It works this way:

1. Make Check Card purchases;
2. Pay your bills online;
3. Set up automatic debits made from your checking account.

Wachovia will then transfer $1 from your checking account to your Way2Save account. They want to help you save so for the first year, the bank will give you a 5 percent bonus on what you’ve socked away. There’s more to that. If you continue saving on the second and third years, the bank will pay a 2 percent bonus on the money you have contributed within each year. Aside from that, your first year savings will earn 5% APY and 2% APY for the succeeding years. There’s a great potential to get the best return on your money.

You can view the DEMO to learn more.

Here’ how it works. Simply log in to Bank of America Keep the Change page and select from among the choices of accounts you currently have with the bank or you can choose to enroll the three accounts, if desired. Note, however, that rewards cards are not eligible for the match. Once you’re enrolled then you can start saving by using any of your enrolled accounts to buy something and Bank of America will round up your purchase to the nearest dollar amount and transfer the difference from your checking account to your savings account. You get to keep the change, so every purchase you make means more savings for you.

Bank of America will match your savings for the first 3 months and continue matching 5% a year to the total maximum match of $250 a year — an easy return of your money.

The new credit card rule is a sweeping overhaul of the way credit card companies do business. With the new rule, credit card companies have to give 45 days notice before they can hike the credit card rate. Most people love the idea because almost everybody is living off a card.

With the change, credit card issuers will not be able to raise rates on outstanding balances unless it is a variable-rate card, a promotional rate is lost or expired, or a payment is more than 30 days late.

While most people are pleased with the new rules, some experts say the new credit card rule will reduce consumer liquidity and some are seeing the good and bad side of it.

Perhaps it’s still to early to raise an eyebrow since the new limits on fees and rates don’t start until 2010.

To participate you must “opt in” by either speaking with a Chase representative at any Chase Bank branch or by visiting www.Chase.com/TheTab. Chase Debit Card customers will receive one entry each time you make a qualifying purchase with your eligible Chase debit card during the promotional period which runs from 12:00 am on October 1, 2008 through 11:59 pm on December 31, 2008.

Qualifying purchases include all debit card purchases made without using a PIN. These non-PIN purchases that can make you qualify are purchases you sign for, phone or mail-order purchases and more.

You can also participate without making a purchase by visiting www.Chase.com/afoepickuptab500. You will receive one entry each time you visit the site and follow the instructions posted on screen. There is a limit however of 5 entries per day per person and a limit of 10 entries per week per person, regardless of which method of entry you choose.

Learn more about Chase Picks Up The Tab Promotion.