One example is Wachovia's Way2Save account which offers 5% APY in its Way2Save savings account combined with a 5% first-year bonus. This is still available nationwide. However, they limit how much you can deposit. They allow you to make a maximum monthly transfer of $100 from your Wachovia checking account. Other ways to get money into this account require more work. They'll transfer $1 from your Wachovia checking into the Way2Save for each debit card purchase, online bill payment or automatic debit transaction. The maximum year-end bonus is $300. But if you just do the $100 monthly transfers, you'll receive about $78 more in a year than you would if you had just put that money into a savings account earning 2%. With today's low interest rates, these special savings accounts and CDs are better deals than they used to be.
I described these special high-yield, low-cap accounts in this April post. Below is a summary of the nationwide deals that are still available. I have some additional local ones in that post that may also still be available. For each account I list the extra amount that you would earn compared to just keeping your money in a 2% savings account.
- 5% 12-mo Way2Save with 5% year-end bonus (extra $78) at Wachovia (the only bank on the list). This is more of a savings account than a CD. By setting up 12 monthly automatic transfers of $100, you can easily make an extra $78 over the first year (my account review)
- 7% 12-mo CD $1K Max (extra $50) at Patelco CU. In CA, but with easy membership (my account review)
- 8% Youth Savings thru 1/1/10 $1K Max (extra $40) at Patelco CU. In CA, but with easy membership (my account review)
- 5% 5-mo CD $5K Max (extra $62) at People's Trust FCU. In TX, but with easy membership (my account review)