More Than 2 Million Consumers Are Now Saving Through 'Keep The Change(TM)' in Less Than Six Months

CHARLOTTE, N.C., April 5 /PRNewswire/ -- Amidst a decline in national savings, Bank of America is helping Americans save money at a record pace through Keep the Change, an innovative new savings program. To date, more than 2 million American consumers have saved a total of over $60 million in "loose change" with the Keep the Change program.

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When consumers sign up for the Keep the Change savings program, the amount of every purchase they make with a Bank of America Visa(R) Check Card is automatically rounded up to the nearest whole Dollar and the difference is transferred from their checking account into their savings account at the end of each day. Bank of America matches 100% of the Keep the Change transfers for the first three months of enrollment and matches five percent thereafter, up to $250 paid annually.

"The response to Keep the Change has been tremendous," said Diane Morais, Deposits and Debit Products executive at Bank of America. "Customers like the program because it's a simple, convenient way to save. It's heartening to see so many people interested in savings -- and at Bank of America we make it easy."

Personal debt is at an all-time high and consumers are saving less and less as stated in the most recent report on personal income and outlays from the U.S. Department of Commerce's Bureau of Economic Analysis. The report indicates that personal savings in January was negative 0.7 percent of disposable personal income, versus negative 0.4 percent from December. Keep the Change enables consumers to easily save with everyday purchases.

Bank of America's Keep the Change program, which has been cited for its creative design and innovation, is an automatic savings program that was created after consumers asked for help saving money. Since its launch last fall, over two million customers have signed up for Keep the Change. The program has generated more than 500,000 new checking accounts and more than 800,000 new savings accounts.

Keep the Change

Bank of America launched the Keep the Change savings program last fall after responding to customer feedback asking for more ways to save. "Think of it as an electronic piggy bank," said Morais. "Everyday errands and chores now deliver added value for our customers and the response in the last few months has been tremendous."

Matching funds paid to cardholders' savings accounts are paid annually after the anniversary of enrollment up to a maximum of $250 on accounts that remain open and enrolled. Eligible savings accounts include Regular Savings, which requires a minimum opening balance of $100 and pays a variable annual percentage yield that was 0.50% as of April 5, 2006. Fees could reduce earnings. Member FDIC. Patent Pending.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 38 million consumer and small business relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange.