When we do the math, it may not turn out to be so great. I took a look at my own spending habits and this is what I discovered.
- I have an average of 50 checkcard purchases per month.
- If you average the spare change on any purchase you get $0.50. That's because the average number from 1 cent to 99 cents is 50 cents.
- 50 x $0.50 = $25.00 you will be putting aside into your savings account.
- For the first three months, BofA will match 100% of $25.00 so in three months that's $75 BofA will put into your savings.
- Thereafter, BofA matches 5% so on average $25 x 5% = $1.25 per month BofA will put into your savings.
- In one year BofA will put $1.25 x 12 = $15.00
- $15 is nothing compared to any overdraft or under balance fees you may pay in a year.