Wilmington Trust’s online branch–WT Direct–is offering a fairly competitive 4.15% APY on their high yield online savings account.
The minimum balance required for this rate is $10,000; any balances from $1-$10,000 will earn 4.30% APY for the first 60 days.
If your balance is lower than $10,000 after the first 60 days, the interest rate drops to a low 0.60% APY.
6 free transfers are available per month, and you are allowed an unlimited amount of linked external accounts.
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Internet Banks or Virtual Online banks are banks without bricks; from the customer's perspective, they exist entirely on the Internet, where they offer pretty much the same range of services and adhere to the same federal regulations as your corner bank. Online banks pass the money they save on overhead like buildings and tellers along to you in the form of higher yields, lower fees and more generous account thresholds.
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