Bank of America‘s new savings plan has proved to be a hit with consumers. Since launching its so-called “keep the change program” six month ago, the bank has attracted 2 million participants, with about 20% to 30% of them new to BofA, the Associated Press reports. Under the program, when customers use the bank’s debit card, BofA will round the posted amount up to the next dollar, and credit the difference from the actual amount to a separate customer account. For the first 90 days, BoA will match that amount, and after that 5% for up to $250 per year. So far, participants have banked some $60 million in savings.
“Customer like it because it’s so simple for them,” Diane Morais, a BofA executive told AP, comparing the program to “an electronic change jar.”
