Way 2 Save

I thought I would give an update on my Way2Save account at Wachovia. You can read my first blog about it here. I opened this account around the middle of April, 2008. I have $50 transferred once a month from my checking account into this account. Other than that, the only time money goes in is when I use my debit card or pay a bill online. Each time that happens $1 is transferred from my checking a/c to my
Way2Save a/c. So far....are you ready?....I have accumulated $490.74 in this account. In just 4 months and really I haven't missed the money at all. If you had asked me in April if I could save $500 in 4 months, I would have said "no way!!!". But I have. I am hoping to just leave this money alone, but it's nice to know that I can do Christmas without credit cards this year. I've got other things in line for Christmas, InboxDollars, EBates, MyPoints, VisaExtra Points all kinds of things in the works.

Wachovia - Way 2 Save

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.