Anyone else heard about this yet? I thought it was a very cool way to save money. Especially since they match you 100% the first three months and then 5% after that. Bank of America Link
That's a great idea for those people that have trouble saving... also a great way for Bank of America to make a boatload.
Yes and when they up the $34.06 you spent at Wal-Mart to $35.00 and take that extra .94 out of your checking account when you only have $34.50 in there that $30.00 overdraft looks mighty nice to the bank. Just kidding, this does look interesting though.
If you have $0.94 in your savings from previous purchases it would cover that round up for you, so no overdraft
Do you have to sign up for the program? I'm already bank of america. The official bank of Little league baseball, highschoolbaseball, NCAA baseball, and MLB baseball, lol. Sounds good to me. I only use their debit card anyway. As long as it's not a credit card who cares.
Most people that I would think would get an account at BofA just for this would get just the basic accounts CHECKING and SAVINGS "Free checking" at BofA isn’t free unless direct deposit, and fees to talk to tellers ex.. The lowest Savings you have to do auto transfers of 25+ each month to wave the monthly fee and then you only get HALF a percent on your cash.. Lots of hoops to jump through at BofA for the cheap accounts IMO.. Not worth the headache.. so overall they get the fees that will hit you one day or another over the life of the account that will more than make up for the few dollars in saving you will make on the lower accounts..
For people who do not realize how to save money on their own (unless they are in dire situations) deserve whatever it is coming to them. I cannot believe Americans only save 1% of their income. I put over 30% into various accounts. All the big banks are thieves for all the fees they charge. I keep a chase account with just $500 (no fee checking) just in case I ever need it.
how do you save if youve got some debts to pay off and you are living paycheck to paycheck? single income families? thats how most americans only save 1% of thier income.. anyone have ideas on how to save money for this in that situation?
Reduce cost. Drive cheaper cars, get rid of broadband, cell phone, control energy bills by setting thermostat to higher or lower temperature, look for bargains in stores, do not eat at restaurants, no name brands, etc.... When I was young, my family (four people) used to live on a budget of $400 a month!
Yeah you have to go sign up at a branch - I am gonna check it out today and will let you know. Juan - the banks will get more money that they can lend out at higher rates and make interest on..... glyde - I have used BofA for a while. The fees aren't bad if you pay attention to what type of account you have...
If you are interested in a savings account, check out ING Direct. They have some of the best interest rates (currently 3.4%). You can open an account through a referral from me and they'll give you $25 (I get $10). Email me through the board if you'd like a referral.
Yeah I actually use them also - very cool. Quick transfers from online to local bank. Their rates do fluctuate but they are higher than any B&M bank.
But, the money they've helped you put in your savings account costs them the regular interest they pay you plus another 5%, which given the low interest rates these days is comparatively significant. They may be able to get an even higher rate than that combined amount, but it does increase the cost of their capital. I guess what I was wondering is, are they doing this to capture more market share, because they can generate more revenue from people using their savings accounts, they want the pool of their savings account money to be larger, they feel like having a more financially stable set of customers is good for their future, or what have you. I'm guessing you think it's to attract new customers?
If you really want to save money, and not pennies... set up a savings account with someone like ING Direct and link your checking account to that savings account. Then have an auto transfer set up with ING to transfer a certain amount of money on a certain date from your checking to your savings. It takes a couple of minutes to set up and you can forget it and let it do its thing after that. I also hate using debit cards... in case of theft, your money can be instantly gone as opposed to using a credit card where you at least have several days to figure out what happened and contest the charge.
I may check this out, as I'm going to open a checking and savings acct at BofA...They sent me a thing in the mail that says they'll give me $100 for opening a checking and $25 for a savings...I'm all about free money...
Yes. Your checking account can be with any other bank. ING will link to it for the regularly scheduled withdrawals.