WT Direct vs. AmTrust Direct - Online Savings Accounts

Wilmington Trust Corporation is a renowned financial services holding company which provides numerous banking and financial services. Wilmington Trust Company, a wholly owned bank subsidiary, was established in 1903 and is among the largest personal trust providers in the United States.

WT Direct is a direct banking brand from Wilmington Trust. The WT Direct Savings Account offers lots of benefits for consumers such as high-yield savings with 5.26% annual percentage yield (APY), no fees and link to other bank accounts. Minimum deposit is not required to open the account but the interest rate falls if the consumer doesn't have a $10,000 balance after 60 days. There is 5.26% APY for the first 60 days from the date of the opening of account, irrespective of the balance. Later, the APY for the account will be divided into two tiers; a higher APY for accounts having balances of $10,000 or more and a lower APY for accounts with balances of less than $10,000. Moreover, the deposits are FDIC-insured up to $100,000.

AmTrust Bank is one of the leading pioneers in retail banking, mortgage and construction lending and investment and insurance services in the United States. One of the 20 largest mortgage lenders in the United States, the bank has more than $17 billion in assets. AmTrust Direct's savings product, E Money Market Savings offers several benefits to the consumer which includes 5.36% APY, easy and convenient online transfers to and from the consumer's existing accounts and FDIC insured deposits. Besides, there is no monthly service fee or minimum balance fees. There's a minimum opening amount of $1,000.

The consumer can use the money in his/her Money Market Savings to fund an AmTrust Direct Certificate of Deposit or even move money from a closed CD back to his/her AmTrust Direct Money Market Savings. However, E Money Market Savings has certain flipsides; no ATM card or check-writing privileges are available in case the consumer wants to get money urgently from the on-line savings account. Moreover, the $1000 initial deposit is a bit steep, and there's no sign up bonus for a new account.

On the whole, AmTrust Direct is offering a very innovative product with their high-yield savings account. The company provides one of the best interest rates in the market, and is known for its excellent customer service. Regardless of the flipsides, AmTrust Direct is a perfect place to open an online-savings account.

Nayanathara. S.

Hi-Tech Editorial Division