Dedicated to Deposits: Deals, Data, and Discussion

WTDirect Savings Account $75 Bonus for Direct Deposit

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WTDirect
WTDirect has a new promotion in which you can earn a $75 bonus. This bonus doesn't seem to be listed at WTDirect's external website. A reader mentioned being sent an email on this promotion from WTDirect. I just called WTDirect, and according to the CSR, people who are not yet account holders can qualify by opening the savings account and meeting the qualifications. The email that the reader forwarded to me instructed the customer to log into your WTDirect account and click the "$75 Direct Deposit Bonus" link on the Account Summary page. Some important details include:
  • To qualify for the $75 bonus, your WTDirect savings account balance must be at least $10,000 on July 31, 2009
  • Must make direct deposits into your account of at least $300 per month during the period 7/1/09 through 9/30/09
  • Bonus will be credited to your account on or about October 15, 2009
  • A direct deposit is defined as a recurring and automatic electronic deposit transaction of at least $300 per month initiated by a third party source of income, such as employment, pension or social security income
According to the CSR, $10,000 must remain in the account for those 3 months, and ACH transfers won't count at direct deposit. WTDirect's savings account currently pays 1.76% APY for balances over $10,000. So if you assume you could receive 50 basis points more in interest in another savings account during these 3 months, you'll lose about $12.50 in interest ($25 if you assume 100 basis points higher).

Last Year's $250 Promotion

Last year WTDirect was offering up to a $250 bonus. Several readers reported success in receiving that bonus. This one isn't nearly as nice, but it helps a little to offset the low interest rate environment.

WTDirect Account Details:

As of 6/03/09, the 1.76% APY is not too bad. However, you earn only 0.15% 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 ACH 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. The reader who sent me this bonus info mentioned that the ACH transfers take 3-4 days (Example: set up to start 5/26, funds deducted 5/26, credited to destination account 5/28.)

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

Thanks to the reader Sarah who mentioned this promotion in the Daily News & Deals post.

For other high yield savings accounts, please refer to my weekly rate summary.

  Tags: WTDirect, savings account

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Comments
10 comments.
Comment #1 by Anonymous posted on
Anonymous
WT Direct is fine, but according to RateBrain

-1
Comment #2 by jwbodnar (anonymous) posted on
jwbodnar
Troll! No one wanted your RateBrain self-promotion on FatWallet, so don't go starting here!

1
Comment #3 by Anonymous posted on
Anonymous
too bad the RateBrain site doesn't work to look at the "at least 20 Savings accounts with a higher interest rate than WD Direct out there".

1
Comment #4 by Blogging Banks (anonymous) posted on
Blogging Banks
I generally don't like it when banks offer a small bonus for opening a savings/checking account with a lot of money ( 10K). If I had an extra 10K sitting around, I would most likely open a one year CD at 2.80%, and just watch my interest incoem roll in ;-)

1
Comment #6 by Sarah (anonymous) posted on
Sarah
They want the $10K on deposit for the full three months? Interesting that they don't mention that in the promotional materials *at all*. A more cynical person might suspect they're planning to weasel out of the bonus payments come October. :(

1
Comment #7 by Anonymous posted on
Anonymous
I did the up-to-$250 bonus promo back in December -- they paid out as promised, when expected (I hit the $200 tier).

1
Comment #8 by Anonymous posted on
Anonymous
Just a little thread-crapping here...

WTDirect needs to come to the table with better than a $75 bonus if they want my money back.

The $250 Bonus w/3.31% APY interest (which worked out to 9.63% APY for 60 days) was much sweeter.

I will give WTDirect props though for awesome customer service, great hours for phone support, "Real Americans" that answer the phone, and they answer rather quickly too!

Until WTDirect comes back with something that makes my mouth water...my money will stay in Broadway FSB and ProvidentNJ Direct.

1
Comment #9 by Anonymous posted on
Anonymous
wt direct has great service and a very good rate. from all of my research, they are a conservative bank. i opened my account last year in their 'winter blast' promotion and they delivered my $ as promised. I will be signing up for this promotion and making my $300 dd. they've earned my deposit (or at least some of it!!)

1
Comment #10 by larry (anonymous) posted on
larry
ING is offering a $25 account bonus to open their Orange savings. Email me at lcmedcalf@hotmail.com for link to offer.

1