WTDirect Review: A Review of WTDirect.com’s Online Savings Account (NYSE: WL)
January 3, 2010 by admin
WTDirect.com, a division of Wilmington Trust FSB, is offering a competitive 1.41% APY online savings account. Here’s our WTDirect review:
Wilmington Trust FSB’s parent corporation has been in business for 106 years. The bank prides itself on surviving “20 U.S. recessions, 18 U.S. presidents, two World Wars, and one Great Depression.” Wilmington Trust FSB is part of Wilmington Trust Corporation, which is publically traded as “WL” on the NYSE stock exchange. Wilmington Trust Company is based in Delaware and is one of the largest personal trust providers in the United States.
After our review of WTDirect.com’s online savings account, we can say definitively that WTDirect is an excellent high-interest and low-fee online savings account. WTDirect.com charges its online savings account customers no monthly fees and requires no minimum balance to open the account. Your WTDirect online savings account is FDIC insured and also provides you the peace of mind knowing that you have no liability for any unauthorized transfers away from the account. You’re completely protected from cyber-theft with their account.
WTDirect is unique from other online savings accounts in that it offers its customers the ability to transfer in and out large amounts of money, such as for customers saving for homes. Most banks will limit your monthly transfers to a few thousand per month, but WT Direct has a maximum deposit amount of $500,000 per month and a maximum withdrawal of $200,000 per month, so that you can move in and out large amounts of money if you need to. Qualified customers will also be able to receive next-day transfers.
The bank also features a number of other handy features, such as free mobile banking. WTDirect allows consumers to make an unlimited number of links to other accounts and allows for external ACH transfers. WT Direct also allows its customers to open up a number of different types of accounts, including joint account and beneficiary accounts. (WTDirect’s Routing Number is 052173464.)
The rate that WT Direct is offering is also very competitive. It’s easily within the top 5% of the country. Currently (as of 1/3/2010), WT Direct is offering a 1.41% APY for accounts with balances of $10,000 or more. That’s well above the national average of 0.23% that BankRate.com is publishing.
The company rightfully sells itself on the peace of mind that its customers can have about the security of their funds. The company has been in business for over a century and has great online security measures. BankRate.com agrees that Wilmington Trust FSB is financially stable giving it a 3-star “performing” rating on its “Safe and Sound” rating system.
If you are interested in a WTDirect.com online savings account, you can apply online at WTDirect.com
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