If you’ve got a good amount of savings built up, check out this high yield savings option for those carrying larger balances.
WTDirect is one of the online banks we cover. If you’re looking for a solid online savings account, you can take a look at WTDirect High Yield Savings Account, which currently returns a safe 1.11% APY. Now WTDirect accounts are usually a good choice for high value account holders, since the bank’s rates and bonuses typically apply to those with greater balance amounts.
WTDirect is the online banking arm of the publicly traded bank and trust that is Wilmington Trust, which is considered as one of the more established banks around. Following are some of the reasons why it’s a great bank to consider for your funds.
WTDirect High Yield Savings Account Features
1. Top interest rate.
WTDirect High Yield Savings Account sports an interest rate that’s among the highest around; its rate is consistently among the top 5% of banks in the nation. A WTDirect high yield savings account earns an annual 1.11% return with a few caveats. You can open an account with any amount — no minimum balance is required. For the first 60 days, you’ll earn 1.11% on your money right away. But after 60 days, you’ll have to deposit enough funds to reach a balance of $10,000 in order to maintain the 1.11% yield. If your account balance falls under the $10K level and you’re unable to reach that target balance, your APY will be readjusted to 0.50%, otherwise, the APY stays at the higher rate.
2. A safe and solid online banking choice.
WTDirect belongs to the Wilmington Trust family of companies, which has a strong reputation that’s lasted over a century. Note that Wilmington Trust does not carry subprime mortgage debt and is one of those banks that avoided the mortgage crisis in this respect. If you’re looking for a stable place to put your money, this bank account is an excellent option.
3. Your account is FDIC insured.
It goes without saying that your account is insured by the FDIC and backed by the government for up to $250,000 per account.
4. Great customer service and site usability.
They score well on customer support, site usability and overall service.
5. No minimum balance requirements and no fees.
You only need $1.00 to open an account and even so, you won’t be charged any fees for maintaining a very low balance. But take note of the particulars we mention above: the rate you will earn will depend on the amount in your balance.
They’re keeping up with the interest rate changes in this economy, which are in line with current trends.
6. High transfer limits.
Transfers to and from WTDirect are straightforward and can be done electronically. And there’s no need for a checking account to receive the high rate.
WTDirect’s Current Rate Table
|$1 and up||1.11%||Effective from 0 to 60 days your account has been open.|
|$10,000 and up||1.11%||Takes effect after 60 days from the time your account was opened.|
|Under $10,000||0.50%||Takes effect after 60 days from the time your account was opened.|
My take: WTDirect is a great bank for those who maintain high balances in their savings accounts. If you need a place to keep at least $10,000 with full liquidity, then this high yield savings account may be a good option. Note that because you can link existing accounts to your WTDirect savings account and since electronic transfer features are provided, it makes it easy to move that money around.
Note as well that WTDirect’s APY is comparable to that of other savings options such as the ING Direct Electric Orange Account, which at the moment, is lingering around .20% to 1.10%; other popular high yield savings accounts that I’ve come across are Etrade Bank’s Complete Savings Account (now returning 0.40% APY) and FNBO Direct’s Online Savings Account (returning 0.70% APY).
How To Apply For An Account
Please visit the WTDirect site for more details.
Created: August 23, 2008; Update: September 23, 2009
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