Wells Fargo Releases Information on the New (Wachovia) Way2Save

This week Wells Fargo announced on their blog the introduction of the new Way2Save program. There are a number of changes, the most notable one being that after the first year the premium rate bonus does not decrease but instead converts back to the standard savings rate of 0.06%.  Below is a comparison chart of the two programs.

Wachovia Program (view demo):

• 5.00% APY in the Way2Save account during the first year.
• At the end of the first year, there’s a 5% bonus on up to $300 on all automatic transfers.
• In year two and three the premium APY rate drops to 2.00%.
• Ways you can transfer money into Way2Save account: $100 maximum monthly automatic transfers from checking or $1 transfers for each check card purchase, online bill payment, and automated payment.

To learn more please click here.

New Wells Fargo Program:

• 3.00% APY during the first 13 months on balances up to $500.
• At the end of the first year, receive a one-time 3% bonus of up to $150 on qualified transfers.
• In year two and beyond, the premium APY rate drops to 0.06%
• Ways you can transfer money into Way2Save account:  Monthly automatic transfers of at least $25 from checking, daily automatic transfers of at least $1 from checking, or $1 transfers for each check card purchase, online bill payment, and automated payment.

To learn more please click here. (currently it is only available in Minnesota or Washington State)

Wells Fargo Press Release Main Points:

• Please note that NOTHING will change with your current Way2Save account until the Wachovia branches in your state convert to the Wells Fargo brand.
• When your home state does convert, your Way2Save account and all automatic transfers you’ve setup will convert to the new Wells Fargo Way2Save.
• You will automatically be enrolled and eligible to receive the first-year premium interest rate and savings bonus on one Way2Save account (based on your tax identification number).
• Way2Save: Making Its Way to Minnesota and Washington
  • With Colorado converting in November, the new Wells Fargo Way2Save account will be available to customers in the Centennial State at that time. But in preparation for the Colorado conversion, the bank is offering their new Way2Save account in two of its legacy-Wells Fargo states: Minnesota and Washington.

About the banks

 

Wachovia

Fourth largest bank holding company in the United States based on assets. Third largest U.S. full-service brokerage firm based on financial advisors.

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Wells Fargo

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.

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