I signed up for this new savings program at Wachovia about 5 weeks ago and I am loving it. I have already saved $149.00 and it hasn't hurt a bit. You have to have a Wachovia checking account. After you open the Way 2 Save savings account, Wachovia will transfer $1 from you checking account every time you:
1)Use your Wachovia Check Card to make purchases
2)Pay a bill online, including through Online Banking with Billpay
3)Set up automatic debits
You can set up automatic transfers of up to $100.00 a month for even more savings and interest. These are the only ways money can be deposited into this account. You can't just go to your local branch and make a deposit. However you can take money out any time you need to.
You will earn:
1)5.00% annual percentage yield the first year
2)5% first year bonus
and:
If you apply by May 30th, you'll earn a 16% interest rate through June, July & August.
The only downfall is having to keep up with how much money is being transferred out of my checking account because it is done daily and I have to post each individual withdrawel from my checking and add it in my savings. But, that has been worth watching my money grow.
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