Wachovia has come up with a new savings account named "Way2Save" which is offering a 5% APY along with a 5% first year bonus. The catch line is that they are going to pay us for saving. This product is an innovative financial one and is at present patent pending. We need an accompanying Wachovia checking account ($25 referral bonus) to play this game.
- Online Link: Deal & Details
- APY and Bonus
- 5.00% APY - The Way2Save account is a variable rate account and the rate is subject to change after account opening. Fees may reduce earnings.
- 5.00% first year bonus - Customers enrolled in the program earn a 5 percent annual bonus in year one, up to $300, and a 2 percent annual bonus in years two and three, up to $300.
- Bonuses are calculated on an annual basis for the first three years on eligible balances.
- The eligible balance is equal to the savings contributions for the current year (i.e., the sum of the $1 transfers and up to $1,200 of the recurring transfers) or the Way2Save account balance, whichever is less.
- After we sign up for Way2Save and any Wachovia Free Checking account, Wachovia’ll transfer $1 from our checking account into your Way2Save account when we:
- Use our Wachovia Check Card to make purchases
- Pay a bill online through Online Banking with BillPay
- Set up automatic debits
However there are some limitations regarding the funding of this account which puts a cap on the principal eligible for the 5% APY. From the fine print:
"Way2Save accounts are opened with a zero balance. The Way2Save account is established as a way to automate your savings and during the first three years, will be limited to the eligible automated deposits described below:
* $1 transfer from your checking account to your Way2Save account for each Check Card and electronic payment transaction.
* Recurring automatic transfer from your checking account to your Way2Save account, $100 maximum per calendar month.
You agree not to make deposits other than the automated deposits allowed or provide the Way2Save account number or other information to any third party for the purpose of making non-eligible deposits to this account, during the first three years. All non-eligible deposits received will be rejected from the Way2Save account and deposited to the linked checking account or returned."
This limitation allows us to transfer a max. of $1200 annually from our Wachovia checking account. The $1 transfers would not add up to a substantial figure annually.
To recap, we are allowed to earn 5.00% APY on the $100 monthly transfer and the $1 transfers. In addition we also get a 5% bonus (on our principal) up to $300.
Since the principal is limited, we have a feeling that we can earn up to $125 (taking into account say 30 $1 transfers) annually in interest and bonus from this game. That's a tidy sum on a $100 monthly investment!