Wachovia Way2Save Savings Account Bonus

by andy h on January 14, 2008 · 9 comments

Wachovia has a new savings account called a Way2Save account that is similar to Bank of America’s Keep the Change program. The Way2Save account is linked with your Wachovia checking account and automatically transfers $1 from your checking account to your Way2Save account when you do everyday banking like:
* Make Check Card purchases.
* Pay bills online, including through Online Banking with BillPay.
* Set up automatic debits made from your checking account.

To build balances even faster, you can set up an automatic transfer, up to $100 each month, from your checking to your Way2Save account. The way you make money is that the saving account pays 5% interest plus you receive a 5% bonus at the end of the year. After the first year the interest rate and bonus rate go down.

My plan to take advantage of this deal is to open the max of 5 accounts and have $100 transfers into each of them. I wouldn’t bother with the billpay and check card purchases. This would give you a balance of $1200 per account for a total balance of $6000. Your bonus would be $60 per account or a total of $300. This would be on top of the 5% interest the savings account balance would be earning. If you can’t tie up that much money just open the number of accounts you can afford. You might be able to also get this Wachovia bonus.

Visit the Wachovia offer page to find out more about this bank bonus.

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{ 6 comments }

1 Alexander January 22, 2008 at 2:37 pm

I went to Wachovia today and they only allow 1 Way2save account per household. So, how do you open 5 or more accounts?

2 Andy January 22, 2008 at 3:05 pm

You were misinformed. You are allowed 5 accounts. From the Way2Save agreement:A checking account can only be linked to a new Way2Save account one time and there is a limitation of 5 checking and Way2Save accounts per customer.

You can find this at http://wachovia.com/misc/0,,1756,00.html.

Hope that helps.

3 MBC January 22, 2008 at 10:07 pm

Here is why Way2Save is better than Keep the Change.

1) No overdraft protection transfer fee vs $10 at BoA.
2) No opening balance or minimum balance required for Way2Save account vs $25/$300 at BoA.
3) Three years of guaranteed returns and bonuses on Way2Save account.
4) Can save even faster with full $1 transfer amounts and up to $100 automatic transfer into account.
5) Maximum match is higher at $300
6) Required checking account does not have direct deposit, minimum balance, or any other requirement to remain free.
7) BoA service stinks.

Shall I continue???

4 doreetha May 31, 2008 at 6:04 am

How is this 16% compounded?

5 Andy/Admin June 2, 2008 at 4:07 pm

Not sure how it is compounded but that information should be on their website. Regardless of whether it is compounded daily or what it is a good interest rate.

6 Shenaya July 12, 2008 at 8:37 am

Only in June, July & August of 2009, around 1/12 of the 16% APR (which works-out-to 17.35% APY)… is compounded monthly (with the average daily balance being multiplied by the APR [divided, of course, by 100... and then, multiplied by the number of days in the billing cycle... and, finally, divided by 365.25 days-in-a-year-- before being rounded to the nearest cent]).

After the end of August, though (right in-the-middle-of a statement-cycle… as well as, in subsequent months)… the Way2Save account will be returning (as of the post-August, ending portion of that statement-cylce)… to the first-year rate of around 4.88894854% APR (which, of course, is 5.00% APY).

After the first year, though… for the account, the percentages of both the APY & annual-bonus… will be dropping to just 2% (requiring, on the Way2Save account’s 2nd & 3rd anniversary dates… balances, each year, of $15,000.00– instead of $6,000.00… in order to earn the maximum, $300.00 annual-bonus.)

What the bank does NOT mention in its brochure (nor on its web-site, either)… is that they have no intention of paying the maximum $300.00 annual bonus!?! Recently, a Senior VP at Wachovia (in charge of– get this– Customer Experience) said that, in fact, the program was designed to only facilitate a small amount of savings.

So (Wachovia’s Senior VP continued), whenever anybody does amass a substantial balance (that leads the bank to suspect that the Way2Save account will have, by its account anniversary-date, the $6,000.00 in savings– which would yield the $300.00 annual bonus)… everything will come to a screeching-halt, most suddenly.

Way2Save’s account-agreement, he explained, says that Wachovia reserves to itself… the “sole discretion” to determine whether the account-transactions are “qualified” (under the Way2Save program); and so, he said, whenever somebody saves too much… Wachovia exercises its right to determine that the transactions are not “qualified” ones.

Then, in accordance with that same Way2Save account-agreement… Wachovia exercises its right to, at any time (and, for any reason)… terminate that individual’s participation in the Way2Save program; and either close the savings account, or transfer the balance to another account (thereby, allowing Wachovia to shirk its obligation to pay the “guaranteed” interest & annual bonus).

One guy, after being in the program for less than just 5 months… had saved over $5,700 in his Way2Save account (& he had been planning to use his deposits, the interest that they would be earning, and the annual-bonus… for his dearly anticipated honeymoon, with his lovely fianc??e). Unfortunately, he had an unpleasant surprise waiting for him (like others banking at Wachovia, with the Way2Save program).

When Wachovia’s corporate-office told him that they were closing his Way2Save account (so he would receive neither any more of the interest, nor the annual bonus– which would have been almost $600 that Wachovia’d “guaranteed” him with the Way2Save program’s promotional materials)… he, literally, had a stroke… and, still, is up at the hospital (in recovery), today.

To make matters worse, all of the money that he had deposited in his Wachovia checking account (so that he could transfer that money to the Way2Save account, by performing, literally, thousands of checking-account transactions)… every bit of that money had come from either Money Market accounts, or Certificates of Deposit (that he had closed– and, on which, he’d given-up a good interest-rate)… all of which he’d been intending to save for his honeymoon.

Now, after his stroke… he might never be the same, again… and his ability to marry his fianc??e is in-question… both financially (because of the ongoing hospital bills), and psychologically (since, after a stroke, people are seldom the same). There is nothing about that which is better than Bank of America’s Keep the Change program.

If the Way2Save program were not a giant deception… sure, it’d be great… but, when somebody (who has never had any intention of ever keeping his word) “promises you the moon” (as they say)… you have nothing to gain from falling for that lie; however, you do have a lifetime of dreams that, in an instant, you could lose… when the “suits” at Wachovia “pull the rug, out from under you.”

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