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.

Five days ago I reported that Bank of America's dividend was at 11% and that the stock might present a good buy. Did I listen to my own advice? No. Today, BofA was up more than 20%.

I wrote at the time:

"So who is an investor to believe? I personally think Bank of America is a pretty savvy operation and that they knew what they were buying with Countrywide. They probably were able to model a range of losses that they would experience with their porftolio and included that in their business projections. Surely, their data is more accurate than the models created by Wall Street bankers who have no first-hand experience with the mortgage markets.

I also believe that if you look at Bank of America's stock, it is back to its 2001 values. That means that all of the gains of the last seven years, the height of the mortgage and housing bubbles have been wiped out. I also think that's reasonable."

I still believe that. I expect a few more bumps in the road with financials. I don't think the mortgage or overall credit crisis is fully over. Maybe sixth or seventh inning and banks will take a few more hits. But I also believe that markets have priced most of this in. The near insolvency of Fannie and Freddie certainly lowered future expectations.

Is the BofA still a good buy? Maybe, but not as good as it was a week ago. I'm still kicking myself for not buying.

The WSJ is reporting that Kerry Killinger is gone as CEO of Washington Mutual. For the savings account and cd holders on BestCashCow, his tenure has been great. In the banks attempt to survive, they have boosted their online savings rate to one of the highest in the country.

But for stockholders, the last year has been horrid.