WTDirect

WTDirect has one of the best savings accounts for large balances in the U.S. The bank’s savings rate is 1.76% annual percentage yield (APY).  WTDirect is a unit of Wilmington Trust, a 105-year-old bank. Details of the savings offer include:

• No minimum deposit required to open account
• Account must be opened online
• Depositing money by check, transferring funds, or wiring money
• Deposits can be held for several days
• FDIC-insured up to $250,000 per depositor

The highest savings rate of 1.76% will be earned during the first 60 days your account is open, regardless of the balance. After 60 days savings rates are in two tiers. To get the best rate on a savings account after 60 days you need a minimum balance of $10,000. Accounts with a balances below $10,000 earn a lower interest rate, which is currently 0.15% APY. Interest rates are variable so they can change at any time. Interest is compounded daily and credited to savings accounts once a month.

Money in savings can be withdrawn or transferred to another account six times each month. The minimum amount that can be deposited or transferred is $1, and the maximum withdrawal or transfer amount at one time is $250,000. But the maximum that can be deposited or withdrawn during each calendar month is $500,000.

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment