Once upon a time…

We didn’t have options like WTDirect.  Back in the dark ages (a few years ago), most of us set up savings accounts in a similar manner.  We’d walk into our favored branch of our local bank and we’d say, “I’d like to open a savings account.”  We’d fill out a form, we’d fund the account, and they’d hand us one of those cute little passbooks.

End of story.

While that seemed like a wonderful system, it really was more than slightly flawed.

We weren’t shopping for the best interest rate.  Our regular bank might not have been an ideal choice.

Even if we did go rate shopping, we limited our investigation to banks in our immediate physical vicinity.  Again, that limited our chances to get  the best returns, customer service and account options.

The only perks we’d receive for opening the account were cheap bank calendars.  Well, you might get a free toaster if you were funding an account in a major way, but those were reserved for high-rollers.

The Internet expands our options…

Today, you’d be a sucker to set up your savings accounts the way we once did.  Technological developments allow us to reach out to banks all over the place, giving us a shot at more features, more flexibility and higher interest rates.  That access has resulted in more competition between banks.  In turn, that’s led to better accounts.

Now, we can choose between several different high-yield savings accounts we can administer via the Internet.  It makes saving easier and more profitable.

All of that progress does create a challenge, however.  We have to determine which of the many available savings options are really worthy of cour consideration.

WTDirect…

WTDirect may not be the most well-known web-accessible high-yield savings accounts, but it does seem to be growing in stature and popularity.  It’s definitely a player in the field.  Today, I want to provide you with a handy overview of WTDirect.  Hopefully, this information will help you to decide if you’d like to open an account there.

The “WT” in “WTDirect” stands for Wilmington Trust, FSB.  That’s the bank that handles these accounts.  They’ve been around for a whopping 100+ years and they’re a wholly legitimate and stable financial institute.

WTDirect clears the first hurdle of account acceptability easily.  It’s a legitimate savings account with a real-life bank you can trust.  You’re not going to lose your dough overnight and if, for some crazy reason, Wilmington Trust finds itself in collapse, your funds are FDIC insured.

What makes WTDirect different or interesting?

Let’s be honest.  The difference between one savings account and another is usually fairly marginal.  It’s not as if you’re going to see radically different products as you review your options. WTDirect isn’t doing anything you haven’t seen somewhere else.  It’s a savings account, not a new Cirque de Soleil production.

That being said, there are a few reasons to appreciate their account.

• There’s no minimum account balance.
• They pride themselves on personal customer attention.  If you call them, you talk to a real staffer who should be able to help you.
• They provide very competitive account interest rates.  In fact, they usually offer rates well above those associated with other savings account options.
• They won’t reduce interest rates on high balance accounts.
• They offer higher transfer limits than many other banks.
• They frequently have exceptional offers in order to attract new customers.

What are other people saying about WTDirect?

I’m not the first person to examine this high-yield savings account provider.  Others have weighed in on WTDirect.  You might be interested to know what they had to say.

MoneyNing gave WTDirect a rave review, stating:

I didn’t think I would say this but my great experience with customer support have won many points for this bank. Coupled with having one of the highest interest rates, WTDirect is one of the best banks out there for my circumstances.

Bible Money Matters echoes those sentiments, concluding:

At the time that I wrote this, WT Direct currently offers some of the highest interest rates in the country and their accounts are FDIC insured (to find current updated rates, go here).  Add to that their solid financial history and great customer support, you have a solid bank offering.   If you’re looking for a good high yield savings account where you can put your money, I think WT Direct should be near the top of your list.

CashMoneyLife gave WTD direct 9 out of 10 possible stars in its review, noting:

Overall, I would give the WTDirect Savings Account a 9 out of 10. The pluses are some of the highest interest rates in the country, strong capitalization, solid online security, excellent customer service, and an intuitive user interface.

All in all, it looks like Wilmington Trust’s high-yield account is a winner.  Before you shift your savings you should know one thing, though…

There is a (slight) catch…

The main reason you’d want to use an account like WTDirect’s is because it offers you a shot at much higher interest rate than you’d find at your local bank.  That’s what makes up for the lack of a free toaster and an excuse to get a free cup of coffee and a lollipop, right?

Well, WTDirect does offer much better rates on your savings when you open the account.  For the first 60 days, in fact, you’ll receive their top rate (the one they advertise).  After that trial window closes, you’ll only hit that mark if you have more than $10,000 with them.  If your balance falls under that mark, you’ll earn interest at a slightly lower rate.

That’s a set of circumstances common to most high-yield accounts.  You get the big rate when you sign up but you need to feed the kitty if you want to keep it.  As such, it’s not a reason to avoid the bank.  It’s just something you should know.

MoneyBlueBook explains that the two-tiered interest system isn’t a death knell for WTDirect and why those of us who may not be ready to toss ten grand in Wilmington Trust’s direction right off the bat should still consider opening an account:

WT Direct’s top interest rate has historically and consistently ranked in the top 5% of all banks in the U.S., and the hassle free experience and fairly extensive customer support have been well touted by editorial commentators. While the tiered interest rate system of the WT Direct savings account after the initial 2 month trial period may appear as a downside to many smaller deposit holders, the bank account offers numerous benefits, features, and promotional bonus perks that still merit serious consideration.

The bottom line on WTDirect…

Flexible account options.  Good customer service.  Highly competitive interest rates.  A stable bank.  No toaster.

Thumbs up.

You can set up a new account ($1 minimum balance) in a matter of minutes by visiting WTDirect.