Keep the Change rounds up your purchases and moves the difference into savings, but whether it saves you money depends on your spending habits and what you'd do with that money otherwise.
Keep the Change is Bank of America's automatic savings program. When you use a debit card linked to a Keep the Change account, the bank rounds each purchase up to the nearest dollar and transfers the difference into a connected savings account. A $3.47 coffee purchase becomes $4, and 53 cents moves to savings. Over time, these small transfers add up—but only if you spend regularly and don't withdraw the money.
The real question is whether this program moves you toward your actual savings goals or just creates the feeling of saving without the substance. That depends on three things: how much you spend monthly, whether you have a savings account earning interest, and whether you'd save that money anyway without the program.
Key Takeaways
- Keep the Change transfers between $10 and $200 per month depending on your debit card use, so heavy spenders accumulate more than occasional users.
- The program works only with debit card purchases, not cash or credit card transactions, which limits how much money actually gets rounded.
- Your savings account must earn interest for Keep the Change to compete with other savings methods—Bank of America's savings rates are typically lower than online banks.
- The real value is behavioral: if you would not save money without automatic transfers, the program forces the habit; if you already save, you may accumulate more slowly than you would with direct deposits or manual transfers.
How much money Keep the Change actually moves
The amount you accumulate depends entirely on your debit card spending. Bank of America caps the program at $200 per month, which means you need roughly 200 separate debit card transactions to hit that ceiling. Most people do not reach it.
A person who makes 50 debit card purchases per month—about one per business day—might accumulate $20 to $30 monthly, or $240 to $360 per year. Someone who uses cash or credit cards instead of debit will accumulate nothing. The program ignores online purchases, bill payments, and ATM withdrawals. If you already use your debit card for most purchases, Keep the Change captures the roundups. If you use credit cards for rewards or pay bills online, the program captures almost nothing.
The $200 monthly cap matters only if you spend heavily. For most people, the real ceiling is their actual spending pattern. A person who spends $2,000 per month on debit purchases might accumulate $50 to $100 in roundups, depending on how the purchases break down—a $2.01 purchase rounds to $3, but a $2.99 purchase rounds to $3 as well, so the roundup varies.
Interest rates and whether your savings actually grow
Keep the Change moves money into a Bank of America savings account, and the interest rate on that account determines whether your balance actually grows or just sits flat. As of early 2024, Bank of America's savings account rates are typically 0.01% to 0.04% annually, depending on your account type and balance. At 0.01%, a $1,000 balance earns about 10 cents per year.
Online banks like Marcus, Ally, and Discover offer savings rates between 4% and 5% annually on the same $1,000 balance, you would earn $40 to $50 per year. The difference is substantial over time. If Keep the Change moves $300 per year into a Bank of America savings account at 0.01%, you earn less than $1 in interest. The same $300 in a 4.5% online savings account earns $13.50.
Bank of America does offer higher-rate savings accounts through their Preferred Rewards program, but those require maintaining a minimum balance or meeting income thresholds. For most Keep the Change users, the interest rate is negligible, and the program is purely a transfer mechanism, not a wealth-building tool.
When Keep the Change works: behavioral savings
The program's real value is psychological. If you struggle to save money because you spend everything you earn, Keep the Change forces a savings habit by moving money automatically before you see it. You cannot spend what is already in a separate account, so the program creates a barrier between your checking and your savings.
This works best if you have no other automatic savings mechanism. If you already set up automatic transfers from checking to savings, or if you contribute to a 401(k) or IRA, Keep the Change adds little value—you are already saving. But if you have never been able to build a savings buffer, the program's automation can be the difference between $0 saved and $300 saved per year.
The catch is that the savings are small and slow. Building a $1,000 emergency fund through Keep the Change alone takes three to four years at typical spending levels. If you need money faster, you would need to combine Keep the Change with other savings methods or increase your debit card spending.
Comparing Keep the Change to other savings methods
The choice is not really between Keep the Change and nothing. It is between Keep the Change and other ways to move money into savings. Here is how the main options compare:
| Method | How much you accumulate | Interest earned | Effort required |
|---|---|---|---|
| Keep the Change | $20–$100 per month (varies by spending) | Less than $1 per year on typical balances | None after setup |
| Automatic transfer from checking | $50–$500 per month (you decide) | Less than $1 per year at Bank of America; $15–$25 per year at online banks | Set once, then automatic |
| Direct deposit split | $100–$1,000 per month (you decide) | $5–$50 per year at online banks | Set once with employer |
| Manual savings (no automation) | Varies widely; often $0 | Varies | High—requires discipline |
If you already have an automatic transfer set up, Keep the Change is redundant. If you do not have any savings mechanism, Keep the Change is better than nothing, but an automatic transfer of even $25 per month from your checking account would accumulate faster and give you more control.
The hidden cost: staying with Bank of America
Keep the Change only works with Bank of America accounts. The program creates a small incentive to keep your money at Bank of America rather than moving to a bank with higher interest rates or lower fees. Over time, this can cost you more than the program saves.
If Keep the Change moves $300 per year into your account, but Bank of America's savings rate is 0.5% lower than an online bank, you lose money on your existing balance. A $5,000 balance at 0.01% versus 4.5% costs you $225 per year in lost interest. The $300 from Keep the Change does not offset that loss.
The program makes sense only if you are already comfortable with Bank of America's rates and fees, or if you use Bank of America for other reasons (employer direct deposit, checking account benefits, branch access). If you are choosing a bank primarily to maximize savings, Keep the Change is not a reason to stay.
Frequently Asked Questions
Does Keep the Change work with credit cards?
No. Keep the Change only rounds up debit card purchases. Credit card transactions, online bill payments, and cash withdrawals do not trigger roundups. If you use credit cards for most purchases, the program will not accumulate much money.
Can I withdraw the money from Keep the Change anytime?
Yes. The money goes into a regular savings account that you can access whenever you want. There is no lock-in period or penalty for withdrawal. This makes it useful as an emergency fund, but it also means you can easily spend the money if you are tempted.
What happens if I close my Bank of America account?
Your Keep the Change savings account closes, and you can withdraw the balance. The roundups stop when ready. If you move to a different bank, you will need to set up a new savings method with that bank.
Is Keep the Change better than a high-yield savings account?
No. A high-yield savings account at an online bank earns 4% to 5% interest on your balance, while Keep the Change earns less than 0.1% at Bank of America. If you want to maximize savings growth, open a high-yield account and set up automatic transfers instead.
How long does it take to save $1,000 with Keep the Change?
At typical spending levels, most people accumulate $25 to $50 per month, which means $1,000 takes two to four years. If you spend heavily on your debit card and hit the $200 monthly cap, you could reach $1,000 in five to six months. The timeline depends entirely on your debit card usage.