Way2Save Savings Account
from Wachovia Bank
Featured FiDeal
Don't Forget 2 Save
In volatile economic times, we are all looking for a little extra safety and security (juice on our money) to ride out a downturn. Wachovia's Way2Save program, announced in January as a competitor to Bank of America's Keep the Change , is one compelling way to satisfy those urges.
The rules are a little complex. But, if followed, the account offers a nice boost to everday saving with 5.00% APY in the first year and 2.00% APY in the next two years. Additionally, the program offers an annual bonus of 5% on balances up to $300 and 2% the next two years.
How does it work?
- Funded from a personal Wachovia Checking Account with a Wachovia Check Card
- Starts with a $0 balance
- Set up monthly automatic transfers from checking (up to $100)
- $1 transferred for linked Check Card purchases and bills paid online via BillPay or automatic debit
The confusing part is that for every electronic transaction you make - outside of transfers - you are "paying" yourself $1 in savings. If you pay a lot of bills online or use a debit card exclusively, Wachovia's Way2Save program is a decent way to save bit by bit.
Unfortunately, this account is designed for drips and drabs savings (even at attractive rates with bonuses). The bonus in the first year maxes out a $15 and $6 for the subsequent two years. After the third year, the account becomes a Premium Savings Account with diddly-squat interest.
By then, you should line up a better place for the money.
About Way2Save Savings Account
We’re calculating how much this card should return while you have it.
We’ve taken your personal information, the card details, and average spending data to get to this value.
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Sometimes you have to pay to play.
We’re calculating what the card could cost you while you have it. We’ve taken your personal information, the card details, and average spending data to get to this value. If the costs are greater than the rewards, you should look for a card with the lowest cost.
Want to know more? Click to read about our equation.
Get paid to save with Wachovia’s Way2Save account. It lets you save automatically by transferring $1 into from your checking account whenever you make Check Card purchases, pay bills online, or set up automatic debits. It’s a convenient way to save!
Way2Save Savings Account Reviews
I opened an account at Wachovia because the have a branch and ATM in the lobby of my office building. The Way2Save thing was just an afterthought. So far, I've accumulated a tidy little nest egg - OK, mad money - in the account. I never think about, then I get a statement with a balance. Also will draw from Way2Save first, at no charge, if you have an OD.
I am a bit indifferent on the Way2Save savings account. This may be due to my loyalty to a competitor bank. In any event, I do have this account with a little bit of cash in it. I receive my statement monthly and I am not seeing a huge increase from month to month. I need to continue using the account more to see more happen. But, from the spending that I have done, those dollars do add up…. It is a nice benefit to be able to automatically save though b/c I honestly can say that I am not good at depositing and retaining money in my savings account. This makes it a more automatic process for me.
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This is a great account. $1 is automatically transferred from your checking account to your savings account each time you use your Visa checkcard. Personally, I always use my checkcard for all transactions, so I've accumulated a lot since I opened my account in January. The best thing about this account is the interest rate--usually above what the other banks are providing--plus this account… offers a savings bonus annually.
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I LOVE the upfront rate that you get. Better than having to keep the account for years before anything happens with it if you know what I mean. It's quite satisfying to get immediate results from your savings you'll find.
This account begins you with a very strong annual percentage yield to begin building your future quickly. It's ideal in the first two years of savings especially, after that the percentage begins to fall. All in all, this is a great way to begin saving for the future today, particularly given today's tumultuous economy.
Rate and review Way2Save Savings Account from Wachovia Bank - Tell us what you think:
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