It’s becoming more and more difficult to find meaningful differences in online banks. With savings and CD interest rates continuing to decline, one could argue that the differences really don’t matter. Sure, customer service is nice and an interface that is user-friendly is always a plus but when you boil right down to it, the biggest factor in choosing an online bank will always be the interest rate. So why choose WTDirect over any of the other online banks? Allow me to give you 7 reasons you may not have initially thought of.
- The word TRUST is in its name – WTDirect is actually Wilmington Trust Direct and of all the other prominent online banks, it’s the only one with trust in it’s name. If you have any doubts about which online bank is best for you, wouldn’t you pick the one you trust the most?
- Delaware was the FIRST state in the Union – Wilmington Trust is based out of Wilmington Delaware and Delaware was the first state to join the Union. While all of the other states were deciding if this Union thing was the right idea, Delaware stepped up to the plate and said they were in. Always choose a leader instead of a follower.
- Wilmington doesn’t showboat it’s size – Do you know what the largest city in Delaware is? Wilmington of course but most people don’t know that because Dover is the capital city of Delaware. Wilmington knows it’s the biggest but it doesn’t have to advertise itself. A bank that is secure with itself is a great bank indeed.
- They can grow plants from coins! – If you go to the homepage for WTDirect right now (picture above), you will see that they have a pile of coins in their graphic and then from nowhere, a small plan sprouts out. I would imagine the money you place in your savings account will also grow, which is equally impressive.
- The acronym WTD has many cool definitions – In finance, when WTD is seen, most people know of the stable online bank of Wilmington Trust however WTD also could mean wanted, weapons training deployment, what the deuce (if “Family Guy” is your thing) or week-to-date. I dare you to find acronyms for HSBC!
- WT Direct was one of the founding members of the NASDAQ stock exchange - Yet again, WTDirect displays it’s leadership qualities and joined the National Association of Securities Dealers (NASD) which is better known today as the NASDAQ. Wilmington Trust has since moved to the New York Stock Exchange (NYSE).
- Wilmington Trust Direct is spelled with 21 letters – Most Americans would associate three numbers as being “lucky” and those numbers are 7, 11 and 21. WT Direct, when spelled out, utilizes 21 total letters making it a very lucky commodity. As the saying goes, “I’d rather be lucky than good” … but when you have both, look out.
In all seriousness, WTDirect is one of the oldest and most trusted banks in the online space today. With a current savings account rate of 1.01% (minimum $10,000 deposit), it’s on the high end of APY’s available and it’s continued excellence in customer service makes them an obvious choice for anyone looking to deposit more than $10,000.
Choosing an online savings account is certainly something that should not be taken lightly. Weighing the pros and cons of all online banks should give you one bank that is over and above the others you compare. Just in-case it doesn’t, make sure you factor in the seven above reasons and I’m certain the scale will tip in WTDirect’s favor.