Here’s another decent deal with hopefully minimal drama. Online bank WTDirect is offering up to a $250 cash bonus for opening a new account and keeping a certain minimum average balance for January and February. WT stands for Wilmington Trust FSB, which is FDIC-insured and all that good stuff. Your bonus depends on your average balance:
$20,000 = $100 bonus
$30,000 = $150 bonus
$40,000 = $200 bonus
$50,000 = $250 bonus
Must be funded by ACH transfer initiated by 12/22. You must type in the promotion code WTG3DNC, or simply apply.
This offer is available to new WTDirect clients only. To receive the bonus, clients must enter the promotion code “WTG3DNC” at the time of account opening. There is no minimum balance required to open the account. WTDirect account must be funded via electronic (ACH) transfer which must be initiated by 12/22/08. 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. Account must remain open and in good standing through the end of the promotion period. Bonus will be credited to client’s WTDirect account on or about the second week of March. WTDirect reserves the right to cancel or modify this promotion at any time without notice.
How good is this bonus? To start, you are already guaranteed 3.06% APY for the first 60 days, which using my APY to APR calculator gives you roughly 3% APR. On $10,000 for two months, that’s 10000 x 0.03/12 x 2 = $50 in interest. Since the bonus is also $50 for a $10,000 balance, you’re basically getting double the interest, or roughly 6% APR during these two months.
Alternatively, if you’re trying to see how much more interest you’re earning as opposed to DollarSavingsDirect or FNBO Direct, even compared to 4% APY you’re looking at least $30 extra interest for every $10k invested ($150 on $50k).
So if you’ve got the cash, I’d put in $50k to max out what is basically a 6% APR 2-month CD. There is supposed to be no hard pull. I’d also do it sooner rather than later, as you still have to verify some trial deposits to set up the ACH by the 12/22 deadline.