Wells Fargo Way2Save Savings Account

Wells Fargo just released some new details about their Way2Save account. The Way2Save account was started by Wachovia Bank and has been continued by Wells Fargo after they acquired Wachovia.

First some details on the Way2Save account. The account is a savings account that is linked to your checking account. Every time you make a transaction from your checking account, $1.00 is deposited into your Way2Save savings account. Transactions eligible include using your Wachovia Check Card to make a purchase, automatic payments and paying a bill online. You also receive a higher yield on the savings account and a one-time anniversary bonus. Way2Save Account Application

The new details on the account include offering the account in Washington and Minnesota. The account will also be available in the State of Colorado in November.

On the Wells Fargo - Wachovia Blog, Matt Wadley had the following comments about the Way2Save account.

With the new and improved version of Way2Save, you'll notice more automatic savings options including monthly and daily automatic transfers and the Save As You Go^SM option! It transfers $1 from your checking account to your Way2Save account for each Check Card purchase (signature or PIN), online bill payment or automatic payment (ACH) you make. You'll also notice there's no longer a limit on the monthly automatic transfers made to your Way2Save account.

We also heard you loud and clear when you said you wanted to be able to make deposits into your Way2Save account whenever you wanted. Well, we're making that happen! Our new Way2Save account allows you to make deposits into your account in a store, at the ATM, or through an online banking transfer. Now, when you have money left over from that vacation or you receive money back at tax time, you can put it right into your Way2Save account!