Update: WTDirect has discontinued this promotion, effective Monday, May 24th 2010 at 8:45 am ET. There is currently NO sign-up bonus for new accounts.
WTDirect has made a serious play to become the best online bank with a one time bonus of up to $500 for new accounts. While other online banks out there are offering $20 here or $50 there, WTDirect has decided to come out with the largest bonus in recent banking history.
You might be thinking that a $500 bonus comes with a large amount of restrictions and tricky rules but that’s what makes this promotion even more special. For every $10,000 you deposit, you receive a $100 bonus, up to $500. It’s really just that simple but I’ve included the full details of the promotion below:
- You must sign-up for an account before June 15th, 2010 to qualify for the bonus.
- The promotional period is from June 15th – September 15th. Your average daily balance during this period determines your bonus amount. For example, if on September 16th 2010 your average daily balance for the previous three months is $37,500, your bonus amount will be $300.
- The bonus will be paid within two weeks after the promotional period has ended.
- You cannot have held a WTDirect within the last 12 months.
Previous WTDirect bonus opportunities had smaller deposit bonuses and when you factored in the average interest rate, one could argue the bonus only brought them in line with the best savings rates available. This time, WTDirect has made sure that no other bank can compare and have gracefully provided a graphic to show just how much money can be made after only 12-months.
Looking at this from a mathematical point of view, if you currently have an Ally Bank, Discover Bank or Sallie Mae online savings account and are thinking about taking advantage of this promo, you’ll need to invest at least $20,000 to do so. Anything less and you’re better off sticking with your current bank.
WTDirect is one of the few online banks that can boast a competitive savings rate, calls answered by live reps all the time and seven day customer service. Wilmington Trust is also one of the oldest and most respected online banks, so you know you’re money is in good hands. While they certainly aren’t for guys like me with just a few hundred dollars to invest, if you can afford to tuck $50,000 away, you’ll receive a one year interest rate of over 2%, which you can’t find anywhere else.