Wachovia has helped more than 1 million US consumers save through Way2Save, an innovative savings program that makes it easy and automatic to save money. At a time when most Americans are struggling to make ends meet, Way2Save has helped them feel more secure about the future.
“Motivating more than a million customers to save since the Way2Save launch in January has completely exceeded our expectations,” says Kathryn Black, Wachovia savings director. “With unemployment increasing and the market continuing to struggle, helping Americans save is more important than ever.”
Way2Save encourages customers to save by transferring $1 from their checking account into a special savings account each time they make a Check Card purchase or an electronic payment. With Way2Save, customers earn a 5% Annual Percentage Yield (APY) plus a 5% annual bonus in the first year and a 2% APY and 2% annual bonus in the second and third years. After three years, a competitive, traditional savings rate is applied. In addition, customers can choose to transfer up to $100 a month to the special Way2Save account to see their savings grow even faster. Wachovia has attracted more than 300,000 new customers and 400,000 new checking accounts through the Way2Save program.
“Our success shows that consumers want tools and education to help them save and an easy way to start saving,” says Black. “With a competitive interest rate and bonuses, it has been proven that Way2Save is exactly what consumers are looking for to help them save. Whether they’re saving for emergencies, education or a vacation, Way2Save helps customers reach their goals faster by saving dollars.”
D.C.