14 October 2005
We have ways of making you save
The American savings rate is somewhere between not much and nil, which has prompted a couple of card issuers to introduce cards that put some money aside.
The simpler of the two is the American Express One card, which has a typical 1-percent rewards package but which takes those rewards and deposits them in a savings account in your name. (Currently it's paying 3.15 percent.) You can, of course, deposit funds in the account on your own. Amex stakes you to $25 to open the account, and waives the $35 annual fee the first year.
If you have a debit card from Bank of America, you have a new option called Keep the Change, in which debit-card transactions are rounded up to the next higher dollar and the overage is deposited to savings. (If you spent, say, $82.45, B of A will debit your checking account $83 and drop 55 cents in savings.) As an incentive, B of A will match the savings deposits for the first 90 days, and kick in five percent a year thereafter (maximum $250).Posted at 6:22 AM to Common Cents