Wells Fargo Releases Information on the New (Wachovia) Way2Save
This week Wells Fargo announced on their blog the introduction of the new Way2Save program.
Savings and Money Market Deals
Bank of America has the "Keep the Change" promotion. You need a checking account, savings account, and check card to participate. This program rounds up your purchase to the nearest dollar and transfers the "change" into your savings account. It also matches 100% of the change for the first 3 months, and 5% after that, up to a total of $250 per year. The check card must not be a rewards card to be eligible for this program. Wachovia, now owned by Wells Fargo, has the Way2Save promotion. Way2Save transfers $1 from your checking account to savings each time you make a purchase with your check card, pay a bill online, or set up automatic debits from your checking account. You can also set up an automatic transfer of up to $100 a month from checking to savings. This is a handy way to save if you have your pay direct deposited into your checking account. The program pays a 5% bonus on your savings for the first year, and a 2% bonus on the amount you add each year for the next two years. The program also pays 5% interest on your savings for the first year, and 2% for the next two years. Compare this to earning 2.75% on their money market account, which requires $1,000 to open.
Wachovia’s Way2Save Program: Still Going Strong
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:
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