Update on Wells Fargo's New Way2Save Program
This year we'll see Wachovia's Way2Save program be transitioned to Wells Fargo's new Way2Save program. The time of transition will depend on when Wells Fargo converts the branches in your state. A few states were converted last year (MN, WA and CO). According to this Wells Fargo/Wachovia blog post, Wachovia branches in Arizona, Nevada and Illinois are scheduled to convert in March, and California branches are scheduled to convert in April. Conversion in Texas is expected to take place later this year.
I described the details of the new Wells Fargo Way2Save program in this October post. For those who were maxing out Wachovia's Way2Save bonus (earning $1,500/year with 5 accounts per family and with tons of qualifying transactions), you'll be disappointed with the new program.
In this new program you can earn a bonus up to $150 after the first 13 months. The bonus will depend on your ending balance. Unlike the old program, you can ensure your get this $150 bonus if you make 13 $385 automatic monthly transfers. After 13 months, this comes out to a $5,000 balance and 3% of this comes out to $150. In my October post, I reviewed how this would compare if you just did automatic transfers to a 2% savings account. I calculated you'll get about $96 more with this new Way2Save program. Refer to Wells Fargo's terms and conditions (pdf) for the full details.
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