November 29th, 2008

Wachovia’s Way2Save Program: Still Going Strong

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As it approaches its one-year mark, Wachovia’s Way2Save program is still picking up steam. First launched in January 2008, the program had one million members as of September. In October, Wachovia was bought by Wells Fargo, but the Way2Save program is still in full effect. Here’s how it works:

In order to qualify, you need to have a Wachovia Checking Account and a Wachovia Check Card, which will then be linked to your Wachovia Way2Save Account. Your Way2Save account starts with a $0 balance. In other words, no minimum balance is required. Once you set up your account, $1 will transfer from your checking account to your Way2Save account every time you make a Check Card purchase or make an online bill payment. In addition, you can also set up a monthly transfer to savings. Using this feature allows you to transfer up to $100 per month into your Way2Save account.

The first year you’re enrolled in Way2Save, you’ll earn 5.00% APY on your savings. In addition, you’ll earn an annual bonus of 5% on up to $300 of your savings during the first year. During years two and three, you’ll earn 2.00% APY on your savings and an annual bonus of 2% on up to $300 of the money you save. After the third year, the account becomes a Wachovia Premium Savings Account with a lower interest rate.

Though it won’t appeal to many seasoned savers, this program is ideal for new savers because it provides a convenient way to make saving money a regular habit. To learn more about the Way2Save program, visit Wachovia’s website.