Wtdirect Review

September 13, 2007

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WtDirect is a saving account which they give you 3.16% with accounts $10,000+. But if you have an account from $1 to $10,000 you will gain 3.16% interest for the first 60 days and after that 0.6%. For that reason, I have a friend which follow “don’t put all your eggs in one basket” and open many saving accounts. He opened an account last 4 months and said that wtdirect is one of the best saving account around the net.

Wtdirect is backed from Wilmington Trust. They are one of the largest personal trust providers and most highly thought of wealth managers, they are also a major bank serving the deposit and financing needs of individuals and businesses throughout the mid-ATLAntic region. Wtdirect have been since 2005, but Wilmington trust was founded in 1903.

After a long research about wtdirect I have been looking for any kind of insurance that wtdirect offers and this is what I found:

FDIC Insured. Deposits at Wilmington Trust FSB are insured up to $100,000 per individual by the Federal Deposit Insurance Corporation (FDIC), an independent agency of the U.S. Government. You can increase the amount insured by the FDIC. (Check this for verification: FDIC Information. So everything seems legal.

For more information wtdirect offers a pdf file to check Wilmington Trust Annual Report which can be downloaded here and here. You can see for yourself how good this report have been for the year 2006.

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More about wtdirect from their site:

WTDirect
WTDirect is the smarter choice for discerning clients looking for flexibility in managing larger deposits. We’re a new online way of doing business from Wilmington Trust, an organization with integrity, strength, and a commitment to client service. The Wilmington Trust family of companies is a recognized leader in the financial services industry and represents more than a century of banking and wealth management expertise. WTDirect is designed to continue this tradition of service - online - so we are a choice you can make with confidence.

The Wilmington Trust Family of Companies
Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides a variety of banking and financial services. It provides Wealth Advisory Services for high-net-worth clients in 22 countries, and Corporate Client Services for institutional clients in 81 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware.

The Wilmington Trust family of companies has offices throughout the U.S. and abroad, employing more than 2,500 people worldwide. With its affiliate money managers, the Wilmington Trust family of companies has nearly $40 billion in assets under management as of June 30, 2006. In addition, Bankrate.com, a leading aggregator of financial data, has awarded Wilmington Trust a Safe & Sound® rating of four stars, reflecting the sound financial state of the organization.

The story of Wilmington Trust is one of consistent profitability and growth over the long term with low volatility and stability during various economic cycles.

WTDirect and Wilmington Trust
When you save with WTDirect, you’re affiliated with a family of companies that has a proud tradition of helping individuals, families, and businesses grow their investments. Unlike Wilmington Trust Company, WTDirect doesn’t have branches - we’re Internet-based to keep our costs down and your rate high. WTDirect.com displays the VeriSign Secured™ Seal, confirming the site’s use of strong encryption to help ensure the security of your information and online transactions.

You can save with confidence now that you know more about WTDirect and Wilmington Trust. Your future backed by our heritage.

Here’s how WTDirect makes saving money worry-free:

HIGH YIELD AND RELIABILITY

* Our competitive online savings rate is consistently among the top 4.15% 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.
* We don’t require a large immediate deposit. We’ll give you two months to try us out and build your balance – all the while earning our highest rate.

SECURE BANK AND WEBSITE

* $0 Liability Guarantee for unauthorized transactions on your account.**
* FDIC insurance on every account with Wilmington Trust FSB, which protects your money up to $100,000 per depositor.

ACCESSIBILITY AND EASY TRANSFERS

* 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, we allow transfers between WTDirect and your other financial institutions. Some banks require you to use their site for all online transfers.

NO HIDDEN RESTRICTIONS

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

* Applies regardless of balance during the first 60 days after the account is opened. Thereafter, applies only to accounts with balances of $10,000 or more. Accounts with balances of less than $10,000 earn a lower rate.

** Applies only to transactions covered under the federal Electronic Fund Transfer Act, and requires that you notify us within 60 days of the unauthorized transaction and that you have exercised appropriate account safeguarding practices and have complied with your responsibilities as set forth in the WTDirect Savings Account agreement and disclosures.

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