I do, however, get frustrated by trying to reconcile my bank statement to the penny. It seems like there is ALWAYS a discrepancy of 8 cents or 21 cents or some such piddlin' amount. I guess we just have poor math skills, even though we use a calculator most of the time.
So, I was pretty happy to find that our new bank has a program that will enable you to round up the things you purchase on your debit card. Bank of America has a new savings program called Keep the Change. I think it's pretty nifty.
When you sign up for Keep the Change, purchases paid for with your debit card are rounded up and the difference (the change) is sent to your savings account. And, here's the really cool part... Bank of America will match the change sent to your savings account!
For example, let's say that you need gas. So, you go to the gas station, swipe your debit card, then proceed to put $10 in your tank. You get distracted because you hear motorcycles approaching and turn to watch two Harleys pull into the station. Oops! You've put $10.03 in your tank (this is a true story). With Keep the Change this is now a good thing because you've just added to your savings account and gotten some FREE money.
Just note that the gas was $10.03 in your debit register, but deduct $11.00 from the balance in the register. It's a snap to subtract whole numbers. You are much less likely to make a mistake this way.
At the end of each day, Bank of America adds all of your change from purchases made with your debit card and transfers the total into your savings account. And Bank of America will match 5% of your total 'change' transfers.
So, suppose that after a year, you have $137.10 in change transferred to your savings account. Bank of America will add an additional $6.85 to your savings account, FREE.
For the first 3 months after you sign up for 'Keep the Change', Bank of America will match 100% of your change. So, if you've had $100.10 in change (for the first 3 months) transferred to savings, Bank of America will add another $100.10, FREE!
Now, that's my idea of a good interest rate! After the first 3 months, the match goes to 5%, but that is still a pretty good interest rate too. You can't find 5% anywhere else, even with online savings accounts.
Of course, your regular savings are not earning that 5%. Bank of America offers a piddlin' 0.5% regular interest on regular savings account deposits, but if you want the 5% it's easy to get. Just use your debit card for as many purchases as possible and you will get a 5% match.
Matched amounts are added to your savings account once a year.