Wachovia savings account rates September 2011
Wachovia is a part of Wells Fargo bank and together this constitutes one of the strongest financial institutions in the US. With more than 9000 branches, 12,000 ATMs, mobile banking and online banking, this financial institution services customers who are located in all parts of the country. They have numerous financial products hat are designed to cater to the financial needs of this diverse and large customer base. One such product is the Wachovia high yield savings account that comes with convenient features and a competitive rate of interest.
There are two kinds of savings accounts and they are Way2Save and the Wells Fargo savings account. The minimum amount required to open a Way2Save account is $100 or $25 when an automatic transfer is set-up every month. This account comes with a monthly maintenance fee of $5 and this is waived when a minimum daily balance of $300 is maintained or if there is an automatic transfer set-up. In the case of the Wells Fargo savings account, the minimum opening balance is $25,000 and a daily balance of $25,000 shoud be maintained to avoid the monthly maintenance fee of $25.
The current Wachovia savings account rates for the Way2Save account are 0.05% APY for all balances. The Wachovia Bank savings rates for the Wells Fargo savings account are 0.05% APY for a balance of less than $25,000 and 0.20% for a balance of $25,000 or more. Wchovia savings rates are higher when this account is linked with a checking account and in that case, the rates are 0.15% APY for a balance of less than $25,000 and 0.30% APY for a balance of $25,000 or more. These Wachovia interest rates are attractive.