How the "Keep the Change" Works

Find out how most major banks work their "keep the change" program.

If you're not familiar with the term yet or you may have heard of it but don't know exactly what it is, I'm going to show you how the process works and how you can benefit from this program. If you already have a savings and/or checking account with the banks mentioned in this article and you're not part of the "keep the change" program, you may want to sign up.

The "Keep the Change" program is offered by a few major banks and they also could be offered by local credit union's and banks in your area. A bank will usually mention it on their web site. If it's not there, you can simply call or walk into the branch and ask if they do have it. Some major banks that you may be familiar with are Bank of America and LaSalle Bank.

The "keep the change" program is fairly easy to understand. Whenever you make a purchase with your bank issued credit card, the bank will simply round it up. The difference will then be placed into your savings account. Below is an example on how it works --

If you made a purchase of $3.25. The bank will charge you $4.00 and the $0.75 difference will go into your checking account.

When you sign up for this for the first time, the bank will usually give you a nice little bonus for the first couple months. Bank of America will match your change for the first three months and after they will match 3%. This means if you take the example above, that $0.75 will become $1.50 if you make that purchase in the three month time frame.

I can't really find a downfall on the keep the change program. It's amazing how fast this rounding up and saving can add up. The nice thing I like about it too is that you're able to have a more balanced checkbook. Everything on your balance will be rounded up, which makes it easier. If you're having trouble saving money, this can be a great start to saving your money for the future.

If you're currently not banking with the above mentioned banks like LaSalle or Bank of America, you can find out more information on their website located at http://www.bankofamerica.com

Disclaimer:This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

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