Wachovia just unleashed a new savings program Way-2-Save. If you already a Wachovia’s customer, this is a no-brainer to sign up for the account.
Here are the basics:
- Savings account yield is 5.00% APY
- 5% bonus on the total balance at the end of the year(up to $300)
- Can have up to 5 Way-2-Save accounts from 5 different checking accounts (and 5x auto transfers) at any one time.
- Maximum $100 per month automatic 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
A little confusing? Lets say you are a new customer. You can start by getting a $50 Bonus for opening a free checking account. There is no monthly minimum or Direct Deposit requirement. People have reported a hard pull on your credit report.
I understand that each individual can open up to 5 Way-2-Save accounts. Also, each Way-2-Save account has a 1 to 1 relationship with a checking account. Therefore, you need 5 checking accounts. No hard pull once you are a customer.
After you have 5 Wachovia checking accounts, deposit $1300 for each account. Then set up automatic withdrawal of $100 from each checking account to each Way-2-Save account.
Only the first year is worth it because there is a 5% Bonus at the end of your 1 year anniversary date. Here’s the math:
- $50 Bonus for new customer, ymmv on this stackable $25 referral.
- Regular 5% APY on Way-2-Save account of each $100 into 5 accounts for 12 months roughly equal to $160 interest earned.
- End of the year 5% bonus from all 5 accounts of $6000 = $300 Bonus
The reason I would deposit $1300 so that I know when I have $100 left in my checking account, I can start making plans to take out all my money and inquire on my bonus. The 2nd and 3rd year is not worth it because of only 2% additional bonus. You should also have additional money in one checking account so you can use the debit card for small purchases. Why? Say you buy a can of coke or a candy bar. Use your debit card every time since they will automatic withdraw 1 dollar to your Way-2-Save. It’s like a 10% cash back debit card for small purchases under $1.
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