A high yield savings account is offered by WT Direct at 1.76%APY.  The good thing about opening this account is threefold. One, there are no fees involved. Second, there are no minimum deposit required to open the account as the bank will give you two months to try it out with them while you build your balance and at the same time earn interest. In other words,  you will reap the APY during the first 60 days regardless of your account balance. Thereafter, the APY will only apply to accounts with balances of $10,000 or more. Third, there is no checking account required to obtain the high rate.

The bank also guarantees a zero liability for unauthorized transactions and most importantly money is insured up to the maximum allowable limit.

Update:

WT Direct is now part of the Wilmington Trust division of M&T Bank of Buffalo, New York. The bank is FDIC insured. With this development, WT Direct customers are now able to enroll in M&T Web Banking and enjoy complete access of everything that M&T Bank has to offer.

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