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Early in 2005, Bank of America researchers went into the field looking for a fresh idea, something with a “you’ve got to be kidding” quality that would inspire
consumers to put a little money into savings on a regular basis.
The result was the Keep the Change™ program, an innovative save-while-you-spend program that was chronicled nationally both on television and in many publications in the fourth quarter of 2005. And within three months of its October 2005 media launch, the program
had attracted more than 1 million customers—more than
20 percent of them new to the bank.
The program was developed after conversations with consumers who candidly acknowledged being short on both time and money. They raided the change jar in desperation when they were short on funds—and were always happy to find more accumulated cash than they had imagined was there.
When customers enroll, every debit card purchase they make is automatically rounded up to the next dollar and the difference—“the change”—is transferred from checking to savings. Bank of America matches 100 percent of the Keep the Change program deposits for the first three months and then matches 5 percent of transfers thereafter, up to
$250 per year, paid annually.
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Bank of America associates celebrate helping customers
grow their savings at New York’s Grand Central station.
Video transcript
The Keep the Change program succeeds in not only
attracting new customers, but also in providing them with a strong incentive to stay. And customers who stay also tend to deepen their relationships with the bank by purchasing other products and services and are more likely to recommend the bank to others. 
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