B of A is running a truly unique (if not brilliant) promotion, which benefits customers as much as it will benefit the bank.
Every time you buy something with a Bank of America Visa® debit card, we’ll round up your purchase to the nearest dollar amount and transfer the difference from your checking to your savings account free of charge. Every bag of groceries, every coffee and every tank of gas adds up to more savings for you.
For the first three months, we’ll match your Keep the Change™ savings at 100%. That means for every Keep the Change transfer, we’ll contribute the same amount to your Bank of America savings account. And when the three months are over, to make it even easier to save, we’ll continue matching 5% a year, every year.
The bank’s matching funds turns one’s personal savings account into something more closely resembling a 401K. I don’t know who thought of this, but I wish I had. And isn’t that the true test of a great idea?