WTDirect Bank: 3.06% APY + Up To $250 Sign-up Bonus

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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:

$10,000 = $50 bonus
$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.

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  1. I can add that when I applied for the WTDirect $250 bonus they offered this fall that they credited the bonus as promised without incident. Great deal!

  2. you are NOT guaranteed 3.06% APY for the first 60 days.

    “For the first 60 days from the date the account is opened, regardless of the account balance, the account will earn our highest APY, which is currently 3.06%. “

  3. Thanks for the calculations on this deal. It’s true that you could earn a 6% APY for 2 months. However the effort might not be worth it if you are doing this deal for less than $50K. Furthermore depositors might be better off to purchase CD’s with a fixed rate, rather than make a nice return for 2 months and then have overall interest rates fall to zero..

  4. If I understand it correctly, you don’t have to transfer full balance you want to keep there for two months exactly by 12/22. You can fund it with just $1 on that day and then add more money in the beginning of January. However, there are bank holidays in between, so 12/22 might just be a safe bet to start the promotional period with full balance.

  5. This might be more work than the extra 2% is worth in my opinion. I switched to dollarsavingdirect last month and am pretty content with the 4% rates in the market.

  6. too much work for a small gain, not worth the time, no deal……….

  7. Thank you, I just sold some property and was just looking for a safe place to stash my money for a while. Has anyone else used WT Direct bank?

  8. thanks for the tip. moving over 50000 from wamu which is giving 2% at present..

  9. Very easy to accomplish. I used money market funds electronically and it worked very good. Thanks. 250 + the interest is a good deal in todays market.

  10. Also made the $50k move–this beats the interest on my money market by a wide margin, and will keep me from losing it in the market for a couple months. As history is a guide, this means there will be a huge uptick in the market for the next couple months.

  11. Opened account on Sunday and selected immediate transfer option (without waiting for trial depoists). The money was taken out of my bank on Monday (yesterday). oes anyone know how long the ACH transfer process is for WT (during which time I lose interest)?

  12. Opened the account on Dec 2, verified the deposits on Dec 3, money showed up in the account this morning, Dec 9. There were definitely a few days of interest-free limbo.

  13. “Bonus will be credited to client’s WTDirect account on or about the second week of March.”

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