The Wachovia Way2Save program can help you build your savings with a 5% APY and a 5% banking bonus on your accumulated savings for the first year.
The fee-free Way2Save account from Wachovia provides an excellent way to start saving and investing your money, if you haven’t already started building up your savings.
It does have limitations on the amount of money that can be deposited, so it’s not really designed for large investments, but if you are starting from scratch and can only afford to save a little bit each month, then Way2Save may be perfect for you.
The Wachovia Way2Save account must be connected to a Wachovia Free Checking Account in order to participate in the program.
Once you sign up for the Wachovia Way2Save program, there are two basic methods to building your savings.
Wachovia will transfer $1 from your checking account into your Way2Save account each time you use your Wachovia Check Card to make purchases, pay a bill online, or when you set up automatic debits.
In addition, you can set up automatic, recurring transfers of up to $100 from your checking account to your Way2Save account every month.
For the first year of your membership, your Way2Save account will earn a 5% APY (Annual Percentage Yield).
You’ll also receive a 5% bonus on all of your accumulated savings at the end of your first year, for up to a maximum of $300.
If you set up the automatic transfer for the entire $100 each month, that means you’ll get at least a $60 bonus after the first year, and that’s not including any additional funds that are transferred when you use your check card or pay bills online. Plus, you’ll earn the 5% APY on your savings for the entire first year.
Way2Save provides an easy way to start saving money with a high interest rate and a cash bonus at the end of your first year.
However, after the first year of your Way2Save membership, the savings are reduced.
You’ll receive a 2% APY during the second and third years, as well as a reduced 2% bonus on your accumulated savings that were contributed during each of those years.
You can always withdraw your savings after the first year of your Way2Save membership without incurring any fees, so that may be the best option, as you can then reinvest the money you’ve saved into an account with a higher interest rate.
You can also open up to 5 different Way2Save accounts, if you’d like to take full advantage of the cash banking bonuses you can earn by manipulating multiple accounts.
However, you’d have to constantly juggle your accounts and deposits to make this work, or deposit enough money in the checking accounts in the first place to cover the recurring transfers, and any funds kept in a free checking account will not earn interest, so you’d have to take that into consideration.
Way2Save is really only ideal if you are beginning to build your savings or if you want to divert some of your current monthly savings contributions into this additional account in order to take advantage of the 5% bonus at the end of the first year.
It’s perfect for new banking customers who want a free checking account and would like to start saving money, as you can earn a 5% APY on your savings and receive the 5% bonus on your accumulate savings at the end of the first year.
At the end of the first year, you can then transfer your savings into an Online Savings Account or another high-interest earning account.
The Wachovia Way2Save program has basically no fees as long as you are actively participating in the program.
The monthly service fee is waived for the first-year and thereafter if you have a qualified transaction, and the account closing fee is waived as well. You can close your Way2Save account or withdraw your funds at any time without paying any penalties.
If you’d like to start building your savings and get a great banking bonus, then take advantage of the Way2Save program as well as the Wachovia Free Checking Account.
In addition, you may be interested in this $25 ING Direct Banking Bonus, if you already have some savings that you want to deposit into a high-interest earning account.
Take advantage of these great banking bonuses from Wachovia and open a Way2Save account to start saving money now.
Thanks and enjoy maximizing your money.