US-based Capital One has become the latest financial institution
to launch a savings-based affinity programme in a bid to encourage
customers to save as they spend. The product is the latest in a
long line of savings initiatives based on Bank of America’s (BofA)
pioneering Keep the Change programme (see product survey, RBI
613).
Called SmartCents Checking, Capital One’s offering automatically
transfers $0.50 from a customer’s current account to a linked
savings account for every debit card purchase or online bill
payment, with the bank matching 100 percent of all eligible
customer transfers for the first three months, and 5 percent
thereafter, subject to a limit on the bonuses of $300 per year.
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BofA’s Keep the Change, launched in 2005,
matches customer savings up to $250 per year, $50 less than
Wachovia’s Way2Save programme which debuted last January.
National Australia Bank’s AddsUp, rolled out
in May this year, remains the most generous savings loyalty
initiative, matching customers’ savings by up to $400 per
annum.
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