Way2Save From Wachovia
7 February 2008Wachovia has launched an agressive new savings product bosting a 5% APY plus a 5% bonus, a total of 10% APY based on the promise. However there are of course catches:
1. Requires a Wachovia checking account
2. Only one Way2Save account can be assigned to each checking account
3. You are only allowed to fund the Way2Save account via automated monthly transfers from your Wachovia checking account.
4. The most you can ever transfer every month is $100, and the most you can add each year is $1200.
5. The APY is variable and could change.
6. In subsequent years the bonus drops to 2%.
7. They’ll run your credit before you get it.
8. There is a monthly fee of $5 after the first year if you stop making automatic deposits.
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