WTDirect may be a relative newcomer to Internet-only direct banking, but the bank is a division of the venerable Wilmington Trust, a powerhouse financial institution for more than 100 years.
Wilmington Trust is not only one of the largest retail and commercial banks in Delaware, it's one of the largest personal trust providers in the United States. The Wilmington Trust family of companies operates in 80 countries and has been in business since 1903. WTDirect, an Internet-only division of Wilmington Trust, was created in 2006.
The focus of WTDirect is to provide high interest rates and the ease of online banking along with a high level of personal contact and customer service. The bank believes that online customers need personal attention as much as they need convenience, so live bank representatives are available seven days a week.
WTDirect customers can get expert advice over the phone from experienced bank representatives along with calculators and other information online.
Mobile banking is available for customers who need to transfer funds and check balances from their smartphones.
The WTDirect savings account does not require an initial minimum balance and does not charge any monthly maintenance fees. However, a minimum balance within a certain period of time is required in order to earn the highest interest rate.
The WTDirect savings account is designed for customers with substantial savings, so customers have higher withdrawal limits and higher transfer limits that can be helpful when buying a home, paying college tuition or making a new investment.
WTDirect focuses entirely on their high-yield savings account and does not offer a checking account, a money market account or a certificate of deposit (CD). However, customers can link their WTDirect savings account to checking or money market accounts at other institutions.
Customers of WTDirect are complimentary about the quality of the customer service the bank provides and the high interest earned on a savings account from WTDirect.
SmartMoney magazine in June 2009 mentioned WTDirect as a safe place to earn high interest in a savings account.
In an article in The Epoch Times in April, 2010, J. Todd Smith wrote, "High-yield online banks like WTDirect have minimum balances that can put them out of reach for the recent college graduate. However, these premium savings providers offer benefits like rapid transfers between linked checking and brokerage accounts, access to wealth advisory insight and high-touch personal service. If you are saving for college tuition, investments, or a home purchase, these factors may be important."
As of July 2010, all deposit accounts with WTDirect are insured to the maximum limit of $250,000 by the FDIC. Customers with more than $250,000 may want to consider a joint account in which each depositor is covered by FDIC insurance for $250,000.
WTDirect's connection to Wilmington Trust gives an added sense of security for customers of the online-only bank. For those concerned about building savings quickly, a savings account with WTDirect can earn high interest while allowing the flexibility of transferring funds quickly and easily.