WTDirect has launched a winter promotion for their 3.06% APY online savings account. Not really the HOTTEST deal out there, but worth mentioning.

• OPEN a new account — use promotion code “WTG3DNC”
• LINK an existing bank account to your new WTDirect account during the application process.
• FUND your new WTDirect account by initiating an online transfer by 12/22/08.
• EARN your bonus — calculated by determining the average balance from 1/1/09 – 2/28/09.
• During that time, you will have 100% access to your funds.
• RECEIVE your cash bonus in mid-March. It will be deposited directly to your WTDirect account.

Hat tip to Patricia D. for writing in about E-LOAN’s 1-year CD. This is one of the best rates out there right now (I know, I just personally opened a 1-year CD during the weekend), and on top of that, they’re giving a free $25 bonus.

There is a $10,000 minimum deposit.

Enter the code “times25″ to take advantage of this offer.

Given the current state of the economy it is even more important for taxpayers to do everything they can to slash their tax bill.

Bob Meighan, CPA and vice president at TurboTax says there’s still time for taxpayers to take advantage of some easy, year-end tax tips:

Sell losing investments
Taking a loss this year may help taxpayers offset tax from other gains or income, but that loss is limited to $3,000. Any amount in excess of that must be carried over to their 2009 tax return.

Donate to Charity
Donating clothes, toys, household goods and other items to charity before Dec. 31 may help taxpayers who itemize claim bigger refunds while helping someone else. Using software like TurboTax helps taxpayers accurately value donations in accordance with IRS guidelines so there’s no need to guess at an item’s fair market value.

Prepay some bills
Taxpayers can prepay a few of their 2009 bills in 2008, and get to write them off on this year’s tax return. This includes mortgage payments and predictable medical expenses, like braces for the kids.

One other thing to remember
Taxpayers that did not qualify for an economic stimulus payment in 2007 are getting a second chance. People who had financial or other life changes in 2008, like a lost job or a new baby, and now meet the requirements may be eligible to receive a rebate in 2009.

Just kidding.

Some suspicious developments though…

Official 6 Page Long TARP Application
The ENTIRE 6 PAGE TARP APPLICATION is out. LOL, I’m stunned how short it is—I had to fill out more info just to get a loan on my car!

TARP Loophole
Out on the markets, it looks like the corporate weasels are out in full force and trying to grab a piece of the $700 bln TARP funds. Apparently, all you gotta do is buy a bank or reclassify your corporation to be a bank.

Last week, Hartford Financial Services, a $4bln insurance company, acquired a tiny $10mm savings & loan bank in Florida, and now they are applying to get their share of the TARP money. The details are still unclear, but it seems that by spending $10mm to buy a bank, Hartford is now eligible for billions in taxpayer financed liquidity from the government?

Don’t forget about American Express, which changed it’s corporate structure to a “bank holding company” so that they too could participate in the TARP program.

And now, Genworth Financial is following suit and acquiring a tiny bank in Minnesota so that they too can claim to be a “bank” and be eligible for TARP $$.

Fleecing of America
As far was I can tell, the US taxpayers have been ROBBED… Your tax dollars have found their way to the pocketbooks of the likes of JPMorgan, Hartford Financial—and who knows, maybe even GM (which also happens to operate GMAC Bank!) & Ford? This $700bln in TARP money, which was originally meant to buy “troubled assets”, is now up for grabs by corporations that pretend to be banks.

Everyone’s lining up at Secretary Paulson’s doorstep, looking for their piece of the pie…

Intentional Consequences?
Anyways this is fairly complicated topic, so what are your comments on this? Did proponents of this anticipate this financial circus? or was this their end game plan all along?

And before I forget, where’s the oversight?!

In lieu of the Federal Reserve’s interest rate cut a few weeks ago, CD (certificate of deposit) rates have followed suit.

According to Bankrate national data, 1-year CD rates, which were once strongly trending higher, have fallen about 5% from their October highs.

National 5-year CD rates are holding steady at 3.90% APY. For the time being, it makes more sense to stash your cash in money market and savings accounts.

Hat tip to Bankaholic reader Jeff N. for bringing up this deal.

Open a E-LOAN Savings Plus account and they will credit your account with a free $25 bonus.

Promotion valid for one new Savings Plus account for each new customer. To qualify for the $25 bonus the promotion code “plus25″ must be entered on the application and submitted prior to December 18th, 2008. The account must maintain at least the original balance for sixty (60) days to qualify for the promotion. The $25 bonus will be posted as an interest credit to the account within 90 days of account opening.

Barry Ritholtz has an interesting article that takes a look at how financial markets fared during Bush’s presidency… For example, below is a chart of oil prices for the last few years.

The full article is chock full of interesting charts. Read the rest of the article here.

National City is running a promotion on their checking accounts. Jump through some hoops and you can score a free $150 VISA gift card.

1. Apply online, visit your local National City branch or call 1-800-622-6650 to open your checking account by 12/31/08.

2. Use our Switch Service to set up a $250 direct deposit from your paycheck into your new checking account. Direct deposit must be received within 60 days of your account opening.

3. Accept our free National City Visa CheckCard** and make at least 10 purchases within the first
60 days.

Offer expires December 31, 2008.

It’s been a dismal October, so lets party the sorrows away!