Available now is a high-yield savings account from WTDirect.  WTDirect is a division of Wilmington Trust FSB of Baltimore Maryland.   Founded in 1903, the Wilmington Trust family of companies maintains offices in the U.S. as well as abroad and employs 2,500 people.  Including their affiliate money managers they have more than $48.1 in managed assets.  They pride themselves on their long-term growth strategy and stability while minimizing volatility.

This high-yield savings account features an interest rate of 3.31% APY with a balance that is built up to $10,000 after 60 days.  Otherwise, the rate drops to .50%.  There is no minimum to open the account.

You can make unlimited deposits and up to six withdrawals per calendar month or monthly statement cycle.  You also can transfer money between WTDirect and your other financial institutions.  There are no transaction or inactivity fees.  And, no checking account is required in order to obtain the high rate.

WTDirect has a $0 Liability Guarantee with restrictions in the event of an unauthorized transaction on your account.

There is only one caveat to this account buried in the fine print:  “You understand and agree that we may from time to time impose additional charges in connection with your Bank to Bank Transfer transactions. We will notify you of such fee in advance of the transaction. If you choose to proceed with the transaction, you authorize us to debit your account in the amount indicated.”  These institutions almost always provide for activities such as these, but it is better knowing about them up front.  Read the account details before you open an online savings account with any institution.

Tags: money, online savings account, savings

This entry was posted on Saturday, November 1st, 2008 at 11:04 am and is filed under reviews. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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