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
| Balance | APY | Timing |
|---|---|---|
| $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
Copyright © 2009 The Digerati Life. All Rights Reserved.
{ 12 comments… read them below or add one }
I’ve seen this offer posted on a couple of other pf blogs and it seems like a good deal. The more high yield savings accounts available, the better.
Yes, I am sure everyone wants to report the same good news! 😉
It’s a fairly short promotion — it only runs for 2 weeks, so I guess bloggers did not waste any time writing about it. 🙂
We’re here to report what’s available out there!
My daughter has been looking for a place to get the highest return possible; I appreciate this information which I will forward on to her. Thanks!
I recently received an email from DollarSavingsDirect.com offering 3.75% on an initial deposit of $1,000.
It is part of Emigrant Bank.
Went to website could find no negatives.
@Art,
Thanks for pointing that site out. I shall have to check it out!
Also check out Everbank.com offering a 4.76% APY for Money Market and Checking. No bonus though. That lasts for 3 months, then reverts to 3.51% APY. The one negative was you could only invest upto $50,000 for the intro rate. I am in there now.
I use WaMu’s online savings, which has no minimum deposit, and they’re at 3.5 last I checked (but they adjust regularly). If only I had $10,000 to put into that other savings though *sigh* one day…
Just want to let everyone know that this promotion is no longer available! However, note that you can still sign up for a WTDirect high yield savings account that returns a 3.31% APY (see details in my post above).
Thanks to all those who’ve offered some great suggestions for high yield savings accounts. The time is nigh for finding the best returns for your cash!
I need to find a new bank. I left countrywide when I heard bankruptcy tales. And I just jumped into another bank without really looking over the market.
WTDirect’s been around a while, the only downside I see is that the 3.31% APY rate requires at least $10k. They don’t have the highest rate AND they require a minimum of $10k… booo. 🙂
Cool program. I used to work for GE Capital. They are one of the best companies I’ve ever worked for in terms of stuff that they offer their employees. I found out about GE Interest Plus there and have been a dedicated member ever since. It’s a high yield checking account. It is NOT FDIC insured (at least it didn’t used to be), but is backed by GE, triple A rated, and one of the top 5 or so market caps in the world. Basically, you’re money is good with them.
Plus there is a floor rate that is good for low balances, but you get more as you deposit more.
Joe
Why I thought they didnt need any minimum balance. Anyway I like their interest rate. And the talk about the bank has also been good so far.
Fran.