Comments on: Keep the Change Programs http://www.kmull.com/2007/05/04/keep-the-change-programs/ Blogging about earning income through blogging. Fri, 28 Aug 2009 13:51:09 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Link Love - Rewarding Top Commentators | Money Ning http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-308 Link Love - Rewarding Top Commentators | Money Ning Sun, 17 Jun 2007 02:02:11 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-308 [...] contacted Kevin at KMull.com to ask how to best introduce his site and he also mentioned his keep the change program post which I thought provided a good analysis on the programs from the Bank of America and [...] [...] contacted Kevin at KMull.com to ask how to best introduce his site and he also mentioned his keep the change program post which I thought provided a good analysis on the programs from the Bank of America and [...]

]]> By: AstroZombieDC http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-219 AstroZombieDC Wed, 09 May 2007 14:57:00 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-219 I use BoA's Keep the Change program. Here's how I do it. First off, we all agree that the interest rate on the BoA savings account sucks. If I recall correctly, the minimum balance on that savings account is $300. I started the account with $301. Also, there was a bonus at the time I signed up for the KtC program...after one year of participating in the program, I get $25, plus the usual BoA matching scheme. Every time my account gets to $326, I transfer $25 to my Emigrant Direct savings account. I still have greater than $300 in the BoA, so I don't have to pay any fees, and I start earning real interest on the $25 I just saved. At the end of one year, I'll get my match plus the $25 for signing up for the KtC program. I figure the $25 bonus alone is worth 8.3% on my $300, since I'm really only keeping between $300 and $326 in the BoA savings at any given time. That's more than I can get from ING or EmDir. I'm going to quit the KtC program as soon as I get my $25 bonus, which will be in the early fall. At that point, I will close the BoA savings and put it all in my EmDir account. It's easier to just set up EmDir to take $30 or so out of my checking account every two weeks. Plus, the KtC transactions really add a lot of extra transactions to your checking register, which makes it messy to look at in gnucash, quicken, etc. Someone please destroy my logic here...I'd like to know if what I'm doing makes sense or not. I use BoA’s Keep the Change program. Here’s how I do it.

First off, we all agree that the interest rate on the BoA savings account sucks. If I recall correctly, the minimum balance on that savings account is $300. I started the account with $301. Also, there was a bonus at the time I signed up for the KtC program…after one year of participating in the program, I get $25, plus the usual BoA matching scheme.

Every time my account gets to $326, I transfer $25 to my Emigrant Direct savings account. I still have greater than $300 in the BoA, so I don’t have to pay any fees, and I start earning real interest on the $25 I just saved.

At the end of one year, I’ll get my match plus the $25 for signing up for the KtC program. I figure the $25 bonus alone is worth 8.3% on my $300, since I’m really only keeping between $300 and $326 in the BoA savings at any given time. That’s more than I can get from ING or EmDir.

I’m going to quit the KtC program as soon as I get my $25 bonus, which will be in the early fall. At that point, I will close the BoA savings and put it all in my EmDir account. It’s easier to just set up EmDir to take $30 or so out of my checking account every two weeks. Plus, the KtC transactions really add a lot of extra transactions to your checking register, which makes it messy to look at in gnucash, quicken, etc.

Someone please destroy my logic here…I’d like to know if what I’m doing makes sense or not.

]]> By: Kevin http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-216 Kevin Tue, 08 May 2007 14:51:23 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-216 I'm glad to be getting some other viewpoints here. However, I disagree that BoA's program is a good deal. You can get better cashback from rewards cards. One strategy, if you are set on sticking with BoA, is to wait until you get your match at the end of the year and transfer it out to an online savings account such as ING Direct. I’m glad to be getting some other viewpoints here. However, I disagree that BoA’s program is a good deal. You can get better cashback from rewards cards. One strategy, if you are set on sticking with BoA, is to wait until you get your match at the end of the year and transfer it out to an online savings account such as ING Direct.

]]> By: TheBeast http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-212 TheBeast Tue, 08 May 2007 14:19:42 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-212 Good analysis of these programs - however I must disagree that the Keep the Change program is not worth it. It does not carry a fee, but it does require a little time to track all those little transactions. It beats counting loose change, rolling it up and taking to the bank. To get a better interest rate, I transfer excess funds to my ING savings account. Good analysis of these programs – however I must disagree that the Keep the Change program is not worth it. It does not carry a fee, but it does require a little time to track all those little transactions. It beats counting loose change, rolling it up and taking to the bank. To get a better interest rate, I transfer excess funds to my ING savings account.

]]> By: Carnival of Personal Finance #99 Recap - Part 2 at Clever Dude Personal Finance & Money http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-207 Carnival of Personal Finance #99 Recap - Part 2 at Clever Dude Personal Finance & Money Mon, 07 May 2007 20:01:27 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-207 [...] analyzes whether 2 popular “Keep the Change” programs are worth the extra hassle. We’ve been enrolled in Bank of America’s Keep the Change program for over a year and [...] [...] analyzes whether 2 popular “Keep the Change” programs are worth the extra hassle. We’ve been enrolled in Bank of America’s Keep the Change program for over a year and [...]

]]> By: Stephanie @ PoorerThanYou http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-204 Stephanie @ PoorerThanYou Mon, 07 May 2007 17:44:26 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-204 I view Keep The Change as free money and an encouragement to use my debit card for purchases rather than my credit card - at least until my credit card is paid off. I view Keep The Change as free money and an encouragement to use my debit card for purchases rather than my credit card – at least until my credit card is paid off.

]]> By: Carnival Of Personal Finance #99 - Awesome Money Quotes Edition http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-203 Carnival Of Personal Finance #99 - Awesome Money Quotes Edition Mon, 07 May 2007 12:09:36 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-203 [...] Keep the Change Programs by KMull @ Personal Finance at KMull.com. An extensive review of two indirect savings programs: Bank of America’s “Keep the Change” program and AMEX’s One Card. [...] [...] Keep the Change Programs by KMull @ Personal Finance at KMull.com. An extensive review of two indirect savings programs: Bank of America’s “Keep the Change” program and AMEX’s One Card. [...]

]]> By: Money Smart Life » Personal Finance Week in Review - No Air Conditioning Edition http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-202 Money Smart Life » Personal Finance Week in Review - No Air Conditioning Edition Sun, 06 May 2007 15:44:44 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-202 [...] looks at the pros and cons of Bank of America’s Keep the Change program and the ONE Card from American [...] [...] looks at the pros and cons of Bank of America’s Keep the Change program and the ONE Card from American [...]

]]> By: Cash Money Life - A Personal Finance Blog with a Salute to the Military » Weekly Round Up http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-201 Cash Money Life - A Personal Finance Blog with a Salute to the Military » Weekly Round Up Sat, 05 May 2007 13:00:14 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-201 [...] at Personal Finance by KMull - Keep the Change Programs. KMull writes about ‘keep the change programs’ and whether or not they are actually [...] [...] at Personal Finance by KMull – Keep the Change Programs. KMull writes about ‘keep the change programs’ and whether or not they are actually [...]

]]> By: Q at $1 Million to My Name http://www.kmull.com/2007/05/04/keep-the-change-programs/comment-page-1/#comment-198 Q at $1 Million to My Name Fri, 04 May 2007 20:22:50 +0000 http://www.kmull.com/2007/05/04/keep-the-change-programs/#comment-198 Good analysis. I was at first a little disgusted with the Keep The Change program, thinking to myself that it was a shame that we needed such a program to entice Americans to save. But then I realized it was free money, so I'm cool with it now. :-) Good analysis. I was at first a little disgusted with the Keep The Change program, thinking to myself that it was a shame that we needed such a program to entice Americans to save.

But then I realized it was free money, so I’m cool with it now. :-)

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