Review of WT Direct

WTDirect offers one of the highest yields available for an FDIC insured account. With balances over $10,000, WT Direct is currently paying 1.01%, making this online savings account is hard to beat. This review will cover the key benefits and limitations of WT Direct’s online savings account, how to open an account, alternatives to WT Direct, and the bank’s history. Let’s begin with the basics of an online savings account.

What is an online savings account

Back in the day, just about every kid had a passbook savings account. I still remember presenting my passbook to the bank teller when making a deposit or withdraw. The teller would stamp the book with the update to my account, including any accrued interest. I remember worrying that some day I’d lose that passbook.

Today, online banking has changed everything. For cash accounts, the three most common types of accounts are online savings accounts, certificates of deposit, and money market accounts. The first two typically are FDIC insured up to $250,000. If the financial institution were to close, the Federal Deposit Insurance Corporation would guarantee your money up to $250,000. Money market accounts are not FDIC insured, and so carry slightly more risk.

The primary difference between an online savings account and a CD is the availability of your funds. With a savings account, you generally can withdraw your money at any time without penalty. Most CDs, in contrast, will charge a fee (usually loss of interest) if you withdraw some or all of your money before the end of the CD term (typically 3 to 60 months). So of all the online banking alternatives, online saving accounts typically provide the greatest security with the most flexibility.

WT Direct’s High Interest Savings Account

WT Direct’s online savings account is designed to provide one of the highest yields available for accounts over $10,000. But keep in mind that there is no minimum deposit required to open an account. You can even open a WT Direct account with just $1. And WT Direct charges no monthly account fees, regardless of the balance in the account. In addition, they pay their top rate to all accounts for the first two months, even those with balances less than $10,000. Here are the details of the account:


  • WT Direct’s competitive online savings rate is consistently among the top 5% of U.S. banks.* Balances of $10,000 or more earn our highest rate, unlike some banks that lower their rates when your balance gets too high.
  • WT Direct does not require a large immediate deposit. They give you two months to try them out and build your balance – all the while earning their highest rate.


  • $0 Liability Guarantee for unauthorized transactions on your account.
  • FDIC insurance on every account with Wilmington Trust FSB, which protects your money up to the maximum allowable limit of $250,000 per depositor.

Did you know? On October 3, 2008, the FDIC temporarily increased FDIC deposit insurance from $100,000 to $250,000 per depositor.


  • Higher online transfer limits allow you to transfer up to $500,000 per month, $500,000 per transaction in, and $200,000 per transaction out, making it easier to save for large purchases, such as a home. You can make unlimited deposits and up to 6 withdrawals per calendar month or monthly statement cycle.
  • For your convenience, they allow transfers between WTDirect and your other financial institutions. Some banks require you to use their site for all online transfers.


  • No fees.
  • No minimum deposit to open the account.
  • No checking account required in order to get the high rate.

How to Open a WT Direct Account

Opening an account is quick and easy. To start, simplygo to WTDirect’s secure online application. The application is self-explanatory and takes just a few minutes. To complete the application, you will need to provide checking account details. For online savings accounts, deposits and withdraws are typically accomplished by direct transfers from your checking account. You can also set up direct deposit to have a portion of your paycheck deposited in your WTDirect online savings account.

WT Direct Alternatives

WTDirect is not the only online savings account to consider. It is best for those that will eventually have $10,000 or more on deposit. For those who intend to hold less money in the account or just want to consider other alternatives, you can check out the list of high yield savings accounts.

About WT Direct

WTDirect, a division of Wilmington Trust FSB, was launched in November 2006 to offer the best high-rate savings account to online clients. While WTDirect is fairly new, Wilmington Trust traces its roots back more than 100 years. Wilmington Trust was the creation of investors led by T. Coleman du Pont, who established the company in 1903 to provide quality banking and trust services to Wilmington, Delaware area residents. Over its more than 100 year history, Wilmington Trust has survived and thrived:

  • 1907: Wilmington Trust Company survives the United States’ 20th recorded recession and expands into a new corporate headquarters in Wilmington, Delaware.
  • 1918: Wilmington Trust Company sells 8,158 “Victory Loan” government bonds during WW I worth $4.3 million – about $50 million in today’s dollars.
  • 1941: On April 17, 1941, Wilmington Trust Company agrees to be the issuing agent for Defense Bonds; by October, total sales reach $9,253,740.
  • 1967: First computer screens display online balance inquiries on trust accounts.
  • 1970: Master Charge Card is introduced.
  • 1971: NASDAQ debuts on February 8, and Wilmington Trust Company stock is listed as “WILM.”
  • 1974: “24-Hour Teller” machines are introduced.
  • 1999: On-Line Banking and advanced function ATMs are introduced.
  • 2007: Marks the 26th consecutive year that the Wilmington Trust family of companies raised its cash dividend.

Topics: Banking

One Response to “Review of WT Direct”

  1. Good thing about Wilmington Trust is that they’re focus on a consistent performance and that they really want to help their clients succeed. I know a lot of online banks right now but Wilmington Trust stands out. I have heard a lot of good feedback about this company and their equally confident about our future.

Leave a Reply