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I know some banks have a similar program, where they'll round up each purchase and put it in a savings account. Some of them(Bank of America's Keep The Change p
by MichaelBurge 10y ago
I know some banks have a similar program, where they'll round up each purchase and put it in a savings account. Some of them(Bank of America's Keep The Change program?) will even match a portion of it, so it's a small amount of free money.
I've always thought they were a bit silly. Why wouldn't you just save $X thousand and then use any excess income to pay down the loan with the highest interest rate?
- natwash2 10y agoDefinitely agree that moving the money into savings may not make the most sense. Unless the interest you earn in savings out-paces the interest you're paying on the loan, paying off the loan is always better. That's why we want to solve this problem. The longer that people wait to pay extra money towards loans, the more interest they pay.