I’ll count the WTDirect Savings Account as one of the better known online savings accounts that’s in the market today. If you’re looking for a place to park your savings, the WTDirect account may serve as a great spot for your cash or emergency fund.
Now not all bank accounts are created equal: I believe that WTDirect is best suited for higher net worth individuals and those who care about a more personalized service that’s associated with an online account. For those who expect greater flexibility, accessibility and convenience from their savings account, then the WTDirect Savings Account may be a good fit for you, if you don’t mind the higher balance required to allow you to earn the highest interest rate that’s offered.
WTDirect Savings Account Review
Here are just some of the features I like about this product:
- It’s got a reasonable interest rate of 1.21% APY, which you’ll earn for the first 60 days from the date the account is opened, regardless of how much you have in the account. But in order to keep earning this designated APY beyond the 60 days, you’ll need to maintain an account with at least $10,000 in it. If you are unable to keep this balance, your interest will fall to 0.15% APY after the 60 days are up.
- The WTDirect savings rate of 1.21% APY is among the top 5% of what’s offered by U.S. banks; it’s also 6 times the national statement savings average.
- Their customer service is easy to reach and promises to be always available. You’ll reach a customer service agent anytime, 7 days a week.
- Your funds are of course, FDIC insured to the maximum allowable limit.
- There are no minimum balances nor hidden monthly fees charged.
- There is no minimum deposit required to open an account.
- You are allowed higher transfer limits, since this savings account is geared toward higher net worth individuals (with higher balances).
- You can receive next day transfers if you qualify. Most banks don’t have this kind of convenience and benefit afforded to their customers.
- You can associate your account with any number of external bank accounts. That is, you can link your WTDirect account to an unlimited number of external accounts you own.
- You’re allowed to initiate transfers from another bank.
- There are many ways to move your money, which supports the fact that this account is one that’s geared towards convenience and accessibility.
- There’s free mobile banking so that you can access your account anywhere you go. You’ll be able to check your balance, view your account history and make transfers with your browser-enabled smartphone.
- You can open an account under any one of several personal account registrations, including Totten Trust and Beneficiary Accounts.
The WTDirect Savings Account stands out by sporting an above average interest rate, being an online high yield savings account. Such accounts, especially those from top banks like Wilmington Trust (the bank behind WTDirect), have typically higher rates due to the lower cost model they follow as an online savings product. Online banks tend to have lower overhead than their brick and mortar counterparts.
Hopefully the information we’ve presented here will give you enough information to decide if WTDirect is indeed a savings account that will fit your needs.