Golf Score Drives Special Wachovia Savings Rate
Wachovia customers can thank golfer Anthony Kim and his record 16 under par score in the recent Wachovia Tournament for a short-term interest rate boost in special savings accounts.
Wachovia’s “Save Like A Champion” promotion lets customers who maintain a Way2Save savings account—or who open one by May 30—receive 16% interest on that account for the ensuing three months, mirroring Kim’s 16 under par tourney finish. Way2Save, started by Wachovia in January, credits $1 to those savings accounts for each check card or electronic payment transaction the account holder makes. Customers can also kick in an additional dollar each month.
In its sixth year of sponsoring the Wachovia Tournament, played April 28 through May 4, the bank was looking for a special way to spotlight its sponsorship.
“It was important to look at innovation in something new and different,” Wachovia spokesperson Angela English said.
Knowing that the winner usually finished at least 10 under par, it struck on the device of tying that aspect of the golfer’s score to its interest rate on the Way2Save accounts.
“We were hopeful that the rate would be high,” English said.
Wachovia began plugging the promotion in TV spots two weeks before the tournament and during the competition itself. It also ran print ads and put up signage in its branches.
After the three-month fixed 16% rate, accounts will revert to a 4.88% rate for an annual 7.98% yield. Account holders also receive a 5% bonus for the first year and a 2% bonus in the second and third years, up to $300.
English said Wachovia created the Way2Save program based on internal research indicating that Americans typically did not save money for unforeseen occurrences such as medical treatment or car repairs.
