Written by 14:22 Personal Finance

Debit Card Roundup: Which Banks Offer the Best Benefits?

While we all might love getting rewards for spending, most of that love is focused on credit cards. But did you know your trusty debit card can be a hidden rewards gem? “Debit card roundup” programs are getting more popular, and they’re a sneaky-smart way to boost your savings.

How Do Debit Card Roundups Work?

It’s brilliantly simple:

  • You spend: Grab a coffee for $3.65 with your debit card.
  • Round up: Your bank rounds the purchase up to the nearest whole dollar ($4.00 in this case).
  • Save the difference: That extra $0.35 gets automatically whisked into a designated savings account.

Small change, yes, but it adds up quicker than you think!

Top Banks for Debit Card Roundup Perks

Not all banks are created equal in the roundup game. Here’s a look at some of the best offerings right now:

  • Bank of America: Their “Keep the Change” program is one of the OGs. They’ll even match 100% of your roundups for the first 3 months as a bonus!
  • Wells Fargo: The “Save as You Go” program lets you choose where your change goes – savings, checking, or even paying down eligible Wells Fargo debt.
  • Chime: Their roundups can be doubled with their “Save When You Spend” feature for even faster saving.
  • Ally Bank: No fancy name, just straightforward roundups and the flexibility to boost your savings manually whenever you like.
  • Discover: Offers a cashback option where your ’round-up change’ is awarded back to you as cashback at the end of each billing cycle.

Things to Consider

Before diving in, keep these in mind:

  • Fees: Some banks might charge a small monthly fee for roundups.
  • Transfer times: It could take a couple of days for your change to hit your savings account.
  • Matching: Does the bank offer any incentives like matching your roundups?

Is it Worth It?

That depends on you! If you’re bad at saving small amounts consistently, this makes it effortless. It’s a fantastic “set it and forget it” way to build a rainy day fund or save for something fun. However, if you’re hunting for serious returns, you might be better off with a high-yield savings account.

The Bottom Line

Debit card roundups turn loose change into real savings. Check out what your current bank offers, or shop around. It’s free money, so why not give it a go?

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