Interest rates at brick and mortar banks are like. Do we let the sun just shine or the wind just blow? No, we put them to work. What do you think? Is this a handy program, or the Diet Coke of savings plans? Leave your thoughts in the comments. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors.
Banking Bank Reviews. Table of Contents Expand. Table of Contents. Rounding Up. Does it Help? No More Matching Funds. Better Strategies. Best Savings Account Rates. By Justin Pritchard. Justin Pritchard, CFP, is a fee-only advisor and an expert on personal finance. He covers banking, loans, investing, mortgages, and more for The Balance.
One major downside of the Keep the Change program is that it forces you to use a Bank of America debit card. Debit cards can be convenient, but they are generally worse to use than rewards credit cards. One benefit of credit cards is that they offer much better consumer protections than debit cards do. If your credit card is used without your permission, you will not be held liable for the fraudulent charges. When it comes to building up savings, the bigger argument in favor of credit cards is their rewards.
Unlike the Keep the Change Program, which simply moves your money around, these rewards are like free money for using a credit card. There are many new financial companies that have come up with different ways to help people save.
They may have different savings programs that could help you accumulate a higher savings balance. The Bank of America Keep the Change Program is a good way for people who have trouble with saving to build up some savings. There are better alternatives, such as automatic savings transfers, but using the program is better than doing nothing. If you feel comfortable doing so, a better plan would be to use rewards credit cards to build your savings.
They give you cash back on every purchase and will often let you save faster than the Keep the Change Program would. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. These offers do not represent all account options available. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser.
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