-
Financial Rates:
1.0
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Customer Service:
5.0
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Website Experience:
3.0
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Bank Fees:
4.0
Pros:
- No minimum opening deposits
- Interest rates not tiered
- ATM fee reimbursement
- Can open accounts online
Cons:
- Max-Rate checking account has a fee
- Limited personal accounts offered
- Low interest rates on accounts
- Business accounts limited
What You Need to Know
E*TRADE accounts do not have set amounts required to open accounts. You can open the Premium savings, Max-Rate checking, and E*TRADE checking with any amount. To avoid a monthly fee may require a set balance, but not to open the account.
The interest rates for E*TRADE Bank accounts are not tiered. Any balance earns the most competitive interest rate. The highest rates are not competitive with other online-only accounts. But any balance earns the best rate.
E*TRADE Bank accounts offer unlimited ATM fee reimbursement. There are no ATM fees for money withdrawn from ATMs across the nation. To get a refund, you must meet certain qualifications. If you qualify for the refund, the money should be in your account by the end of the day of the ATM transaction. Not all accounts offer ATM fee refunds.
You can open E*TRADE accounts online. They are available for anyone to open across the United States. You can transfer money from external bank accounts into your E*TRADE account.
The E*TRADE Max-Rate checking account has a monthly fee. The fee is $15 a month. Waive the fee by keeping a set account balance in one account or an average in multiple accounts. Having a direct deposit over $200 waives the fee. Making a set amount of trades can also help waive the fees.
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 E*TRADE Bank accounts earn interest, but the rates are low. The interest rates are not competitive with other online accounts. Any account balance earns the most competitive rate. Even the highest rates are not competitive with other online accounts.
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.
Digital or Mobile Banking
E*TRADE offers a mobile app and online banking. Through these tools, you can:
- Pay bills
- Transfer money
- Get ATM refunds
- See account balance and transactions
- Make mobile check deposits
- Reach customer service
- Trade mutual funds
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 find out more 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 while offering 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 in New York City, New York.
Awards and Recognition
- Awarded #1 in mobile banking
- 'Best of Online Brokers' by Kiplinger's in 2017
- Named "Best in Class" mobile app by Stockbrokers.com
Giving Back
E*TRADE hosts Education Days across the United States. Education Day is open to investors and traders with all levels of experience. The 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.
List of Common Bank Fees
- ATM Fees in the United States: $0
- ATM fees international: Up to 1% of the transaction
- Bill Pay: $0
- CD Early Withdrawal Fees: Not listed
- Excessive Withdrawal Fees: Not listed
- Monthly Service Fees: $0-15
- Overdraft Service Fees: $25
- Paper Bank Statements: $5
- Wire Transfers (Domestic): $0-25
- Wire Transfers (International): $0-25
Frequently Asked Questions
- Are all the accounts FDIC insured?
- How do I access my money?
- Can I deposit cash?
- How long do transfers take?
- Can I sign up for direct deposit?
- Are ATM transactions free?
- Are ATM transaction fees reimbursed?
- Is mobile banking or a mobile app available?
- Is bill pay offered?
- Do the accounts offer competitive interest rates?
- Do checking accounts earn interest?
- What are the most popular accounts?
- What are the monthly maintenance fees?
- Is this one of the best banks?
- How are my money and information protected?
- Are any business accounts offered?
- What makes these accounts different?
- How do I reach customer service?
Yes. E*TRADE Bank is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government. The Premium savings account is insured up to $1,250,000.
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.
No. Make deposits through electronic transfers or wire transfers. You can also mail a check or make a mobile check deposit.
Money transferred electronically between accounts transfers within three business days.
Yes. Having money directly deposited into E*TRADE Bank accounts is one way to waive the monthly fees.
The E*TRADE accounts do not charge ATM fees. If another bank charges you a fee, E*TRADE should refund the fee by the end of the day. To have ATM fees refunded, you must meet some specific qualifications.
The Max-Rate checking account does not charge ATM fees. It will also refund all ATM fees from other banks if you meet the set qualifications. The refunded amount should be in your account by the end of the day you make the ATM transaction.
Yes. You can manage your accounts through the E*TRADE mobile app.
Yes. E*TRADE Bank checking accounts offer free bill pay.
No. The account rates are not competitive with other online-only accounts. Rates are similar to typical bank rates.
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.
The Premium savings account is popular.
The Max-Rate checking account has a monthly fee of $15. Waive the fee by meeting the requirements set for the account.
The Max-Rate checking account has a fee, but the fee is easily waived. There is not a wide variety of accounts available. Everything for the account is online.
E*TRADE encrypts personal information. Their computers have safeguards. Their buildings and computers are secure. Employees only see 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.
A few small business retirement accounts are available. Mainly personal deposit accounts are available through E*TRADE Bank. Those accounts include a savings account and two checking accounts. More accounts may be available once you are a customer.
Everything for the account is online. The interest rates are similar to typical bank rates.
By phone, email, mail, online chat, or by visiting a local branch location. You can follow E*TRADE on Facebook, Instagram, LinkedIn, Twitter, and YouTube.
Bank Contact Information
E*TRADEP.O. Box 484
Jersey City, NJ 07303-0484
800-387-2331
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.