Wachovia Savings Initiative Is Worth A Look
February 7, 2008 – 7:32 amBuilding wealth is done a dollar at a time. Here a little, there a little and before you know it you have a nice little nest egg built up for retirement, vacation, Christmas, donating to a charity, etc. Lots of people don’t start a savings fund because they simply don’t have the discipline to establish one.
One of the better financial blogs I visit from time to time is Gather Little By Little, a site that discusses wealth management from a Christian perspective. For those of you who may think otherwise, money isn’t the root of all evil, but the love of money is. With that in mind, being a good manager (steward) of your funds is important.
Glblguy, the manager of Gather Little By Little made mention on his blog this week of a commercial that ran during this past Sunday’s Super Bowl (hooray, Giants!) where Wachovia Bank created a special savings incentive program to encourage people to set aside money called Way2Save.
Way2Save takes one dollar from your checking account every time that you use your debit card or make an automatic bill payment. Those funds are then deposited into a savings account that pays 5% interest for the first year. In addition, Wachovia will pay a 5% bonus for deposits for an effective yield of 10%.
I already bank with Wachovia so signing up was a snap. For everyone else, you’ll need to open a Wachovia checking account in order to reap the benefits of this program.
Glblguy does express a couple of reservations about the program, so read his blog to learn what they are. Personally, I’m looking forward to saving a nice bit of money, something that this plan allows me to do while rewarding me handsomely in the process.
Tags: Gather Little By Little, Glblguy, Love of Money, Wachovia, Way2Save
4 Responses to “Wachovia Savings Initiative Is Worth A Look”
Matt, thanks for the mention. I think it’s a great program as well, but as with any bank program just manage it. I’m all for automated savings, and Way2Save is a great way to automate your savings AND get paid for doing it both in bonuses and in high interest.
By Glblguy on Feb 7, 2008
Hey, Larry! Thanks for stopping by. Happy wealth building too.
By admin on Feb 7, 2008