Looking for a relatively easy way to make $500? WTDirect just launched a pretty rich savings offer today. When you open a savings account with them, they'll pay a cash bonus of $100 for every $10,000 you deposit, up to $50,000. That means you can make $500 for depositing $50,000 into the bank. The offer is good until June 15.
You only need to keep the money in the bank for three months to receive the cash bonus.
So, let's take a look at the economics of the offer. $100 for every $10,000 deposited equals a 1% return. WTDirect is on the high yield savings account list with a rate of 1.16%. That means the effective rate of keeping your money with them for a year is 2.16%, which is the highest of any bank on the BestCashCow rate tables.
The nice thing about WTDirect's offer is you only need to maintain the money in the bank for 3-months. That means the annualized return is actually 4%.
WTDirect is the online division of Wilmington Trust Corporation (NYSE: WL), a $48.1billion asset financial services company with more than 2,500 people worldwide. The company was founded in 1903 by members of the duPont family. It is the largest banking company in Deleware and the 15th largest personal trust institution in the United States.
The bank was rated 3 out 5 stars (Adequate) for its safety and soundness according to Bauer Financial.
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