Wells Fargo generally does a good job with its login product pitches. I like how the bank provides a "Remind me later" and "No thanks" option next to "Apply Now."

However, in today's pitch for the rebranded Wachovia Way2Save account (see old logo, inset), the bank seems to have forgotten an important part of consumer decision process: explaining what the account is. There is no Learn More button to be found on the ad or landing page.

I had to leave the app and search the Wells Fargo website to determine the rate and unique features of Way2Save (see note 1). The main benefit: users receive a 3% APY on the first $500 in the account for one year, provided they use one or these automated savings features:

• $25+ per month or $1+ per day transferred from Wells Fargo checking (outside accounts not an option, except for initial account funding)
• Automatic $1 transfer from WF checking to savings with every debit card purchase or pre-authorized debit  

After one-year interest drops to the prevailing rate, currently just 5 basis points, 1/60th the premium rate. 

Online application process: Choosing Apply Now on the interstitial drops users directly into the bank's generic online app where's it's difficult to even confirm what you are applying for (see upper right corner of second screenshot). 

Since I only have a Wells Fargo credit card, the bank offers me a $5/mo checking account, which is free if I have direct deposit or $1500 on deposit. But the checking account is not required. You can setup a standalone savings account, though it won't qualify for the interest rate bonus or be able to use the automation tools.

On the final page users can fund the account with a transfer from a Wells or non-Wells deposit account or they can deposit up to $500 via credit or debit card. 

Bottom line: Automatic savings are a win-win. And offering a $15 interest bonus is a good way to improve signups. But Wells needs to explain the offer better so that customers customers are motivated to complete the application.    

--------------------------

Wells Fargo interstitial login ad for Way2Save (10 Nov 2011)

Landing page, which is the first page of the online application (link)

Wells Fargo online application (page 2)
Note: The bank is still disclosing at $3 debit card usage fee

----------------------------

Notes:
1. Way2Save was inherited from Wachovia (previous posts). Here's the cached 6 Nov page from Google. The page now redirects to Wells Fargo savings.
2. Wells Fargo acquired Wachovia in 2008.
2. For info on online account opening, deposit gathering and much more, see our subscription newsletter, Online Banking Report.