WT Direct - Wilmington Trust Online Savings Accounts
The is offered by Wilmington Trust Bank online. Like other hybrid online savings accounts offered by traditional banks, it combines some of the benefits of online banking with access to bank branches and more personalized service. It offers attractive rates for those who maintain an online savings account balance of over $10,000, there are no fees, and you're not required to have a Wilmington Trust checking account in order to get the highest rate from your WT Direct online savings account. Their top rate is consistently among the top 5% of U.S. Banks.
Security Features
WTDirect accounts also feature a $0 liability guarantee for online fraud, which can help set your mind at ease if you're worried about online identity theft. And of course, all accounts are FDIC insured, and online access is over a secure connection.
Not Great for Small Balances
There is no minimum deposit to open an account, and there are no monthly fees for small balances. Further, everyone gets the top rate for the first 60 days. After that, however, WT Direct accounts with balances under $10,000 have their rates reduced to levels more typical of standard brick-and-mortar bank accounts. So if you pan to hold less than this amount in your account after 60 days, you'd probably be better off looking at
online savings accounts from ING Direct
, or
WaMu online.
Their top rates are lower than WTDirect, but they pay much better rates on smaller balances.
Other Benefits
WT Direct accounts may be linked to checking accounts at other banks, and moving money electronically is fast and easy. Transaction limits are also very flexible, with unlimited deposits and 6 free withdrawals per month.
Bottom Line
The from Wilmington Trust online is a solid offering for those who plan to save $10,000 or more.