Wachovia Introduces New Product That Makes Saving Easy and Automatic for
Consumers
Way2Save(SM) Offers Easy Ways to Save, Plus High Yields and Account Bonuses
CHARLOTTE, N.C., Jan. 11 /PRNewswire-FirstCall/ -- Wachovia is helping
American consumers with at least one New Year's resolution with the launch of
Way2Save, a new and innovative savings program that makes it easy and
automatic to save money.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080111/CLF010-a )
(Photo: http://www.newscom.com/cgi-bin/prnh/20080111/CLF010-b )
Way2Save encourages customers to save by transferring $1 from their
checking account into a new special savings account each time they make a
Check Card purchase or an electronic payment. With Way2Save, customers earn a
5.00% Annual Percentage Yield (APY) plus a 5 percent annual bonus in the first
year, and a 2.00% APY and 2 percent annual bonus in the second and third
years. After three years, a competitive, traditional savings rate is applied.
In addition, customers can choose to transfer up to $100 a month to the
special Way2Save savings account to see their savings grow even faster.
"Wachovia is committed to helping Americans take charge of their financial
lives," said Ken Thompson, chairman and CEO of Wachovia Corporation. "Our
research shows that consumers want tools and education to help them save, and
an easy way to start saving. With a competitive interest rate and bonuses, we
believe Way2Save is exactly what consumers are looking for to help them save."
Over the past two years, Wachovia conducted extensive savings studies to
better understand the pressures consumers face and their priorities when it
comes to saving. Way2Save was developed as a result of the findings, which
show that consumers have difficulty saving on a regular basis. The studies
also found that consumers want and need access to attractive interest-bearing
savings accounts and assistance from their financial institutions in getting
started.
"Way2Save pays customers for doing things they already do, like using
their Check Cards or making payments online," said Kathryn Black, savings
director for Wachovia Bank, N.A. "It also lets them put away additional money
each month through automatic transfers to savings. Whether they're saving for
emergencies, education or a dream vacation, Way2Save helps customers reach
their goals faster by saving dollars. It also motivates customers to save by
offering an attractive rate of interest and annual bonuses for the first three
years."
Two Examples of How Way2Save Works
If a customer makes 23 monthly Check Card purchases, four monthly
electronic payments and a recurring monthly transfer of $25 into savings, for
example, that customer can expect to save $671, including interest and bonus,
during their first year in the Way2Save program. Meanwhile, in the first
year, a customer who makes 10 monthly Check Card transactions, two monthly
electronic payments and a $100 recurring transfer each month can save $1,446.
In addition to Way2Save, Wachovia has launched a savings education program
that includes a series of savings seminars and a national savings study
conducted by the Consumer Federation of America and Wachovia. According to
the study, more than half of respondents admit they are not saving adequately.
To help increase the number of Americans who are saving, Wachovia's seminars
will provide savings tips and motivation. Wachovia will offer the seminars
initially through employers across the country as part of its Wachovia At
Work(R) program. It also will work with nonprofit and community partners in
other locations to reach more consumers. The seminar content was developed in
conjunction with the Consumer Federation of America and its America Saves
campaign (americasaves.org).
Way2Save Benefits
* Customers can grow savings fast with Way2Save, because the program
transfers their dollars from checking to savings and offers attractive
yields and bonuses. * Way2Save offers three ways to save:
-- Check Card purchases.
-- Electronic payments or automatic debits.
-- Optional transfers of up to $100 per month into savings.
* Way2Save offers high yields for the first three years of the program:
-- In year 1, customers earn 5.00% APY.
-- In years 2 and 3, customers earn 2.00% APY.
-- After year 3, customers earn a competitive, traditional savings
rate.
* Way2Save encourages customers to keep saving their money by offering
anniversary bonuses for the first three years. Customers enrolled in
the program earn a 5 percent annual bonus in year one, up to $300, and
a 2 percent annual bonus in years two and three, up to $300.
For more information on the Way2Save program, please see the attached fact
sheet.
Wachovia Bank, N. A. and Wachovia Bank of Delaware, N. A. are Members
FDIC.
ABOUT WACHOVIA CORPORATION
Wachovia Corporation (NYSE: WB) is one of the nation's largest diversified
financial services companies, with assets of $754.2 billion and market
capitalization of $95.3 billion at September 30, 2007. Wachovia provides a
broad range of retail banking and brokerage, asset and wealth management, and
corporate and investment banking products and services to 13 million household
and business customers. Wachovia has 3,400 retail financial centers in 21
states from Connecticut to Florida and west to Texas and California, and
nationwide retail brokerage, mortgage lending and auto finance businesses.
Globally, clients are served in selected corporate and institutional sectors
and through more than 40 international offices. Our retail brokerage
operations under the Wachovia Securities brand name manage more than $800
billion in client assets through 11,400 registered representatives in 786
offices nationwide. The acquisition of A.G. Edwards, Inc., following the end
of the third quarter, added approximately 740 offices, 6,300 financial
consultants and $384 billion in brokerage client assets. Online banking is
available at wachovia.com; online brokerage products and services at
wachoviasec.com; and investment products and services at
evergreeninvestments.com.
SOURCE Wachovia Corporation
Jennifer Darwin of Wachovia, +1-704-383-8149, jennifer.darwin@wachovia.com; or
Jennifer Sharpe for Wachovia, +1-336-774-9494, jennifer.sharpe@mullen.com
