change is a simple and easy way to save money. While it may not be the best option for everyone, it can be a great starting point for those looking to save or invest. It's important to weigh the pros and cons and consider all savings options before deciding if Keep the Change is right for you.

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Keep the Change bank of americasavings programdebit card purchasesautomatic savingsinvestment strategies
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