Smartlife

Back when checks were the most common method of payment, many personal finance gurus suggested rounding up the payments you made to the nearest dollar when recording your checks in your register. Then, when you balanced your check book at the end of the month, you’d have a pleasant surprise of quite a bit of money you could transfer into your savings. These days, banks like Bank of America offer special programs that offer a similar system for debit cards: if you’re enrolled in Bank of America’s Keep the Change program, the difference between any payment you make with your card and the next dollar is automatically transferred to your savings account. The process is entirely automated and it’s marketed as an easy way to build up your savings. But is Keep the Change really worth it?