WTDirect is among the top five percent of U.S. banks for savings rates, and they even give you a chance to test drive the account with no risk to yourself.

At the time of this writing, opening a savings account with WTDirect gives you a return of 1.66 APY for the first two months no matter how much you put in the account to begin with. Once that two-month period is over, you then must maintain a minimum of $10,000 in the account to get the highest savings rate.

That’s a nice feature because a number of banks bring down the interest rate in a savings account as the account gets bigger.

There is also no restrictions on needing have a checking account with the company in order to have a savings account with a higher interest rate. Another nice feature is there is no minimum amount needed to open or maintain an account, and no fees regardless of how much money you have in it.

Also included is the current FDIC guarantee of up to $250,000 for your savings. As with all U.S. FDIC-guaranteed accounts, that will revert back to $100,000 as of January 1, 2014.

What’s nice about this for savers, depending on how you like to do your banking business, is this is one of those built-in savings accounts which can work good for those not concerned over moving their money in and out of an account. For two months you can get a good return with no minimum amount in the account, and no fees.

And if you like your experience, and have $10,000 available, you can always just keep your money in the WTDirect savings account if you choose to in order to get the higher interest rate.

You are also allowed to transfer any of your funds between your WTDirect savings account and other financial institutions you use; something not all banks allow.

Tags: online savings, online savings account, online savings accounts, savings, savings accounts, savings plans, WTDirect Savings Account

This entry was posted on Monday, September 28th, 2009 at 7:00 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.

• Is your checking account balanced? It seems that balancing a checkbook is a lost art. This actually makes sense at first glance, since the use of checks themselves has declined dramatically. But while many people just take a look at their bank balance online to...
• 5 Things to Look For When Picking a High Interest Bank If you're interested in leveraging your credit in a safer environment, credit card arbitrage is one of the best ways. In order to succeed, you need to make more interest than your low interest balance transfer offer and for that...
• What to Ignore and Watch for in the New Credit Card Rules If you are a baby boomer who is serious about being financially prepared for retirement, there are (in my humble opinion) some very good reasons why you can ignore the new credit card regulatory rules that went into effect on...
• Ben Bernanke Wants Personal Finance Blogs Out Of Business! According the the Wall Street Journal Economics Blog Fed chairman Ben Bernanke, in a speech today, stated the importance of financial literacy classes in high school. A survey given to high school seniors had only 48.3% of the students correctly...
• Prosper.com and Your Emergency Fund I was reading an article on bankrate.com about Using a CD Ladder as Parking Locations for Your Emergency Fund. One of the big problems with a CD Ladder is the finite number of times you can withdraw money without a...