Ad Disclaimer

E*TRADE Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
2.10%APY
Savings/MMA

Pros:

  • Low opening required amounts
  • Interest rates not tiered
  • ATM fee reimbursement
  • Savings accounts offer competitive rates

Cons:

  • Accounts have monthly fees
  • Limited personal accounts offered
  • Checking account interest rates low
  • Business accounts limited

Favorite Bank E*TRADE is one of our favorite banks for their high rates and great services.

What You Need to Know

E*TRADE accounts have low opening amounts required to open their accounts. The E*TRADE and Max-Rate checking and Premium savings account all require only $100 to open.

The interest rates for E*TRADE Bank accounts are not tiered. The Max-Rate checking account does require a $5,000 balance to earn interest. Any amount above $5,000 earns the highest interest rate offered. The savings account does not have a set amount. Any balance earns the most competitive interest rate.

E*TRADE Bank Max-Rate Checking offers unlimited ATM fee reimbursement. E*TRADE will not charge a fee for money withdrawn from ATMs across the nation. If the owner of the ATM charges a fee, the fee reimbursement will be automatically deposited into your account. The basic E*TRADE checking account does not offer ATM fee reimbursement.

The E*TRADE Bank savings account offers competitive interest rates. This account has rates competitive with other online accounts. They are much higher than typical brick and mortar bank rates. Any account balance earns the most competitive rate.

Most E*TRADE Bank accounts have a monthly fee. The fees range from $10 to $15 a month depending on the account. There are a variety of ways to waive the monthly fee. Keeping a set account balance in one account or an average in multiple accounts waives the fees. Making a set amount of trades can also help waive the fees. The basic E*TRADE checking account does not have a monthly fee.

The types of personal accounts offered through E*TRADE Bank are limited to new customers. Those accounts include a savings account and two checking accounts. More accounts may be available once you become a customer.

The Max-Rate checking account with E*TRADE Bank earns interest, but the rates are low. The interest rates are not competitive with other online checking accounts. You must have a balance of $5,000 in the Max-Rate checking account to earn any interest.

E*TRADE offers limited accounts for small businesses. They do not offer traditional accounts for small or commercial businesses. The accounts offered to small businesses include retirement accounts.

Video Review

Cool Things

E*TRADE Education

The E*TRADE website offers a section on education. Here you can learn how to get started investing or the basics of stocks. You can learn about your options, make a stock plan, or learn about retirement. They offer online seminars with speakers to help increase your financial knowledge.

History

E*TRADE started in 1982. The first electronic trade by an individual investor came the next year, in 1983. E*TRADE helps investors feel financial independence and offer professional guidance along the way. You can get help over the phone or in person at a branch location.

They have over 30 E*TRADE branch locations across the United States with more than 4,100 employees. E*TRADE headquarters are located in New York City, New York.

Awards and Recognition

  • Awarded #1 in mobile banking
  • ‘Best of Online Brokers’ by Kiplinger’s in 2017

Giving Back

E*TRADE hosts Education Days across the United States. Education Day is open to investors and traders with all levels of experience. This event offers sessions to help participants learn more about investments and strategies. You do not have to be an E*TRADE customer to attend the Education Days. You can learn how to create an investment portfolio or how to compare and analyze stocks. Learn the basics of investment or see demonstrations of advanced tools.

Frequently Asked Questions

Is E*TRADE Bank FDIC insured?

Yes. E*TRADE Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With ATM or debit cards, through electronic or wire transfers, or by mailing a check. You can also access your money through online bill pay.

Does E*TRADE Bank offer mobile banking?

Yes. You can manage your accounts through the E*TRADE mobile app.

Is E*TRADE Bank free?

No. Most E*TRADE Bank accounts have a monthly fee. Waive that fee by meeting the requirements set for the specific accounts. The basic E*TRADE checking account does not have a monthly fee.

Is E*TRADE a good bank?

The E*TRADE savings account offers competitive interest rates. Most of the accounts have a monthly fee, but the fees are easily waived. There are not a wide variety of accounts available. Everything for the account is online.

Is E*TRADE Bank secure online?

E*TRADE encrypts personal information. Their computer systems are protected. Employees only see the personal information they need to see. They also offer fraud protection. This covers any loss from unauthorized purchases. If E*TRADE suspects your account is a target of fraud, they will contact you.

Does E*TRADE Bank offer competitive interest rates?

The E*TRADE savings account offers competitive interest rates. These account rates are competitive with other online-only accounts. One checking account earns interest, but the rate is low.

Can I use E*TRADE Bank for my business accounts?

A few small business retirement accounts are available. Mainly personal deposit accounts are offered through E*TRADE Bank. Those accounts include a savings account and two checking accounts. More accounts may be offered once you are a customer.

How is E*TRADE’s online banking different from the online banking my bank offers?

The interest rates for the E*TRADE savings account are much higher than your brick and mortar bank rates. Everything for the account is online.

Do E*TRADE Bank checking accounts pay interest?

The Max-Rate checking account earns interest, but the rates are low. The interest rates are not competitive with other online checking accounts. The basic E*TRADE Bank checking account does not earn interest.

How do I reach customer service?

By phone, email, mail, online chat, or by visiting a local branch location. You can follow E*TRADE on Facebook, Twitter, Instagram, or YouTube.

Does E*TRADE Bank offer bill pay?

Yes. E*TRADE Bank checking accounts offer free bill pay.

Can I deposit cash?

No. Make deposits through electronic transfers or wire transfers. You can also mail a check to have deposited.

How long do transfers take?

Money transferred electronically between accounts transfers within three business days.

Can I sign up for direct deposit to E*TRADE Bank accounts?

Yes. Having money deposited into E*TRADE Bank accounts is a way to waive the monthly fees.

Bank Contact Information

E*TRADE Securities LLC
PO Box 484 Jersey City, NJ 07303-0484
800-387-2331

Open Account with E*TRADE.

BankTruth works to have the most up-to-date information on our website. The listings that appear on our pages are from companies from which this website may receive compensation, which may impact how, where and in what order products appear. Even so, we work hard to review banks fairly and pass the information onto you, the consumer. Please be aware that we cannot guarantee bank services and promotional offers. If you find a mistake, please contact us.

Favorite Rates

earn.bank
MMA 04/22/2019
APY 2.46%
Rate 2.43%
For APY $10,000
Monthly Fee $10.00
Checkbook Yes
Straightforward interest, no tiers.
Learn More &
Open Account
TAB Bank
Savings 04/22/2019
APY 2.40%
Rate 2.37%
For APY $0
Monthly Fee $0.00
Checkbook No
No Balance Cap, No Service Fee, FDIC Insured
Learn More &
Open Account
Live Oak Bank
Savings 04/22/2019
APY 2.30%
Rate 2.27%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC. Earn 23x the National Average
Learn More &
Open Account
Sallie Mae
MMA 04/22/2019
APY 2.30%
Rate 2.27%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
Learn More &
Open Account
Sallie Mae
MMA 25K 04/22/2019
APY 2.30%
Rate 2.27%
For APY $25,000
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
Learn More &
Open Account
State Farm Bank
MMA 04/22/2019
APY 2.25%
Intro Rate 2.23%
Intro Duration 12 Months
Post Intro 1.00%
For APY $0
Monthly Fee $10.00
Checkbook Yes
Intro APY, $1,000 to Open, $5,000 Min Bal post intro, See Limits
Learn More &
Open Account
Barclays
Savings 04/22/2019
APY 2.20%
Rate 2.18%
For APY $0
Monthly Fee $0.00
Checkbook No
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured.
Learn More &
Open Account
TIAA Bank
MMA 04/22/2019
APY 2.15%
Intro Rate 2.13%
Intro Duration 12 Months
Post Intro 1.09%
For APY $5,000
Monthly Fee $0.00
Checkbook Yes
Earn a top 5% yield- always! Open an Account today. FDIC insured.
Learn More &
Open Account
TIAA Bank
MMA 25K 04/22/2019
APY 2.15%
Intro Rate 2.13%
Intro Duration 12 Months
Post Intro 1.64%
For APY $25,000
Monthly Fee $0.00
Checkbook Yes
Earn a top 5% yield- always! Open an Account today. FDIC insured.
Learn More &
Open Account
E*TRADE Bank
Savings 04/22/2019
APY 2.10%
Rate 2.08%
For APY $1
Monthly Fee $10.00
Checkbook No
Make the most of your savings - higher rates & a whole lot more!
Learn More &
Open Account
Capital One
MMA 04/22/2019
APY 2.00%
Rate 1.98%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
360 Money Market: Earn Up to $500 on Qualifying Balances
Learn More &
Open Account