I have bank accounts at 3 different banks. One for our personal account, one for my dance stufio, and one for my Mary Kay. Anyway, one of the banks is Bank of America which has a keep the change program. The way the program works, (in a nutshell - there are lots of restrictions and rules which you can read about here: http://www.bankofamerica.com/promos/jump/ktc/index.cfm?&statecheck=CA you spend money using your B of A card and they round it up and automatically deposit that amount into your savings account. For example, you purchase a latte for $4.50 and they deposit .50 into your account and match it.
Not wanting my B of A account to be the only one with savings, I started to do the same thing with my own accounts. I also have a jar and put ALL change and $1 bills I recieve into the jar and then make a deposit once a month or so.
Do you save your spare change?
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Comments: 25
He leaves me with paper $$ in exchange - this week it was $75 ... but that gets spent.
But it is a great idea, although I would shy away from Bank of America, they didn't become on of the largest banks for nothing, they have mastered the art of the hidden fees. Be careful with them. But I will start doing as you suggested, you'd be amazed how much change adds up!
I love the sound of coins jingling, jangling, thus I love filling cups then jars and then jugs with the nickels, dimes and quarters and before you know it I am Mr. Money Bags, ready to cash it all in for a vacation or something....Maybe I will hit Vegas.