WTDirect is a relatively new comer to the online savings account world but the online bank is actually owned by Wilmington Trust, a financial institution that has over 100 years of history. When I was reviewing new online savings account options due to every company lowering their rates, I was pleased to see that WTDirect still maintains a pretty high interest rate amongst its peers.
Click Here to Sign Up for a WTDirect Account
My Money is Safe with WTDirect
A few years ago, I would never think twice about whether my money is safe with a well established bank or not but with a whole bunch of corporate bankruptcies (automakers, banks, investment banks etc), I am now much more careful. What I found with this bank is that it’s extremely conservative in its investments. In fact, the bank has never really gotten into subprime lending so that adds my comfort level.
In addition, the FDIC guarantee for all accounts basically means that my money will be safe.
Simple User Interface
It’s on par with every other online bank out there and it’s not a bad thing. It’s simple and it works so kudos to WTDirect. I much rather see a higher interest rate than a fancy user interface that’s complicated so a job well done there.
A Note about the Balance
If you are an interest rate chaser, this note will concern you. The bank does not have a minimum balance and have no inactivity fees. For the first three months, any balance will earn the highest interest rate. However, only those that have a minimum of $10,000 in the bank will earn the highest interest rate thereafter, so do watch out for that.
Awesome Customer Support
I’ve always stated that customer support wasn’t a huge deal for me since I never call but I forgot how much great customer support adds to the user experience. When my wife needed to change her last name after we got married, WTDirect’s customer support reps were courteous and responsive about the situation. It was nice to talk to someone who actually spoke English properly and understood my point of view. Everything was taken cared of in a timely manner, unlike many other banks that seem to lay out tons of hurdles to jump over.
WTDirect rocks in the customer service department and I need to say “thank you”.
Why WTDirect?
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. When you are getting paid better for going with this bank without consequences, it’s hard to say no right?
{ 4 comments… read them below or add one }
I have an account with WT Direct and the customer service is great. Whenever my friends ask me banks, I always mention this one. It’s great to know that someone else likes it as well and is spreading the good word. We need to start rewarding good companies and punishing bad ones.
My experience with them has not been so good. I wanted to close my account and the customer service did not let me in between the month and said if I did I will not receive my interest fir that month if I did close it on that day (it was like 18th of the month)
The interest rate for below 1oK is very low.
So it seems like they told you interest rates are paid once a month and if you close it before the month is over, you forfeit the interest as opposed to not allowing you to close the account right?
I am happy with my WTDirect account. I agree with you that I rather see a high interest rate than some fancy interface.
With this bank, I know my money is safe with a better than average return on cash.