Wachovia ties new automatic savings product to debits
February 3, 2008
Wachovia is making it easier to save money with an automatic savings system similar to Bank of America’s “Keep the Change” program.
Way2Save transfers $1 from a customer’s Wachovia checking account into a new, special Way2Save savings account each time he/she makes a purchase with his/her Check Card or makes a payment via an online bill payment or automatic debit from his/her checking account.
In addition, customers can choose to transfer up to $100 a month from their Wachovia checking account to the special Way2Save savings account to see their money grow even faster.
The savings account will earn 5% in their first year, with an additional 5% bonus (up to $300) paid on the full balance after 12 months.
The interest rate drops to 2% in subsequent years, as does the annual bonus (also capped at $200).
After that, the account will pay “a standard savings rate.”
Assuming 23 check card transactions, four online payments, and a recurring transfer of $25 per month, a typical customer can expect to save the following:
In this article, Kathryn Black, savings director for Wachovia Bank, says the product will be supported with TV, radio, print and online media.The program will also be promoted through savings seminars at branches and through its Wachovia at Work program.
Share
Previous related stories from The Financial Brand:
- Automatic savings plan tied to auto loans
- Get $1 for each Facebook friend from TD Canada
- Credit union introduces three new branded savings products
- Kasasa: A third-party national checking brand
SPONSORED MESSAGE: Is your bank or credit union ready to go green with its branches? Watch this free webinar playback, “Green Is The New Black,” where the branch-building experts at Momentum outline the strategy, rationale, challenges, advantages and ROI of eco-friendly financial facilities. WATCH NOW
Filed Under: Innovation, Product Marketing
January 12th, 2009 at 2:16 pm
[...] Key Question: Will Wells Fargo use feedback provided by customers in the comments of this blog to guide decisions about the merger? Will they listen to Wachovia customers, like Natalie, who begged them, “Please don’t get rid of Way2Save!” [...]
June 1st, 2009 at 7:24 am
[...] similar to Wachovia’s Way2Save product where $1 is automatically transferred to a savings account after every swipe, except TD Canada lets [...]
November 12th, 2009 at 11:44 am
[...] Some people have complained that savings programs tied to loans is a band-aid solution to promoting thrift. Others have suggested that the only way you can get Americans to save is to make it automatic, and link it to spending behaviors. [...]
January 11th, 2010 at 4:25 am
[...] automatic savings programs, with its “Keep The Change” project. Then there was Wachovia’s “Way 2 Save.” Citizens Bank recently introduced “GoalTrack Savings,” a goal-based savings account [...]