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Banks: We'll give you money to save money [CNNMoney.com]

Monday, March 1, 2010 - 2:47 PM
CNN Money article looks into savings programs that are growing in popularity. They're intended to help those with small balances, so for those with large savings, it won't help much. An example is Bank of America's Keep the Change Program. The article mentioned that BBVA Compass is coming out with one in April that "will match 6% of the funds that customers have automatically transferred into savings each month." I would guess there's going to be a small cap that limits how much qualifies for the 6% match.
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Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
1. Monday, March 1, 2010 - 5:06 PM
When I rest 6% match, the fatwallet part of my brain went off. This will probably have a cap as you mentioned, in fact I just emailed them for specifics. Every once and a while there is a ridiculously good deal like this that somehow slips by, since most people won't take it too the extreme. I'll keep an eye on this one, thanks for posting this! Btw, I would love to see an article listing all banks that accept Credit Card funding of CDs. Citibank is largest I know of, BOA is another that is supposed of offer it but has low caps.
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AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,788
2. Monday, March 1, 2010 - 6:30 PM
"We'll give you money to save money."

What a novel concept! In previous decades, that money given for saving was called "interest." Now, they want to woo you with one-time bonuses and still give you 0.10-0.25% the rest of the time. Perhaps they're losing business to credit unions and online savings banks, both of which offer substantially better (though still poor) returns
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AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,788
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