Ad Disclaimer

5 Star Bank VS E*TRADE

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.20%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Variety of different accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • No monthly fees or minimum balances

Cons:

  • Money market account has tiered rates
  • Must meet requirements to earn interest
  • Daily debit card limits
  • Higher balances earn lower rates
  • 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
Star Icon Star Icon Star Icon Star Icon Star Icon

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
5 Star Bank Review

5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.

5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.

There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.

Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.

To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.

5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.

5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.

Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.

Read the full 5 Star Bank review.

E*TRADE Review

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.

Read the full E*TRADE review.

Favorite Rates

Capital One
MMA 04/19/2019
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