WTDirect Savings Account Promotion - Expired


Update 12/13/2010: The promotion has ended early.

WTDirect has started a new promotion with a bonus of up to $350. This is an exclusive promotion for the readers of DepositAccounts.com.

Just like the previous promotions, this new one is based on your balance that you maintain for 3 months. It's a little bit better than the one they offered in October. Here are the new bonus levels:

  • $100 bonus for a $10,000 balance
  • $150 bonus for a $25,000 balance
  • $350 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 December 17, 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 + $350 bonus on $50K = 4.01% 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 12/17/10. Eligibility for bonus is based upon maintaining a minimum daily balance of $10,000 during the promotional period of 12/17/10 - 3/17/11. 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 12/06/2010), but it has held up fairly well. For example, it's now above the savings account rates at Ally Bank, CNB Bank Direct and Dollar Savings Direct. It also 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.

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. There's no guarantee that they will repeat this, but this is an example of the effort they have made to keep customers.

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 33 who responded, 15 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 www.wtdirect.com 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 28.03% (above average) based on 9/30/10 data. Please refer to our financial overview of Wilmington Trust FSB for more details.

On November 1st, Wilmington Trust announced that it will merge with M&T Bank Corporation which is a large regional bank that covers much of the Mid-Atlantic Region.

Anonymous   |     |   Comment #1
I'd like to see a simple $100 bonus per $10,000 deposit offer. I don't quite have $50K but $150 isn't enough to entice me into depositing $25K.
Anonymous   |     |   Comment #2
Since it appears that WTDirect reads this site...I have a couple of comments for them.

As was mentioned in the write-up, WTDirect does have the BEST customer service I have ever experienced when dealing with a bank.  WTDirect, remember that point - your folks answering the phone within a couple of rings are something that I remember years later!

Another point I would like to make, your interest rates are no longer in the top tier of any rankings that I am aware of.  For this reason alone, I took my money out of your bank.  I used to be comfortable with my money in your bank and the interest rates you were paying a few years ago.  The interest rates you paid, allowed me to not have to put my money in a Rewards Checking Account to chase higher interest rates and all that is involved with playing that game.

But, since you've lowered your rates so low...I will play the Rewards Checking Game to earn over 4% elsewhere.  I hope you remember that point somewhere down the line when you are determining rates.


Anonymous   |     |   Comment #3
1.21% is a pretty good rate these days.  Check Bankrate and see for yourself.  Add a $350 bonus on top of that and it's just silly not to open an account.
Anonymous   |     |   Comment #4
My only criticism of WT is they keep deposits in limbo for several days after they take the funds from my bank account and do not pay interest for that period.  For example, recently I made a deposit on Thursday,  they took the funds on Friday and did not credit my account until late Wednesday.  This is in my opinion unethical. 
Non E. Moose
Non E. Moose (anonymous)   |     |   Comment #6
I once had a WTD account, and like another poster, pulled my money when they dropped their rates.  I'm using three banks at the moment with well over 100K in each, and the lowest interest rate is SCB&T at 1.35%.  The Huckabay banks are still paying 1.75% and a husband and wife can have a total of 6 accounts at their 3 banks (35K each acct.)  Another bank I use is still paying over 2% (and I'm certainly not going to mention who.)  If the WTD people really need to attract some long-term, big money, they need to have a great long-term rate (not 1.21%).  Otherwise, the only new depositors they will attract are the people who are there for the bonus.  In 3 months, they will be gone.  Cant any banks out there manage at least 1.5%... say for $250k or $500K minimum ?????
Anonymous   |     |   Comment #7
Non E. Moose, yes they can. It's called CDs. It doesn't matter if you're putting in 20 million. If it's not locked, you can take your money out any time and with that kind of liquidity, you're NOT going to get 1.50% in this environment.


I'm disappointed that WTD upped their bonus. What about the folks--like me--who went in on their $300 promo? I feel cheated!
Anonymous   |     |   Comment #8
I took advantage of the $500 offer in May 2010 (for $50k deposit). The bank is one of the "nicest" ones I have encountered - customer service agents are the best. I do not give too many great comments on banks, but this one deserves it! They answered the phone promptly and provided complete information on the first call. I had a restriction from transferring a $50k deposit electronically and they allowed an exception via check. Upon completion of the offer, they paid the bonus promptly without any additional calls. I highly recommend dealing with this bank aslong as they are financially sound. 
Anonymous   |     |   Comment #9
Thanks for this post.  We just opened a 50k account. Nice little end of year deal!
Anonymous   |     |   Comment #10
I did the $500 for $50K about six months ago. They still have a great rate for these difficult times PLUS they sent me a pair of Tiffany barware tumblers as a Holiday Gifd that retail for $30 on the Tiffany site. I had zero problems with them and they are a very good hub account. There was an article posted on this site regarding the same.
Anonymous   |     |   Comment #11
Isn't this identical to the promo that they had "open to everyone" through the end of November?
J (anonymous)   |     |   Comment #12
I opened a joint savings to get the promo in May. I was the primary account holder and my husband the joint holder. I want to open another account to get this bonus. On the current application it asks if you are an existing client. What should I check? If I check yes will it disqualify me for the bonus. Thanks
J (anonymous)   |     |   Comment #13
to clarify, my husband would be the primary on the new account. Should I answer yes or no to the "existing client" question.
Anonymous   |     |   Comment #14
If you think these are uninspiring bonuses, how about the TD Ameritrade $500 bonus...............that requires a deposit of at least a quarter of a million?
Anonymous   |     |   Comment #15
Why punish the loyal customers who have had an account with them for years? Why can't we get the bonus? Just for that, WT Direct, I will pull out everything but a dollar to keep the account active.
j (anonymous)   |     |   Comment #16
to answer my own question, customer service said to check "existing client" and we would still qualify for the bonus.
Anonymous   |     |   Comment #17
I have attempted to open a new WT Direct account with the bonus today. However, the website continues to report an error when I submit my application. Has anyone else had this issue?
Dan in Dallas
Dan in Dallas (anonymous)   |     |   Comment #18
I also signed up for the bonus.  Great account except for the low rate.  Great ACH transfer account - maybe a bit slow.   WTD - if you are reading - I know it is all about getting new customers, but please consider opening these promotions to existing customers.
AtlantaWolf   |     |   Comment #19
I'm assuming we're all pawns in this game; perhaps they run these promotions so they can add to their shareholder report that they "added over xxx accounts this quarter and grew deposits by xx%". They know the money will leave, accounts will close. Then next year they can offer the same again, and again have a spectacular growth spurt again.

Unfortunately I'm closing my account. Their bank is great, nice interest rate, impressive ACH limits, but I want to qualify for next year's promo by not having been customer for 12 months. These 'revolving door' bonuses surely can't been good for long term growth. But that's the game so if I want the prize, I play along.
Anonymous   |     |   Comment #20
I must say that I saw this posting earlier this week and went right for this offer (thanks BankDeals!).  I had right at 50K in my Ally account that's interest rate they were offering was dropping faster the temps in my state.  I'll take the 1.21% right now plus the $350 bonus after 3 months.  I also concur with the posting about customer service, I was amazed that the phone was answered by a REAL person on the second ring and that I didn't go thru the menu phone option system all the other banks have.  It was really unexpected as it had been so long since I have experienced that memory of someone actaully picking up the phone.  The customer agent who answered the phone so quickly (Grace) was extremely professional and helpful in getting my application completed. I should have the money moved over hopefully by tomorrow so I can begin earning interest in the new account.  The whole process with my checking account vertification looks like it took 5 business days.
Anu007us (anonymous)   |     |   Comment #21
I have an account with WT and I received 500 bonus (opened in May) after a few months they bumped my rate from 1.21% to 1.41%. I have kept the same amount since then yielding 1.41% apy.



Anonymous   |     |   Comment #22
So far that was one of the simplest application processes, especially facilitated by CSRs who live up to the praise above. They said they use Equifax soft hit (to verify ID by asking history questions) and possibly ChexSystems. If funding next week goes smoothly, then ING just lost a lot of my money.  Thanks BG for the extra $50, since I almost opened last month. This deal pushed me off the fence, so hope they thank you as well.
Anonymous   |     |   Comment #23
it is expired.
Anonymous   |     |   Comment #24
I just saw this today. But the link to a page said the offer expired though this page says it is expired on 12/17/2010
AtHomeDad (anonymous)   |     |   Comment #25
Well, based on the customer service comments, and the fact that I have 10k available at the moment, I opened up an account for the $100 bonus, plus yield.

I am not likely to keep it open after the promotion period ends however. The 3 day delay in ACH transfers (my money is gone, but doesn't appear until after the 3rd business day, an effect of 4 days lost interest!) is archaic. I have several savings and checking accounts, and ALL of them operate with ACH transfers occurring in same day (assuming prior to cut-off time). Then, WTDirect adds a 7 day hold (fine for my purposes currently, but not fine for a normal, functional account).

Wow. Good banks are truly getting harder to find.
Anonymous   |     |   Comment #26
RE: "Great ACH transfer account - maybe a bit slow."

There ACH transfer is a LOT slow in my humble opinion and moderate experience.  
AtHomeDad (anonymous)   |     |   Comment #27
RE: Anonymous - #4, Monday, December 6, 2010 - 10:57 PM

"My only criticism of WT is they keep deposits in limbo for several days after they take the funds from my bank account and do not pay interest for that period.  For example, recently I made a deposit on Thursday,  they took the funds on Friday and did not credit my account until late Wednesday.  This is in my opinion unethical."

I second this comment, and would add that it is also archaic, and inexcusable in today's world. When I called to complain and offer my 2¢ to the wonderful CSR of this bank, I was reminded of the disclosures, rather than a "token" thanks for my input. I guess I'll have to be more clear about the intent of my comments when I close the account after the promotion ends.

I'm not normally a rate chaser, but decided to do this one because the benefits matched my current needs and available funds. However, seamless ACH is critical to me. I'll deal with it for now, but not for long.
Anonymous   |     |   Comment #28
RE: Anonymous - #17, Wednesday, December 8, 2010 - 4:19 PM

"I have attempted to open a new WT Direct account with the bonus today. However, the website continues to report an error when I submit my application. Has anyone else had this issue?"

This also happened to me when opening the account, but apparently the "error message" was in error. I simply checked my ability to log in before calling - and I was able to log in and see my account, including the transfer bank information. Perhaps a software glitch, or a mac browser interaction problem?
Anonymous   |     |   Comment #29
anus 7 how crude your name come on clean it up ken should ban you
Anonymous   |     |   Comment #31
Bonus has been credited to my account as of today.  Thank you WTDirect!!!
Rita (anonymous)   |     |   Comment #32
Bonus has been credited to my account  on 03/25/2011.  BUT they lower the rate

Thank you WTDirect!!!

Anonymous   |     |   Comment #33
Did anyone get any "incentive" bonus rate to keep their money there after the last new account promotion?  I was hoping they'd repeat it, but after my bonus posted 3/25/11, I've not seen anything other than the rate drop to 1.00%.  If they again offered .20%, I'd probably keep most of the funds there, but otherwise I'll move the bulk out.
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