A review of WT Direct Bank

WT Direct Bank review featuring some of the best savings accounts available in online banks.

WT Direct Bank History

WT Direct actually got its start in 1903 as Wilmington Trust Company. In 2006 WT Direct Bank was started as a division of Wilmington Trust FSB. The parent corporation, Wilmington Trust corporation is publicly held and traded on the New York Stock Exchange under the symbol WL. The website is clean and well organized,  so check it out at www.wtdirect.com. All accounts are FDIC insured.

Products offered by WT Direct

WT Direct is an online bank with laser-like focus. They offer high yield savings accounts, and they have one of the best savings  rates available. You can fill out the application for a savings or checking account online. For the savings rate quoted on their website, which is their highest APY rate,  you do need a minimum balance of $10,000 sixty days after opening your savings account. WT Direct will allow you to open a bank account with just one dollar at their best APY rate while you get to know them. If you do not bring your balance up to the the $10,000 level or higher, your apy rate after sixty days will drop over 75 %.

WT Directs Options for Transferring Money

You are limited to a maximum of six withdrawals in a month, and  the maximum amount you are allowed to transfer in a thirty day period is $500,000 (which is very high compared to other high yield savings accounts). Through WT Direct’s online banking services you can easily access your money 24/7.  WT Direct allows you to move funds between WT accounts online. You can set up reoccurring transfers or one time transfers online. WT Direct also allows you to transfer funds to any from outside accounts to your high interest savings account as well. We also found in our WT Direct Review, that if you want to set up an automatic direct deposit into your account, you will have to fill out actual forms. These forms are available online but they must be printed, filled out, and. Once your account has been set up you can also utilize wire transfers to deposit money into your savings account. The great part about wire transfers is that the money is immediately available. The final way to access funds is by having WT Direct mail you a treasurers check. With so many options, customers should be able to find the best bank accounts for their personal situation.

In our WT Direct Review, we took note that WT Direct also supports mobile banking. From your smart phone or other mobile device you can check balances, initiate transfers, and view past transactions. WT Direct does not charge for this service, but your mobile service provider may have standard fees for data or messaging that they will charge you. If you are interested in mobile banking the website that is optimized for this is www.WTDirect.mobi.

Summary of WT Direct Bank Review

WT Direct is really looking to service a particular type of online customer. If you do not have the necessary $10,000 minimum to maximize your return with a WT Direct high yield savings account, I would suggest going with another deposit account provider. The no minimum deposit to open is attractive, if you have the $10,000, but really want to test drive your WT Direct account before transferring the full amount. In our WTDirect review, they receive the highest ratings for WTDirect Savings Accounts. If you would like specific quotes on  savings rates offered by WT Direct please see our review post on WT Direct savings accounts.

If you have funds ear marked for savings, but you are unsure if the best fit is WT Direct, please see the other accounts discussed in Bank Truth’s reviews of the best savings accounts.