Interest Rates Reviews

The last time we looked at Wachovia Bank savings account rates, we were interested in how they were changing now that Wells Fargo has taken over Wachovia.  Now, we here at Interest Rates Reviews thought we should look again and see how they’ve changed since our last peek.

There are two basic Wachovia savings account rates to choose from.  The Wachovia high yield savings or High Performance Money Market and the Wachovia Bank savings account rates for regular savings.  We’ll look at the latter first.

Standard Wachovia savings account rates are based on a savings account that requires a $300 minimum balance to maintain without fees.  It yields a 0.05% annual percentage yield (APY), which is about what it was last time we looked at Wachovia interest rates.  There are several fees attached to this account if you use extra services such as electronic funds transfers (outgoing), ATM withdrawals from non-Wachovia machines, and so forth.  You’ll want to be aware of those if you plan to use this account so that you can see how they’ll impact your Wachovia Bank savings account rates overall.

Next are the Wachovia high yield savings available through the Money Market.  These have an APY of 0.50% and require a $2,500 minimum balance to avoid fees.  There are also charges associated with this account type, depending on extra service options.  So be aware that using the ATM, overdraft protection, and every transaction after six will have fees that could impact your Wachovia high yield savings returns.

Both accounts are variable rate accounts.  Wachovia Bank is FDIC insured through their owner, Wells Fargo Bank.