When we announced on the blog in June that Wells Fargo will continue to offer Way2Save, the post received dozens of comments from readers expressing their pleasure with the news and even offering advice on how to make the product better.
As a Way2Save account holder myself, I echoed your sentiment and admittedly breathed a sigh of relief knowing that I'd still have access to such an effortless way to grow my savings account.
We also told you back then that we were working out the details, but that we'd be sure to share more. Well, we've been busy holding focus groups and listening to you, our customers. And from those discussions we've made some decisions about the new Way2Save account.
But before I get to the details, please note that NOTHING will change with your current Way2Save account until the Wachovia branches in your state convert to the Wells Fargo brand. Also, when your home state does convert, your Way2Save account and all automatic transfers you've setup will convert to the new Wells Fargo Way2Save. Plus, you'll automatically be enrolled and eligible to receive the first-year premium interest rate and savings bonus on one Way2Save account (based on your tax identification number).
But I'm getting a little ahead of myself....
Wells Fargo's Way2Save
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 GoSM 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!
In short, you get to pick the savings methods that work best for you!
Additionally, if you sign up for an automatic savings option (automatic transfers or Save As You Go), you may be eligible to receive a higher annual percentage yield (APY) and a one-time anniversary bonus on the money you've successfully saved through these options. Take a look at this (pdf) to find out all the details. (Sorry about the pdf file, but we knew you wouldn't want to see all the legally required disclosures on this blog. For our current Way2Save customers, this is a bit of a change, but we believe it's a great interest rate and a great incentive to help you get in the habit of saving!)
Way2Save: Making Its Way to Minnesota and Washington
With Colorado converting in November, the new Wells Fargo Way2Save account will be available to customers in the Centennial State at that time. But in preparation for the Colorado conversion, we're offering our new Way2Save account in two of our legacy-Wells Fargo states: Minnesota and Washington.
We like to try things out, listen to our customers, and make sure we're delivering the best banking experience. We hope that if you live in Minnesota or Washington you will think about visiting one of our Wells Fargo stores to learn more and maybe sign up to be one of our first Wells Fargo Way2Save customers!
We're really excited about these changes, and we hope you are too. And as we get ready to offer the Wells Fargo Way2Save account to even more customers across the country, we'll definitely keep you posted when we have more details to share.
In the meantime, keep those comments and questions coming. We can't wait to hear what you have to say!
Wells Fargo Bank, N.A. Member FDIC.
This is what is nice about the merger. A great Wachovia product being carried over and enhanced for everyone! It is certainly great news that existing Wachovia customers with Way2Save will be able to enjoy the first year interest rate all over again!
Thanks for listening to customers on this one!
As a college student, my funds get limited so it's not rare that my account is left with $1.00 or $2.00 until my next payday. It would be nice to see that funds get transferred into Way2Save for whatever I have left available in my checking account. For instance, say I had 10 debit card transactions post to my checking account and I am left with $7.00 remaining. It would be nice if perhaps at least seven of the ten transactions get transferred into the Way2Save account instead of nothing at all. Is this a good explanation of what I am trying to say? I hope so. Just something to think about for us college kids out there or people living from paycheck to paycheck.
Love that Wells Fargo is respecting its new customers and a beloved program. Will current Wells Fargo customers be able to participate? It looks like a great way to encourage my teenage boys to save!
How is this better than Wachovia's, which paid 5.00% plus a 5.00% bonus on all contributions made during the first year, and 2.00% for same the next two years? Here you're only able to earn the first year rate and bonus on the first $501 contributed--and the rate isn't even that good.
Thank you for allowing regular deposits into Way2Save. It never made any sense to have the account restricted to automatic transfers so customers had to have two savings accounts.
Another enhancement could be to allow cash back earned on Wells Fargo's cash back credit card to automatically sweep over to a linked Way2Save account once a year. This would be a great way to promote savings habits!
As a long time Wells Fargo customer and also a current employee, I'm very pleased with this announcement! I just signed up for my new Way2Save account and the process was simple and easy. In my view, this product is a fine example of taking the best from both companies and making it available to everyone! Very well done!!!
MODERATOR'S NOTE: The views expressed herein are those of the blogger alone and do not constitute an official position taken by Wells Fargo or Wachovia. Please see About This Blog for more information.
am glad wells fargo listened to the customer way 2 save is an awesome program. everytime i go to my wachovia branch i always ask for my balance and teller tells omg ur one of the few customer that takes full advantage of the program i tell i know.
Will Wells Fargo offer Wachovia customers Visa Paywave Debit cards?
I think Wells Fargo just took the name from Wachovia's Way2Save and completely offers a different product. How is 0.03% APR comparable to the 5% rate? All in all, the original program will earn you more interest and bonus than this derivative product.
"New and Improved" give me break. If you want to roll out a stripped down version of Way2Save in the future that is fine but don't take away current yearly bonus of upto $300 and 5% interest for the customers who are already enrolled and not completed their first year (when you rollout your conversion in their respective state).
converting existing Way2Save to new Way2Save for existing customers shows your lack of respect for your customers as well as no respect for existing arrangement which pays 5% for first year (as told to your current customers at the time of account opening)
at the minimum give your customers a option to continue their current Way2Save (Wachovia) or switch to new Way2Save (Wells Fargo) at the time of your branch conversion in respective states.
Hold on a second... Did Wells Fargo basically just announce that on the date of the conversion from Wachovia to Wells Fargo that they are voiding their contracts with their customers to pay the promised interest and bonuses over 36 months and replace it with a significantly lower interest rate/bonus... And cap the interest to only apply to the first $500 balance…
This is a horrible deal, never mind the fact the bank is breaking their existing contract with their customers.
If Wells Fargo goes through with this deal, I can assure you I will immediately pull all Way2Save funds out of the bank that business day.
The new Wells Fargo version of the Wachovia Way2Save program is horrible.
We will lose the 5% APY rate and the 5% bonus for the first year when our Wachovia branch/state converts to Wells before our 1 year anniversary date.
Also, allowing only one Way2Save account to receive the premium rate and bonus is not customer (retention) friendly.
Just my $.02.
I checked my Way2Save agreement. I see where you can change the interest rate, but where does it say that you can take away my bonus?
I'm not sure why everyone is praising the "new and improved" Way 2 Save program. This will result in less interest and bonuses for those of us (like myself) who currently carry five Way 2 Save accounts (to be reduced to 1 once the new change goes into affect), and earning from $600/year, to roughly $163/year.
Of course the new system is understandable in this economic environment, and the rate will still be better than most available out there, but I hope everyone has read exactly how the new system will work before applauding it.
The feedback sure makes it sound like Wave to Save is something I would be interested in.
I live in Minnesota - is this product available to me now? Where can I find more details about Wave to save?
**Note** I am a Wells Fargo Auto Finance employee
Now that Wachovia is part of Wells Fargo. My question is: I have a retirement account with Wachovia and they charge me service fees every quarter. Will that service go away now that Wells Fargo noqw has Wachovia under is umbrella?
Also does Wells Fargo own Edward Jones?
The new rate and bonus structure is terrible! And no, it is not understandable given Wells Fargo bought Wachovia at more than a bargin price! Wells again intruducing its limits and fees on a really good product. Why should I stay with Wells Fargo?
It looks like Wells Fargo is within their rights to make this change. I guess it's understandable but it does not make for a very favorable first impression. Makes me wonder what else they're planning on taking away. I know I have no intention of sticking around once Wells Fargo takes over in CA.
From the Way2Save Account Agreement:
Changes to this Agreement. We reserve the right to suspend, terminate, or change the Program, or your participation in the Program at any time. We may also close or convert your account to another type of account when we consider it appropriate or necessary to do so. We may terminate the Way2Save Bonus Promotion at any time without notice.
Very customer unfriendly to 1) reduce the number of accts from 5 to 1; 2) reduce the max bonus from $300 to $150; 3) change the bonus terms midway during the year.
Wachovia was my main bank; I doubt Wells will be based on what I've seen so far :-(
@ Matt Wadley
Well if it is 3% for entire money then that is fine. WF is talking about 3% for first $500 and then whopping 0.06% APY for amount above $500.
expect mass closure of accounts by Wachovia loyal customers (including me) when WF takes over.
"As a decimal it is written 0.03%."
Matt Wadley, how is 0.03% = 3%. 0.03% is 3 basis points or 3/10000. and 3% is 3/100. those are two completely different things.
It looks to me like Wells Fargo is voiding the agreement that Wachovia made with its customers when they signed up for Way2Save. Although this is within Wells' rights, their willingness to void such an agreement makes me reluctant to trust them with any type of long-term savings account. I prefer to save at a bank that honors its agreements.
@ Way to Save, since you are in Minnesota, you can go into any Wells Fargo store and sign up today. If you need more information on Way2Save, just visit www.wellsfargo.com/savings_cds/way2save for more information.
I've been going through all of this effort to make those $1 transfers knowing that, not only am I earning a reasonable interest rate, but also there's a real bonus at the end. And now you're going to take all that away? I feel used.
Donovan, thanks for the question. I checked with the Wells Fargo Advisor team and here is what they let me know:
1) The quarterly advisory fees that the client pays for their retirement account will not go away.
2) Wells Fargo does not own Edward Jones.
Please let me know if you have any additional questions or comments.
Frank, thanks for the question. As a matter of fact, you can request PayWave debit when your deposit account converts to Wells Fargo. Please let us know if you have additional questions or comments.
It's bad enough that this new account is so much weaker than what it replaces. Wells Fargo should at least give us the courtesy of paying out our earned bonuses rather than obliterating them at conversion.
For those who feel used or betrayed or whatever emotion it is that you feel... remember - there's a reason why Wachovia went belly-up and had to be rescued by WF!
After chopping down the bonus and reducing the interest rate, Way2Save will no longer be worth it. I will close my Way2Save account when it converts, and instead use a traditional money market. I advise everyone else to do the same. Moreover, the $1 transfers, though predictable, make budgeting a bit tougher. Hopefully the program has inspired many to save, and now they can move on to other methods after the weakining of Way2Save.
Just out of curiousity...Wachovia's checking accounts do not charge the $10.00 transfer service when funds are transferred from a Way2Save account for OD protection. Will this remain in effect with WFB?
Why on earth would I want a downgraded Way2Save account? I don't even use the branch. My entire family and a few friends changed to Wachovia because I told them all how amazing they were over the course of two years. I am beginning to realize that Wells Fargo does not do business like Wachovia. It is a shame that the government overreacted and destroyed the best bank in the country. If you want to keep us happy, then allow current customers both options and let us choose which one we prefer. Now, keeping the change doesn't sound so bad. I strongly advise Wells Fargo to reconsider. I am not liking anything that I am hearing. Next, I expect you to downgrade my Crown Banking. I don’t want to loose my bank and it seems that I am. Wells Fargo I am a “Raving Fan” of Wachovia’s products, but yours have a lot to be desired.
Anonymous, I received some information from the Way2Save product team that I wanted to pass along in response to your comment. Here it is: To clarify, when your account converts your bonus doesn't just disappear. In fact, we will pay you what you've earned up to the night before your account converts to Wells Fargo. At that point, you will be eligible for the new APY and anniversary bonus for an additional year.
Jamie, thanks for your note. Here is the answer I received from the Way2Save team and wanted to pass along in response to your comment. To clarify, when your account converts your bonus doesn't just disappear. In fact, we will pay you what you've earned up to the night before your account converts to Wells Fargo. At that point, you will be eligible for the new APY and anniversary bonus for an additional year.
IKeepMyPromises, thanks for your note. Here is some information I received from our Way2Save team and wanted to pass along in response to your comment. To clarify, when your account converts your bonus doesn't just disappear. In fact, we will pay you what you've earned up to the night before your account converts to Wells Fargo. At that point, you will be eligible for the new APY and anniversary bonus for an additional year.
Alex, thanks for your comment. Just wanted to pass along the following information to clear up the confusion about the bonus. When your account converts your bonus doesn't just disappear. In fact, we will pay you what you've earned up to the night before your account converts to Wells Fargo. At that point, you will be eligible for the new APY and anniversary bonus for an additional year.
So if you can clarify is the the new regular apy 3% or .03%. If it's the latter is this is one of the biggest scam programs, It would bring no benefit to customers. Also with the bonus being cut and apy being cut that severely your better opening an online savings account with those internet banks. Wachovia had a nice idea with the way2save, seems like wells fargo severely gimped the program and kept the name. It's kind of sad the early posters are so misinformed, that they thanked Wells Fargo, for taking away or limiting the benefits of the program.
Tim, have no fear, the first year APY for the Way2Save program is 3.00%.
Click this link for details and disclosures
Joey, I am checking on this for you and will respond as soon as I hear back from the product team.
It's great to hear that Wells Fargo will be making good on bonuses. Will they be doing this even for folks with more than one account? I have two checking accounts, and opened a Way2Save on each one. How will I be able to designate which one converts to the Wells Fargo Way2Save, and what will the other one turn into?
Thank you Doug. I will wait for your reply.
The WellsFargo Way2Save only pays interest on the "lesser of" your new deposits (max $385 per month) or your total balance. So you should withdraw all your money after the "conversion", whether or not you want the new account.
i'm so confused... how is it that 0.03% = 3%?! this is like the rate of a normal money market account!
@Tim and anyone else who was misled-
Make sure you realize that the "3.00% APY" interest paid out is ONLY paid on the first $500.99 in your account balance, for the entire 13 months.
So if you deposit $385/month, you will cease earning 3% APY on anything deposited after only midway through the 2nd month.
This is why the vast amount of money earned will come from the 3% bonus, NOT the actual compounding interest.
TO Doug C or Wellsfargo agent
-Explain to me this I opened 5 Checking and 5 Way to Save in May 2009, $100 a month goes from each Checking into Way2Save a month. As of May 2009 I was supposed to have in each Way2Save $1200 + $32 interest accrued + $60===$92/per Way to Save ==total bonus===Yielding me $460 in interest. Will I still get this because here in Texas, they are supposedily converting in January 2010??????
I agree. This way2save sucks. I will miss the old way2save where you can get a bonus ALL 3 YEARS, not just one year..I guess I will be taking my money elsewhere for a savings account..
I think all Wachovia customers who opened a Way2Save account should stand up and fight back with a good old fashon class action lawsuit.
3%, with interest rates kept so low by the government, is pretty stellar. You really cant blame Wells Fargo for offering lower interest rates when the market interest rates are so low. If it was 3% and prime was at 10%, then there would be reason for complaints.
i'm so confused... how is it that 0.03% = 3%?! this is like the rate of a normal money market account!
multiply $100x.03.
you get, $3 dollars, which is 3% of $100.
Im assuming the the save as you go is just wells fargos new name for what is already been happening when i use my Wachovia Card??? Or do i have to change something a dollar is already transfered into my savings each time i use it so whats the big change please clarify. Im really not to enthused to be switching to wells to begin with as a satisfied Wachovia customer. So I hope it is smooth. Also I was told Bill Pay will continue to be free?? I hope and no charge for the rewards program as well?? Because Wells charges there current customers for those things??
Huh is it just me thats confused by your question?? lol maybey i need to reread it a few more times. A dollar is trsnfered for each purchase pretty simple and the way to save acts as a backup overdraft for your checking anyways.
THANKS Doug for clarifying....NOT you have not even responded I wrote a post on October 21.................TO Doug C or Wellsfargo agent
-Explain to me this I opened 5 Checking and 5 Way to Save in May 2009, $100 a month goes from each Checking into Way2Save a month. As of May 2009 I was supposed to have in each Way2Save $1200 + $32 interest accrued + $60===$92/per Way to Save ==total bonus===Yielding me $460 in interest. Will I still get this because here in Texas, they are supposedily converting in January 2010??????...........................
How is my question confusing Creighton? I understand the concepts of the Way2Save accounts. But with being a college student, I have several instances to where I had 10 debit card transactions post to my account, so instead of transferring $1.00 per transaction, they transfer a total of $10.00 in a single transaction into my account. However, if I only have $7.00 left in my account after the debit card transactions have posted, they transfer nothing! Pretty simple question there!
I had to reread your post several times to understand your comment with all your typos. No need to be disrespectful to other people's posts.
Why aren't they answering our questions?
Well guess that makes more sense the way you just now explained it. I havent run into that sort of problem but c what ya mean. And i wasnt being disrepectful soory if it came off that way. Regarding my typos lol was just in a hurry. Anyways lets just hope Wells Fargo Treats us as good as Wachovia or ill be dropping them.
@ Creighton -
Well obviously they aren't treating us as good as Wachovia did, since they're severely downgrading the Way2Save program. I'm keeping my money in the original Way2Save, but once it gets downgraded next year, everything will be immediately pulled out.
It's cool Creighton. With Wells Fargo, it's all who you know. Just like any bank! I have been around Wells Fargo world for a long time. So I understand and see the two differences between both WF and Wachovia.
I also agree to why aren't they answering our questions to a previous post. I am still waiting Doug!
I was never notified that my savings account was going to change. That is my first complaint. Secondly, when I called to get to speak with the Branch Manager, she told the lady who was trying to help me that she couldn't come to the phone and that I should go see her in person or call back. That is inferior customer service. She should be calling me back instead, not inconveniencing me with having to find time to deal with this in person. I've been with Wells Fargo since 1996 and have multiple accounts with this bank.I expect to be treated with professional courtesy and not dismissed as was done. Enough said.