Bank of America new gimmick

Bank of America announced this interesting program call Keep the change. Basically, you buy something with your checkcard, the purchase gets automatically rounded UP, and the extra money was then put into your saving account. So you buy a $4.65 drink, you see it as $5 in your statement, and the $.35 goes into your saving account.

Not a bad idea actually. It's like what most of us do anyways, we put the change into a jar (you all do that right?) when we get home, and leave it alone.

The obvious motivation for Bank of america seems to encourage the use of checkcards. Their saving account rates sucks, but not by much.

It's good to see banks at least try to innovate. :)