Anyone else have one of these? I was on the fence 'till my pops was telling me about it. They're putting 5% on interest on up to $100 + $1/swipe that you put in it. First 3 withdraws are free, and as long as you send cash from the account (like to pay a house payment or something) it's no-fee.

If you have ~15 transactions/month and put in $100/month that translates into ~$1500 the first year. Thats like $100 in interest. Or a bazillion times more than my money market is getting.

6/30/2010 10:34:04 PM

FUCK WACHOVIA

6/30/2010 10:38:17 PM

wat

6/30/2010 10:38:24 PM

wut

6/30/2010 10:40:08 PM

I average about 75 transactions a month. Shit is adding up quickly.

[Edited on June 30, 2010 at 10:45 PM. Reason : m]

6/30/2010 10:40:35 PM

wart

6/30/2010 10:42:29 PM

wife and i did it for a few months, until we realized we actually needed those dollars to live on

6/30/2010 10:45:28 PM

so Wachovia is just giving away money? doubt it

6/30/2010 10:50:37 PM

read the terms you retard ^

6/30/2010 10:54:53 PM

Quote :

"If you have ~15 transactions/month and put in $100/month that translates into ~$1500 the first year. Thats like $100 in interest. Or a bazillion times more than my money market is getting"

it is pretty good deal. i thought it was one year deal on the account but idk. the money market can make more money if you have enough in it.

6/30/2010 10:58:46 PM

^^what terms retard? were they listed ITT retard?

[Edited on June 30, 2010 at 10:59 PM. Reason : .]

6/30/2010 10:59:09 PM

say retard some more

6/30/2010 11:05:16 PM

Quote :

"Overall, we like the account. But we are not so thrilled with some of the advertising. Our main complaint: the landing page overplays the $300 maximum reward amount, which is virtually impossible to reach. Many visitors will initially believe that a $300 maximum payout means they can drop $6,000 in the account. However, that's not the case since it's limited to $100 month contributions, yielding a $60 bonus. Where does the other potential $240 come from? (This is the disingenuous part.) Answer: From the $1 funds transfers every time a Wachovia debit card is used. So the average visitor might think, "wow I'd have to make 240 debits to come up with the $240." Wrong again. The $1 is just a funds transfer from checking to savings (note 3). At the 5% bonus level, Wachovia only pays a nickel per transfer. So how do you get a $240 annual bonus from that? You'd need 400 debit card transactions EVERY MONTH. That's not a typo, 400 transactions per month, or 4800 per year in order to earn the $300 shown in the headline of the Wachovia landing page. And that's in the first year. In the second year, with a 2% bonus, you'd need 1250 transactions per month to reach the $300 mark."

http://www.netbanker.com/2008/02/wachovias_way2save_deal_or_no.html

some dude that got screwed:
Wachovia's "Way2Save" Account Triggers Over $5,000 In Penalty Fees
http://consumerist.com/2009/10/wachovias-way2save-account-triggers-over-5000-in-penalty-fees.html

6/30/2010 11:06:05 PM

i have this. i know i should let the money sit, but every time it gets up to a couple hundred dollars it seems like something comes up and i'll need the money for something. either way, i figure its an easy way to build a little emergency fund without really trying.

6/30/2010 11:06:53 PM

yeah, this type of account really ain't worth it. capital bank offers a MUCH better option for 1% less interest. its an actual checking account. only requirements, one direct deposit or draft, ten debit card purchases, must view statement online. for that you get 4% interest on upto 10K

https://www.capitalbank-us.com/personal_banking/personal_products/checking/smart_checking.html

6/30/2010 11:09:02 PM

^is that a real bank? if it seems too good to be true...

6/30/2010 11:15:22 PM

yes. its in the raleigh-cary area. CFCU offers something similar, only 2.25% interest though.

6/30/2010 11:19:41 PM

Unless Wachovia is offering a free BMW or a new STi for signing up I'm just going to say

Quote :

"FUCK WACHOVIA"

6/30/2010 11:20:10 PM

The $1 is not just given to you by the bank. It is withdrawn from your checking account and placed into the Way2Save savings account. It's pretty cool unless you live pay check to paycheck like me. I end up withdrawing the money put into savings so I can pay me bills

6/30/2010 11:56:41 PM

i like it

it has allowed me to build a nice little savings fund without trying and i dont seem to miss the money as much in small increments as i would if it was putting $170 a month in at a time

7/1/2010 12:30:28 AM

http://www.crescentstatebank.com offers 4.51 on balances up to 25k. You just need to use a debit card ten times, sign up for e-statements and one automatic debit. They also allow you to open more than one account.

7/1/2010 12:48:14 AM

^^yea this is me. I get paid on the first Friday and the 3rd Friday of the month. My first paycheck covers all my bills, so I pay them all as soon as I get it. Just before the end of the month I take the account balance and empty it toward paying down debt (usually $700 or something.) The empty account is my 'day-to-day' account, I have another account in case something goes nuts.

However, I'm putting almost every dime toward paying down debt instead of saving any. At least this will get SOMETHING into a savings account that I don't have to think about and will constantly be receiving cash ($100 direct transfer into it when paying bills + probably $20/month from swipes.)


and

Quote :

"I signed up for Wachovia's Way2Save program, which gives you 5% interest on your savings the first year. You can only deposit $100 a month into the account. The only other way to put money in is by account activity (paying bills, etc). So I scheduled a lot of $1 bill payments to my credit cards every day to try to get as much money in the savings account as possible. The end result? My credit cards are charging me over $5000 in reversed payment fees (150 reversed payments * $39 average per returned payment, you do the math)."

[Edited on July 1, 2010 at 1:05 AM. Reason : that person losing $5000 is not so tricky]

[Edited on July 1, 2010 at 1:05 AM. Reason : ^]

7/1/2010 1:01:58 AM

Quote :

"withdraws"

7/1/2010 9:32:39 AM

i have this and cant say anything bad about it.


will say that i've always had great experience with wachovia/wells fargo. case in point, my way2save rolled over to the smaller interest after getting the 5% bonus for the year. hated the fact that i was now drawing a smaller interest. so i talked to my banker who asked how long i had the account. i told him a year, and he said, "well, lets just close this out and start you a new account so you'll get the 5% savings again, along with the 5% at the end of one year."

granted, in the short run i'll be making less interest, but in the long run, especially with the 5% bonus, i'll still be coming out ahead.

7/1/2010 10:15:15 AM

Who payed for this shitty plug thread.

7/1/2010 1:19:28 PM

I just signed up for it last month and so far I love it. I use my debit card for just about everything, so it is really adding up.

You can also set it up to transfer money from your checking into the Way2Save on a schedule. I just set mine up to transfer $50 from my checking into it every 2 weeks, the day after I get paid. Before I know it I will be a thousandaire!!!!

7/1/2010 1:24:52 PM

ive had it for about a year and a half and really like it. I dont think i realized how often i used my card till i had the plan.

7/1/2010 1:47:41 PM

I have it too and I'm happy with it

I like that I don't have to think about it

7/1/2010 2:16:01 PM

so, an update

My savings account has sat at $2 for... probably 2-3 years.

With W2S I put around $125 in the first month. And because I don't see it in my checking account I haven't touched it. Woo for automatic

FWIW, I've got mine set to pull $25/week, and apparently used my debit card like 25 times or something. Billpay still says "configuring" - not sure whats holding that up, but it should soon be automated for more input.

7/24/2010 2:19:11 AM