WT Direct $500 Promotion: Earn 5% APY For 3 Months

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(The promo below was discontinued after 3 days. Sorry, I warned you guys!)

The online division of Wilmington Trust Bank, WT Direct, is running another promotion for new customers. You can get up to a $500 cash bonus on top of the standard interest rate (currently 1.16% APY) if you open a new account and maintain a certain balance for 3 months. Here is the offer text:

Join WTDirect now and for every $10,000 that you deposit, we’ll give you a $100 cash bonus, up to $500!* Just open and fund your account by June 15th, maintain your initial deposit for three months, and you’ll receive a cash bonus.

The Numbers: Like a 3-month CD paying over 5% APY
This offer is basically a 1% flat bonus on your deposit after only 3 months if you deposit a multiple of $10,000. How does this work out when converted to an interest rate? To start, you are already getting 1.16% APY. On $10,000 for 3 months, you’ll get $28.40 interest and $100 bonus. That’s roughly 5.15% APY during that time.

Therefore, you can treat this bonus as a 3-month CD paying over 5% APY, more than 3% higher than any other available 3-month CD out there, and works for deposits up to $50,000:

Application Process and Setup

I’ve already opened a WTDirect account for a previous bonus, so here a quick summary of what to expect when applying. First, they gather the personal info. Second, they use the now-popular Equifax ID check questions to verify your identity. Third, you can fund electronically with account and routing numbers, although you must come back and verify trial deposits later. Finally, you can electronically sign the application and disclosures. There were no physical forms to send in, although a welcome packet does arrive by mail. They state explicitly that there is no credit check.

As for practical matters, WT Direct’s online transfer system allows unlimited linked banks, and transfers to external accounts are free both in and out with a 2-3 day transfer time.

Final Details
You must click through the promotional page and not the regular front page, so that the promotion code of dxxxc01 should already be filled in for you. WT Direct offers can be pulled early (and have been in the past), so don’t dawdle too long if you’re interested…

The fine print:

This offer is available to new WTDirect clients only. Primary 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 6/15/10. Bonus is based upon the lowest daily balance during the promotional period of 6/15/10 – 9/15/10. Bonuses will be paid approximately 2 weeks after the end of the promotional period to clients whose accounts are 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.

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  1. thanks for the tip. glad I didnt dump my money into ally 5 year CD. even their 1.16 rate beats my current 1.10 at hsbc.

  2. Can my wife open an account (since she never had an account with WTDirect) and fund it via electronic (ACH) transfer from my WTDirect savings account which I opened last year. Funding from another WTDirect account is allowed?

  3. @john – I don’t know, but I would probably avoid it, because that probably means that the name on your account and her account don’t match (although it’ll probably go through) and if the check later on, it might disallow your bonus. I’m pretty sure they’re going for “new” money, but if you don’t mind that possibility, you could try.

  4. Hi! I just opened an account, and it says that the name on the transferring & receiving account have to match.

  5. Tehcnically says

    IF they pull this early, the account will technically need to be open from now, 5/24/10 (business day) through 9/15/10; and begins 6/15/10.

  6. @Technically – Yes, but you can just open with $1 for now if you wanted, as you don’t need to transfer in the $10,000+ until 6/15. You’ll still be eligible for the promotion as long as you’re signed up under it.

    Or for simplicity you could just move it all over now and get a slightly lower overall APY, depending on what APY you were earning otherwise.

  7. Just tried opening up an account. During the “credit check” portion, were the questions that everyone else got incorrect? It seems like only 1 of the questions I verified was spot on. Anyway, I’m currently waiting on an email from them. I hope it all goes well.

    P.S. Thanks for the suggestion Jonathan!

  8. Thx for the post – I too opened an account.

    Those questions Mario refers to are probably intentionally that way to keep someone from just guessing. They aren’t really incorrect though, since there is a “None of the above” option.

    I wish WT had the OFX download option, but there usually isn’t too much activity with a Savings account anyways.

  9. I tried to open. But their website with this promotion must be REALLY busy.
    They say

    Processing Error

    We apologize, but there was a communication error in our systems while processing your application. Your application has not been submitted.

    Or they don’t want to give me $500!?%&(&&%$$!!!

  10. Thanks for the tip.. just made 500$ + around 28$ per month more based on your ultimate interest rate chaser calc. 🙂

  11. I now get “This offer has expired…”

  12. Unfortunately the offer has expired 🙁

  13. Ouch… that was quick!

  14. What about those who opened their accounts over the weekend, but are pending approval?

  15. I tried application on 5/23 again and it is pending approval.
    Just called WT direct to confirm my application with promotion. CSR says as long as I submitted application before 5/24, and application is approved, I will get the bonus.

  16. I opened the account on 5/21. I was able to log in but it kept saying wait for 1-2 business days for the account to be setup. I called the bank. A friendly rep immediatedly activated it. I verified the trial deposits and today the money was withdrawn from the source account. The bank CSR confirmed that the promo code is on my account. Let see what happens in 3 months 🙂

  17. In case anyone happens to check this:
    I was about to pull my money back out of WTDirect after the 3 months and decided to call them first.

    For people who took advantage of the promotion, they are raising the interest rate to 1.40% from October 15, 2010 thru April 15, 2011. They are doing this automatically; it does not have to be requested.

    So now there’s no rush to transfer the money back to my Ally account.

  18. This bank is awesome. On top of raising my interest rate, they decided to send me a Christmas gift too. While the Crystal Glasses they sent me may be cheap (I haven’t seen them) the gesture alone means a whole lot to me. What other bank would go to such trouble? Not USAA and I’ve been a member for 9.5 years, not Capital One been a member for 2 years.

  19. @Mario – The question is.. .how much money do you have sitting at WT Direct? 🙂

  20. The glasses aren’t cheap – they are Riedel Riesling 13 ounce tumbler glasses, (although i thought wine was usually poured into stemware). Regifted them to my daughter as she got engaged during the holidays.

    I agree Mario, the rate is close to or better than 5-year CD rates at most banks, and the gesture was great, so I’m leaving my $ there at least until CD rates improve.

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