WTDirect (the online division for Wilmington Trust) is offering their online savings account at 5.26% APY. This appears to be a good rate for online savings initially however here is the fine print:
- No minimum deposit
- For the first 60 days you will earn 5.26% APY on all your money
- After 60 days you will only earn 5.26% APY on your money if you have over $10,000 in your account
- For balances less than $10,000 you will only earn 0.60% APY
This is obviously not a good choice for people that will have less than $10,000 in their account. You can get higher rates at a normal bank such as US Bank or BofA. They are FDIC insured.
1 users responded " WTDirect 5.26% Online Savings Account-Read the fine print "
December 31 2008
OUT OF DATE! Woefully so.