How I turned $1200 Into $2000!
A little over a year ago I started my Way2Save account with Wachovia, and I am glad I did. It turned out to be the easiest $2000.00 I have ever saved. Before I get into how I saved $2000.00 by really only saving $1200.00, you should know exactly how the Way2Save program works.  The concept is incredibly complex and difficult to explain (layin’ on the sarcasm), that I’m just going to quote the website directly:
“We’ll transfer $1 from your Wachovia checking account to your Way2Save® account every time you:
Use your Check Card to make daily purchases.
Pay bills online, including through Online Banking with BillPay.
Make automatic payments from your checking account.
To build balances even faster, you can set up a recurring automatic transfer, up to $100 each month,
from your checking account to your Way2Save® account.
We’ll give you a 5 percent bonus on what you’ve socked away plus—you’ll earn a high rate on
every dollar saved. “
(https://sites.wachovia.com/savings/way2-save.html#panel1)
I had a very simple game plan for accumulating $2000.00 at the end of twelve months, which came in very handy. My credit card/Check Card game plan was as follows:
- Wachovia Check Card on small/medium purchases
- Credit Card I’m trying to accumulate cash back/build credit with for larger purchases/purchases that qualify for cash back.
- Transfer $100.00 every month to Way2Save account.
- Don’t withdraw unless you have to
I used the Wachovia Check Card on small/medium purchases, and essentially paid the price of the item, with an extra $1.00 into my savings account. Think about it, Sub-Way, gas, a 7-11 snack, DVD from Wal-Mart, $1.25 pack of gum, new shoes, PT gear for Navy, drinks at the bar, all these little purchases added $1.00 each time to my Way2Save account! How many little purchases do you use your credit for that you could be transferring $1.00 into a savings account? For me it was between 20 and 35!
I did not miss the money, considering in a given two week period (the time frame between paychecks), there was only about $10.00-$20.00 taken from my checking and deposited into my savings. Let’s look at a typical two week period:
First Week: $2.00 Tuesday, $2.00 Thursday, $4.00 on Friday
Second Week: $3.00 Monday, $1.00 Wednesday, $5.00 Friday.
Two Week Total Contribution: $17.00.
Let’s say the following two weeks your total contribution is $20.00, and you all of a sudden have $137.00 for that month! This is a huge success and could be for many other Americans struggling to save considering I only ever noticed $100.00 coming out of my account at the beginning of the month! Keep in mind, I am also very aware of my account balance and would never let an overdraft occur due to $37.00 or so.
In addition to not missing the amount of money that was being deposited from my Checking to Savings, the interest rate is something to be admired in at the moment. 5% APY is excellent, and although this is rather insignificant considering your balance will most likely be rather low, I was still able to accumulate a total of about $50.00 in interest after a year. That’s better than nothing!
Yet another reason why I like this so much is because of the 5% bonus you get at the end of a year. That’s right, after one year of opening your account; you receive a 5% bonus on whatever is in your account, for me that was a cool $96.00! I’ll take that!
Finally I was sure not to withdraw anything from my Way2Save account for the first year. This is not essential but it definitely helps. The more money you have in the account at the time of the one year mark, the greater your bonus, not to mention greater returns on interest. Considering the max you contribute monthly is $100.00 and whatever you use your debit card on, I’d say it would be wise of you to leave the account alone if at all possible.
Finally, Wachovia’s Way2Save account is an excellent way to establish a $2000 savings account with all the effort of establishing a $1200.00 savings account (for lack of a better way to say it). A Way2Save account is an excellent tool for people who have no trouble saving, and also for those who are finding it difficult to establish some form of regular savings account. I highly recommend it to all!
I am not being compensated by Wachovia for promoting their services.  I simply feel this strongly about the Wachovia Way2Save program that I’m dedicating this post to it. Your welcome Wachovia.
March 8, 2010
· 
myfinancialobjective · 
5 Comments
Tags: bonus, Easy, interest, Savings, Savings Account, Wachovia · Posted in: Good Finds
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5 Responses
Wow! Nice job. That 5% bonus sounds hecka sweet.
Wow! Why didn’t you tell us about this before!?
5% bonus WAS sweet! Especially because I forgot about it, then all of a sudden, “boom!” there is an extra $96!
I don’t know Rannie, I had the post basically done, just got around to posting it now! Hope this helps!
I think bank of America has a similar program. When you buy something using the check-card they round the total off and it goes to your savings or something like that. Never looked into it though. I feel that banks won’t do anything for free… so I generally distrust any product or service they offer… I usually just ignore it.
My Cashless Society | My Financial Objectives - June 1, 2010
[...] Cash is annoying, and when I select to use “credit” with my debit card from Wachovia, an extra $1 will be transferred from my checking to savings account. That doesn’t seem like much, but it has been an excellent way to save over the years. [...]
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