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[vivyip]

CycloneFW first posted this:

Just got word about a new Wachovia savings account. They seem to be trying to compete with BoA's Keep the Change.

Its a savings account that links to a checking account and work as follows:
* For every debit card (PIN-based or signature-based), online billpay, automated debit (pay-by-phone) transaction, one full dollar ($1) is moved to the savings account.
* In addition, a maximum $100 transfer can be set (on their end) to go in this account.
* The savings account earns a 5% interest rate.
* At the end of the year, the entire balance in the account earns a 5% bonus (up to $300).
* Can have up to 5 Way-2-Save accounts from 5 different checking accounts (and 5x auto transfers) at any one time.

Some additional points:
* Can be used for no-fee overdraft protection
* If the xfer (the single $1 or auto transfer) were to cause an overdraft, it will not occur.
* Automated checks (where it still shows the check #) do not count (Auto ACH does).
* My rep looked at my Countrywide xfers out from Wachovia (use them as a hub) and said the transaction code that Countrywide uses to get my funds out does count for the transactions causing a $1 xfer.
* Only personal / not available for businesses.

Each trans only moves $1.

Each month, you can move (through their auto xfer process) $100.

Thus, if you do bill pays, auto debits, or check card purchases, the max you can move in a year is $1200. Other deposits to the account are not allowed.

With the number of bill pays I do, I will likely max out the $1200 auto xfer and then put about $30-$40 per month in the account. Thank you BT arbitage. For me, that means at the end of the year I will have contributed the following:

$1200 auto-xfer
$360 - $480 bill pay $1 xfer
$78 - $84 interest
$81.90 - $88.20 bonus

The more bill pays, the more it contributes. Plus there is a bonus in the 2nd and 3rd anniversary, but that is only 2%.

This product officially rolls out 1/15/08, but the account can be opened over the phone now. I was able to goto the branch and get some of the training materials they provide...

Hope this helps!

1/11/08: Official link is up: http://wachovia.com/...1_12660,00.html

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