Dedicated to Deposits: Deals, Data, and Discussion

$50 to $250 New Account Bonus at WTDirect

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WTDirect
Update 6/03/09: The rate has fallen to 1.76% APY.

Update 3/06/09: The savings account APY has fallen to 2.01% APY. A reader reported being told that this Winter Bonus is scheduled to post on 3/13/09.

Update 02/05/09: The savings account APY has fallen from 2.81% to 2.51%.
Update 12/24/08: It appears WTDirect has extended this promo to 12/31/08.

WTDirect is offering another new account bonus similar to what it offered last August except you need a balance twice as much to earn the same amount. Here's the WTDirect promotion page, and here's a summary of the bonus:
  • Open new account using promo code WTG3DNC
  • Link an existing bank account to your WTDirect account during the application
  • Fund account by initiating an online transfer by 12/22/08
  • Bonus depends on average balance from 1/1/09 to 2/28/09
  • Cash bonus will deposited into your WTDirect account in mid-March
Here are the bonus levels:
  • $250 bonus for $50,000 balance
  • $200 bonus for $40,000 balance
  • $150 bonus for $30,000 balance
  • $100 bonus for $20,000 balance
  • $50 bonus for $10,000 balance
Some important small print:
  • This offer is available to new WTDirect clients only
  • There is no minimum balance required to open the account
  • Clients may transfer funds in and out of the WTDirect account during the promotion period (1/1/09 - 2/28/09) and the bonus will be based on the average balance level during that time
  • WTDirect reserves the right to cancel or modify this promotion at any time without notice.
The last item in the small print is an important point. WTDirect ended the August promo more than a week before the scheduled end date.

For the best case this promotion will effectively add about 3% to your rate during the promo period. The standard APY is currently 3.06% for balances over $10,000.

Several readers have reported receiving the last bonus, so WTDirect seems to honor its promises. In addition, those who participated in the last promo were given the chance to earn an extra 0.50% for 4 months in the savings account.

WTDirect Account Details:

The main downside to this account is that you earn only 0.50% for balances under $10K (except for the first 60 days). So this may not be an account you'll want for the long term. WTDirect has better documentation than many other online banks. Here are the links along with some relevant details:
  • Account Details - no monthly fees
  • FAQs - allows unlimited linked accounts, high limits on transfers
  • Account funding FAQs - fund by electronic funds transfer with trial deposit verification or by mailing in a check
Readers have reported that WTDirect does not do a hard credit inquiry in the application. It has also been reported that the trial deposits are debited from your funding account. A reader has provided his experience with the speed of the trial deposits and other account opening issues in the comments here, here and here.

FDIC Insurance:

WTDirect is a division of Wilmington Trust FSB which has been FDIC insured since 1994 (FDIC Certificate # 33911).

Thanks to the reader who mentioned this promotion in the finding deals post.
  Tags: WTDirect, savings account

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Comments
14 comments.
Comment #1 by Anonymous posted on
Anonymous
is it worth it to do this?
i missed it the last time, but this time is twice as much more deposit.
what to do?

1
Comment #2 by Anonymous posted on
Anonymous
Adds 1/2 of 1%
You can get well over 4% with any short term CD
This promo is ridiculous and not worth mentioning - I am surprised at this site. First time too because I really support this page.

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
It's actually 3% since you only have to maintain the balance for 2 months. A $50 bonus on $10K for 2 months is the same as earning 3% for those two months. Here's the math:

0.03 * 10000 * 2/12 = 50

This is added on top of the standard yield (currently 3.06% APY). So the total effective yield is around 6% for 2 months.

1
Comment #4 by Anonymous posted on
Anonymous
Good deal. Anyone knows whether there is an early closing fee?

1
Comment #5 by Anonymous posted on
Anonymous
According to the account disclosure, you can close the account at any time for any reason.

1
Comment #6 by Anonymous posted on
Anonymous
I was one of the fortunate ones that was able to take advantage of their earlier bonus of $250 w/25,000 deposit. This was a 9.01% on return.

The promotion that they are offering now is 50% of that and in my opinion--why would you put money in something that you can't touch when you get a high yield checking account that pays over 6%.

I have 6 high yielding checking accounts at 3 different banks that are paying 6.01 or higher this month!

Midwest America Federal Credit Union, Southern Missouri Bank, Charter Bank.

There is no guaranty that they will stay at the 6% but it's an account that you can have any amount up to 25K in and receive the 6.01% and then you will get a lower rate if you have more then
25K.

I did receive the bonus from WTdirect and they were really easy to work with. They paid the bonus in November so I lost a little time and higher interest waiting for them to make another offer to us. I also lost interest while transfers were in process. Their system definitely takes longer to transfer money.

I just transfered the final interest out of account and left $1.00 in each account.

Have a wonderful day.

1
Comment #7 by Anonymous posted on
Anonymous
RE previous comment that I made.

The promotion only is 50% of what was offered before as it takes 50K to get the $250 bonus.

That brings the return from a 9.31 down to a 6.01.

you can get that in a rewards checking account.

I have found meeting those requirements to be very easy. I make small payments on water, gas, telephone bills and I'm done in the first few days.

It is all how you want to handle your money and also how much money you have.

Keep in mind that you should have your checking account money working for you too and earning interest while it's sitting in the bank to pay bills etc.

1
Comment #8 by Anonymous posted on
Anonymous
How do you make small payments on water, gas and telephone bills such that they count toward the N transactions per month for the high yield checking?

I thought signature-based POS transactions were necessary. Though, I have seen mention that some people donate a $1 to N charities to meet the requirement.

1
Comment #9 by Anonymous posted on
Anonymous
Since there is no minimum balance required to open the account, and the bonus is calculated based on the account balance from 1/1 to 2/28, why do they require a deposit by 12/22?

1
Comment #10 by Anonymous posted on
Anonymous
The Wilmington Trust Company bank is offering a $50 sign-up bonus for any checking account plus another $50 when you do direct deposit. I chose their Custom Checking account which has no minimum balance, no interest, free checks and debit card, and online bill pay. Their online application system only accepts addresses in DE, PA, and MD. Since I live in NJ, I had to go to a DE branch to open an account.

1
Comment #11 by Anonymous posted on
Anonymous
Thanks for the promotion information! I was thinking of moving a large sum of money from a money market mutual fund that is paying a very low interest rate now. So, if I could find a good rate elsewhere plus a bonus that would be great. Also, reading the WTDirect website, their EFT limits are much higher than most other online bank allowed limits. They allow up to $500,000 transfer amount per month which would comfortably cover any amount that I would consider tranferring between banks (not like some banks that set a low $10,000 limit).

1
Comment #12 by Anonymous posted on
Anonymous
I just tried to open a savings account online with a relative and the bank declined my application. I am guessing that since my relative does not have a credit history (no loans or credit cards), the application process must have included an inquiry to one of the credit reporting agencies. I have noticed that some online banks will allow someone with little to no credit history to apply for an account while others appear to request a credit pull during the application process and accept or reject the application based on the information received back from the credit bureau. I was going to move quite a bit of money from another account into this new account and tried to get the bonus money as well. Guess I am out of luck on this one.

1
Comment #13 by margit (anonymous) posted on
margit
good info, i missed the good one...please, update the new offers...

1
Comment #14 by ichaelm (anonymous) posted on
ichaelm
yet another drop to 1.76%

1