Dedicated to Deposits: Deals, Data, and Discussion
About Ken Tumin About Ken Tumin - Founder and Editor

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

Featured Savings Rates

Popular Posts

Featured Accounts

Savings Account Bonus of Up to $300 Bonus at WTDirect



Update 11/15/2010: The promotion has been extended to 11/30/2010.

WTDirect has started a new promotion with a bonus of up to $300. The promotion page is at Just like the last one, it's based on your balance that you maintain for 3 months. It's not quite as good as the last one in which you could get a $500 bonus for a $50K balance. Here are the new bonus levels:

  • $100 bonus for a $10,000 balance
  • $150 bonus for a $25,000 balance
  • $300 bonus for a $50,000 balance

And here are the requirements to receive this bonus:

  1. Open and fund your savings account with $10,000 or more by October 31, 2010
  2. Maintain your balance for three months
  3. Receive a cash bonus directly in your WTDirect account

If the standard yield remains at 1.21% APY during these 3 months, you can calculate the effective yields if you factor in the bonuses. Note, these yields are annualized just like the APY of a 3-month CD.

  • 1.21% APY + $100 bonus on $10K = 5.21% APY for 3 months
  • 1.21% APY + $150 bonus on $25K = 3.61% APY for 3 months
  • 1.21% APY + $300 bonus on $50K = 3.61% APY for 3 months

Below is the offer's small print:

This offer is available to new WTDirect clients only. First account holder must NOT have held a WTDirect account in the past 12 months. WTDirect account must be opened and funded via electronic (ACH) transfer received by 10/31/10. Eligibility for bonus is based upon maintaining a minimum daily balance of $10,000 during the promotional period of 10/31/10 - 1/31/11. Bonuses will be paid approximately 2 weeks after the end of the promotional period to clients whose accounts remain open and in good standing. Wilmington Trust employees and their family members are not eligible. WTDirect reserves the right to cancel or modify this promotion at any time without notice.

Note, it states that they may cancel the promo at any time without notice. This is what happened last May and in 2008 with similar promotions. This one isn't quite as good as those past ones, so it will hopefully last longer.

Internet Savings Account Features

WTDirect's standard interest rate isn't the best (1.21% APY for $10K+ as of 10/18/2010), but it has some features that can make it a good choice for the long-term. First, it has a solid ACH bank-to-bank transfer service that can act as a useful hub account to transfer funds to and from other banks. I described many of these features in my May review. WTDirect's FAQs describes all of these bank-to-bank transfer features better than I've seen any other internet bank describe them. So if you're looking for a good internet bank account hub, you might want to open a WTDirect savings account even when there's no bonus.

Extra Perk for Bonus Customers

One thing nice that this bank has done for those who have participated in these past promotions is to offer them a higher interest rate around the time that the 3-month bonus period ends. For the May promo, WTDirect offered the bonus customers an extra 0.20% on top of WTDirect's standard savings account rate for six months.

Customer Service

In my September WTDirect poll I asked how many WTDirect bonus customers planned to keep their money at WTDirect after the 3-month promo ended. Out of the 30 who responded, 13 said they planned to keep all of their money that they had deposited for the May promo at WTDirect. The extra interest rate was one reason, but high-quality customer service was another important factor. Here is what one reader said in the comments:

I admit I opened a WTDirect account back in May simply for the $500 bonus, but I plan to stay for the incredible customer service and competive interest rates. Every bank advertises "great customer service" but it's been my experience that very few actually provide it. WTDirect is one of the few: Every time I've called the bank, I've been connected to a live CSR, not a voicemail menu. Moreover, it's CSRs are immeasurably polite, very well trained, and extraordinarily helpful.


Financial Overview

WTDirect is a division of Wilmington Trust FSB. You can confirm this at Wilmington Trust's FDIC page which lists as the bank's primary internet web address. The bank has an overall health score of 3 out of 5 with a Texas Ratio of 20.57% (above average) based on 6/30/10 data. Please refer to our financial overview of Wilmington Trust FSB for more details.

Related Pages: WTDirect, savings account

Related Posts

Comment #1 by Bill Gates (anonymous) posted on
Bill Gates
5.21% APY for $10K & 3 months???

I'm in...

One account for the me and one for the wife.


To the math guru's out there who know how to figure this stuff...What is the total amount that will be in account, assuming a $10K deposit after 3 months of 1.21% interest and the $100 bonus??

Comment #2 by KenBDG posted on
The 1.21% apy doesn't add much in 3 months. For a $10K balance, it only adds about $30 to the $100 bonus for a total amount of about $130.

Comment #3 by Mike (anonymous) posted on
Thanks KenBDG. It may not be as good as the $500 bonus, but it's still not bad when compared to the funds just sitting idle at IncredibleBank earning 1.42%. I went ahead and opened an account and deposited $50,000.00. So I should get $500 in bonus and ~$150 in interest for the 3 months, correct? That's a lot more than I'd get from IB if I let the funds sit at IB.

Comment #4 by Mike (anonymous) posted on
Crap! I mis typed. I meant to post that I should get $300 bonus $150 in interest for the 3 months at WTDirect, correct?

Comment #5 by Anonymous posted on
Ken, I'm tired of banks using CHEX. 1st Mariner says only 3 new banks in 2 years.  It'd be helpful if you could tell readers what banks use CHEX.

Comment #6 by Chex Victim (anonymous) posted on
Chex Victim
We are tired of banks using CHEX too. WTDirect use Chex with a hard pull. Don't wait your time like want I did. 

Comment #7 by eric2 posted on
Pretty much ALL banks today use CHEX. Too bad.

The problem is not the use of CHEX, the problem is the MISuse of CHEX by many banks. CHEX is designed to find people that are serial check bouncers or commit fraud. NOT to find out if a person has other bank accounts and how many!

Comment #9 by Anonymous posted on
I opened a wtdirect account in 8/2008 for a previous bonus.  I closed same in 5/2009. 

When I opened a new account for this bonus, the system remembered me and EVEN KNEW MY PREVIOUS LINKED ACCOUNTS.  I was shocked.

My old login info worked, as well.

Comment #10 by linmarie (anonymous) posted on
I opened an account on Tuesday & they were quick to set up the funding verification but the initial deposit has still not gone through.  I called yesterday and was told it would be today but it's still not there so I called again & was told it would be Monday.  It seems that they are very slow at pulling the funds.  The transfer is pending in my checking account where the money is coming from.  This is the slowest transfer that I have seen.

Comment #11 by Anonymous posted on
Does anyone know if this bank is strict on the number of chex sys inquires?  I want to apply but am afraid it would be like 1st Mariner - no account but add a new inquiry.

Comment #12 by mk (anonymous) posted on
@ #10.  My deposit has not posted either, but the funds have been pulled.

Comment #13 by Anonymous posted on
How long does it take for the account to get funded from my bank acct. Looks like lot of people are having issues with it. So would like to know before i open an acct cause the deadline seems to be Oct31st.

Also i talked to csr and asked him if it was soft/hard pull they do when they setup the acct and he said its was a soft pull and shldnt affect my credit score. Is that true ? Any inputs are appreciated.


Comment #14 by mk (anonymous) posted on
i talked to customer service, they said it takes 4 business days for the funds to transfer; either direction.

Comment #15 by Anonymous posted on
WTdirect sucks. Their processes are extremely slow.

1) Open my account on 10/18/2010,
2) I tried to verify my trial deposits on 10/20/2010 but made mistake twice. Hit Max tries.
3) Call CSR, was told that I have to remove my external account and re-add it.
4) Tried to remove the external account. Error:"You cannot remove the account because it is used for funding."
5) Call CSR, was told that I have to wait 24 hrs before removing the external account.
6) Tried 24 hrs later, Error:"You cannot remove the account because it is used for funding."
7) Call CSR, was told that I have to wait 48 hrs before removing the external account.
8) Tried 48 hrs later, Error:"You cannot remove the account because it is used for funding."
9) Call CSR, was told that they are unable to remove the account for me.
9) Tried to add and transfered money from my spouse's account
10) My account got suspended
11) Today 10-26-2010, called CSR, was told that the names on the accounts doesn't match (because my name is not on my spouse's account). It will take 24 to 48 hours to Remove Suspension.

After I get back my account, it will be 10-27 or 10-28, I will probably still not be able to remove and re-add my external accounts. Even if I do, the transfer will take 3 to 4 business days to complete. Obviously it won't be beat the deadline 10-31-2010. Finally, I give up. Just want to say:"WTdirect, you sucks."

Comment #16 by Anonymous posted on
WTDirect is not a good hub account. The delay is at least 4 days. My other account got debited on 10/27, so I might miss the 10/31 deadline (a Sunday). I opened the account partially because it was recommended as a good hub account. But it is not.

I find to be an extremely fast hub account. If I pull money from an external account on Monday, it is available at clearsky on Tuesday. And I can immediately send the money out. The destination account gets the deposit on Wednesday. So it's a single day delay in or out. The only limitation with clearsky is that you cannot have more than 3 external accounts.

Now I regret doing it with WTDirect. It sucks even more if they dont credit me by the deadline and thus refuse to offer me the promotion.

Comment #17 by linmarie (anonymous) posted on
Finally my WTDirect account is funded!  I set up the last transfer on the 22nd & it hit today, the 28th.  When I called WTDirect and asked why the transfer took so long he told me it had to go through the Federal Reserve and was setting there. 

Comment #18 by Anonymous posted on
I opened the account on the 22nd and the funds were pulled from the funding bank on the 26th.  I read in someone's comment that the funds will show up 2 business days after it was pulled, but as of today (29th) my new account still has 0 balance.  I wonder if that will mess up the bonus.  yikes!   

Comment #19 by Anonymous posted on
Offer extended till Nov 12th.

Comment #20 by Anonymous posted on
M&T Bank is acquiring Wilmington Trust.