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Tools that help make saving simple

4 ways to take the guesswork out of saving

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Automatic transfers

In the same way automatic bill pay ensures you pay your bills on time, automatic transfers to your savings account can help keep your monthly savings goal on track. Decide on an amount that feels comfortable and schedule a direct monthly transfer from the account you deposit your paycheck into to your savings account. You can adjust your transfers or deposits anytime you choose. If you use direct deposit, your program may allow you to split your paycheck so that a portion goes directly into savings.

Deposit account

Quick tip

Make sure to schedule your transfers when you know you have enough money in the originating account, such as after each payday.


Spare change programs

Many families used to collect spare change in a jar to save for a rainy day. These days, apps and programs have harnessed the power—and potential—of small change. The details may vary by program, but generally your financial transactions—such as swiping your debit card when you buy lunch at work—are rounded up to the nearest dollar amount, and the difference is transferred to a savings or investment account.

$7.45 Lunch purchase $8.00 Rounded up $0.55 Transferred to savings

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Credit card rewards

If you typically use a credit card to pay for things and then pay off your balance in full every month, consider applying for one that lets you earn rewards on your purchases. You can use those rewards as a savings tool. For example, if you earn cash back with your credit card, consider setting up automatic transfers of that money so that whenever you reach a certain rewards balance, such as $25, it will be deposited directly into your savings account, where it could earn interest.

Month 1, Month 2, Month 3 Cash rewards saved Interest

Budgeting apps

If you find it hard to stick to a budget, there are apps and programs that can help you analyze your spending and advise you on where to cut back or save. These apps generally require access to certain financial details, such as your online account log-in information, so if you’re considering budgeting software or a budgeting app, make sure you research your options first and download apps only from a verified site or store.

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The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management. ©2024 Bank of America Corporation.

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The Spending & Budgeting tool is currently available to clients with a personal checking or savings account, credit card, a linked Merrill investment account, as well as a Small Business checking or savings account.

Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Message and data rates may apply.

Upon enrollment, we will round up your Mastercard® or Visa® debit card purchases to the nearest dollar and transfer the difference from your checking account to your Bank of America® savings account. We may cancel or modify the Keep the Change service at any time without prior notice. Keep the Change is not available for Small Business debit cards.

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