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.

Tags: WTDirect Bank Rates

Online Savings Interest Rates