What is the wachovia way2save and how does it work?

Question

what is the point of this and what exactly is it? i dont get it

Answer 1

Some people struggle when they 'actively' must save or transfer money of their own. Wachovia's Way2Save plan removes the individual's work from saving.

How it works: every time you make a check card purchase, pay bills online or set up automated debits from your account, Wachovia transfers $1 from your checking account into a Way2Save savings account where it can accrue interest.

For the first year, Wachovia will give you a 5% bonus (up to $300 dollars) on the total amount you've 'earned' or saved in your Way2Save account. To save even faster, Wachovia lets you transfer $100 per month into the Way2Save fund as well.