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Although
Americans seek discounts in Holiday purchases, most don’t
save for the season
December 2005 (Medialink) - For millions of Americans,
holiday shopping is top-of-mind – however, a recent survey
indicates a variance between how consumers spend and how
they save. Americans will spend an average of $750 for
holiday gifts this season. Yet, despite the strong desire to
save while holiday shopping, 76 percent of more than 2,000
consumers surveyed agree that they do not save as much money
as they should.
The survey, conducted for Bank of
America by Harris Interactive, found:
-
Close to nine in ten U.S. adults (89 percent) do not
have a separate account where they save money for
holiday shopping.
-
Nearly seven in ten (68 percent) put their spare change
in a change jar or piggy bank
-
Just over four in five U.S. adults (82 percent) have a
savings account, but less than two-thirds (64 percent)
saved money in the past year.
-
Only a third of U.S. adults (33 percent) regularly
transfer funds from an account into their savings
account.
Bank of America’s new savings
program called Keep the Change™ is a great way for consumers
to save money while they spend this holiday season. Every
time a purchase is made with a Bank of America Visa debit
card, the amount of the purchase is automatically rounded up
to the nearest dollar, and the rounded-up amount is
transferred from the customer’s checking account into their
savings account at the end of the day. In addition, Bank of
America will match 100 percent of the Keep the Change
transfers for the first three months a consumer participates
in the program. After that, the bank will match five percent
a year. The maximum match is $250 annually.*
The Keep the Change savings
program is like having an electronic change jar – just like
finding loose change in your couch, but this time depositing
it into your savings account automatically, not just leaving
it on your dresser!