Americans need to put more money in the bank. But, using your credit or debit card to put money into a savings account doesn’t make much sense.

Bank of America recently launched its “Keep the Change Program.” Here’s how it works: Every time you use your debit card to make a purchase, the company will round up to the nearest dollar and put the extra money into a savings account. Spend $3.43 for a cup of coffee and the bank will helpfully put 57 cents of your money into a savings account, according to an example on the company’s web page. Frugal Mainers may want to know why anyone would spend so much on a cup of coffee, but that’s another question. At this rate, the bank points out, you could save a $1 a day. Nice, but not nearly enough to begin to overcome the mountains of debt faced by many Americans.

To be fair, the bank will add a little to what you put in the account, but it still isn’t enough to make a dent in America’s savings problem.

According to the U.S. Commerce Department, America’s savings rate is currently negative. In August, Americans collectively spent $61.8 billion more than they earned. In July, it was $100.9 billion. While high consumer spending helps keep the economy afloat, a lack of savings means that even a small problem could push many families into debt or bankruptcy, although rules that went into effect this month will make this option more difficult.

Americans should save much more money. But, they shouldn’t do it by spending money. It would be far better to have a portion – even a small one – of every paycheck automatically deposited into a savings account or to participate in an employer-sponsored savings plan.

A recent Wall Street Journal survey found 45 percent of Americans workers currently participate in a 401(k) or 403(b) retirement plan. Such plans were offered to 14 percent of workers who chose not to participate. That’s a huge savings opportunity lost. Not only does a 401(k) lock away money for retirement, but the contributions are not taxed, so saving $100 a month is really like saving $128 for an average taxpayer. This will add up quicker than the pennies added to a debit card bill.

The same survey found that two-thirds of workers aren’t sure they will have enough money saved to retire comfortably.

Credit card companies have tapped into a real problem. The solution, however, isn’t to spend your way into savings.