1 million account holders joined Wachovia’s savings program

[img_assist|nid=10004|title=|desc=|link=none|align=left|width=100|height=70]The data reported by Wachovia Corp. show that there are more than 1 million U.S. consumers that have subscribed for the company’s Way2Save program.

Within the program customers save their money by transferring $1 from their checking account into a savings account each time they make a check-card purchase or an electronic payment

Way2Save allows account holders to earn a 5% annual percentage yield with a 5% annual bonus in the first year and a 2% yield plus 2% bonus in the following two years. After three years a competitive, traditional savings rate is applied.

“Motivating more than a million customers to save since the Way2Save launch in January has completely exceeded our expectations,” says Kathryn Black, savings director. “With unemployment increasing and the market continuing to struggle, helping Americans save is more important than ever.”