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Wachovia's New Way-2-Save Account Program

Wednesday, January 9, 2008 - 9:08 AM CT by Ken - Bank Deals Guy

View current rates for Wachovia Bank

Update 1/12/08: Wachovia now has a Way2Save webpage.

Wachovia has just started a new savings program called Way-2-Save that's similar to Bank of America's Keep The Change program and WaMu's Savings for Success program (see post). It's so new that it's not yet advertised or listed on their website. I just spoke with a Wachovia service rep who said she just received training in this program yesterday. In a few weeks, we should start seeing this be advertised nationwide. Like Keep the Change program, it's intended to help the average person save. It's not much of a deal for those with large savings.

Here are the details of this new Way-2-Save savings account:

Current yield is 5.00% APY
At the end of the first year, there's a 5% bonus on the balance (up to $300)
At the end of the second and third year, there's a 2% bonus
Maximum $100 per month transfer is allowed into the account
Additional $1 deposits into the account happen for every debit card purchase, online bill pay or automated debit transaction
Only available for personal accounts, not business accounts

So let's say you do 20 of these debit card and online bill payments a month and you do the maximum $100 per month transfer, you'll have $1440 in the account at the end of the year ($240 + $1200). So the first year bonus will be $72. This would be on top of the 5% APY that you would be earning during this time.

I was told that their Free Checking does qualify for this account, and you don't have to open a new one to sign up for this Way-2-Save program. If you don't already have this checking account, don't forget about their $50 sign-up bonus (see post). That bonus ends 1/31/08. Some things to keep in mind regarding Wachovia's Free Checking:

No monthly fees or minimum balance requirements
Readers have reported a hard credit pull during the application
Wachovia also does a ChexSystem verification
Checks are not free but are optional. Prices vary by state.
Overdraft fee is $35
A savings account (including Way-2-Save) can be used for overdraft protection

Thanks to the reader Cyclone for mentioning this new program in the finding-the-best-rates post and for posting more info in this FW thread.

Edit 5:14pm: Corrections and additions made to overdraft protections details.

Tags: nationally available, banks, Wachovia, savings accounts, bonuses

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In order by popularity, then date posted.

Cyclone - #1, Wednesday, January 9, 2008 - 6:34 PM CT

BankingGuy,

My Wachovia rep did confirm that the Way-2-Save account ** can ** be used as an overdraft protection source. However, he did not recommend it as it is very easy to remove the funds but time-consuming to replenish the account.

However, it is available (and it is a no-fee xfer too). My Crown acct gets no-fee xfers, but the Free checking typically carries a $5-$10 overdraft xfer fee.

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Banking Guy - #2, Wednesday, January 9, 2008 - 7:19 PM CT

Thanks. My CSR was a little unsure of some of the details. I've updated the post. Overdrafts would certainly defeat the savings from this account.

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Anonymous - #3, Wednesday, January 9, 2008 - 10:37 PM CT

How is "automated debit transaction" exactly defined in "Additional $1 deposits into the account happen for every debit card purchase, online bill pay or automated debit transaction"

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Jimbo - #4, Thursday, January 10, 2008 - 10:28 AM CT

Beware Wachovia. I had a CD (from World Savings that was acquired by Wachovia) that matured on Dec 11. On Dec 4, I phoned Wachovia, gave the account information and asked what was needed to close the account. I was told 'just a phone call on day of maturity'. On day of maturity, I called to redeem and was told, oh, since that is over 20K we need the request in writing. Well, I faxed them the request, as agreed, at my expense, of course. Later that day I called to make sure the fax was received and they said it took 24 hours to check. I then had a supervisor check and she asked, was it notarized? Since you were with World we have no way of comparing signatures. I argued and said that should be their problem, not mine. She finally agreed to 'accept' my letter of instruction without the previously unrequested notary. A week went by and no check. I called back to verify the account was indeed closed, yes it was closed on Dec 17, 6 days after maturity, I asked about the lost interest and was advised that 4 days of interest was added to the balance. UPS finally delivered the check dated Dec 20, on Dec 21, a full 10 days after the account was closed WITHOUT any additional interest.. not even the $19 that was shown in the balance on Dec 17.
I have another one maturing Mar 1. I guess I'd better get the request written, notarized, signature guaranteed, and sent certified mail so I can get MY money.

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Anonymous - #5, Thursday, January 10, 2008 - 10:41 AM CT

Jimbo, It sounds as though you have a valid gripe with Wachovia, but your comment has nothing to do with this post.

On another note. I emailed a CSR and they added the Way-2-Save account without me needing to speak to anyone.

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Wachovia's New Way-2-Save Account Program

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