WTDirect [1] is once again offering a sign up bonus. Lots of readers took advantage of their winter blast promotion back in December. The program is similar, but with lower payouts; we’ll cash in for Free Money [2] Friday.
How to Get Your Sign up Bonus
- Open a new WTDirect [1] online savings account.
- Verify that you see a promo code starting with the letters “WFIT†on the application.
- Updated: Fund your account by
July 31, 2009August 15, 2009. - Keep the money in the account until October 31, 2009.
- Get your bonus around November 20.
Amount of the Bonus
The amount you earn will be based on the initial funding level. Here is the WTDirect [1] bonus schedule:
| Balance | Bonus |
|---|---|
| $10,000 | $25 |
| $20,000 | $50 |
| $30,000 | $75 |
| $40,000 | $100 |
| $50,000 | $150 |
WTDirect
Here is more information about WTDirect [1] and the bonus offer:
- FDIC Insured.
- No fees.
- This offer is available to new WTDirect clients only.
- Primary account holder must not have held a WTDirect account in the past 12 months.
Do the Math
As always, with a sign up bonus offer that ties up our money, we have to figure out if it’s a good deal.
The WTDirect [1] account earns 1.76% APY for the first 60 days no matter what the balance is. It will stay at 1.76% APY after that as long as you have $10,000 on deposit.
Once you add the interest together with the sign up bonus, you should be able to get almost 2.96% for the three months at the $50,000 level. For the lower levels, it looks like you’ll get 2.76%. The calculations ignore the time it takes to make the ACH transfers.
At any level, it clearly beats other market leaders like Ally Bank [3] and Bank of Internet [4], right now.
It’s a great deal for those of us who need to renew a portion of a CD ladder [5] or who have idle credit card arbitrage [6] money.