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CD Bank VS E*TRADE

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Good variety of CD terms and no fees
  • Competitive interest rates on CDs
  • Can open any CD account online
  • Short-term CDs offer competitive rates

Cons:

  • Only CDs offered
  • Must link CDs to external accounts
  • High opening required amounts
  • Customer service not available 24/7
  • 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
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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
CD Bank Review

There are a variety of CD terms offered through CD Bank. The terms range from three-month to 60-month terms. There are nine CDs offered between those terms. There are no fees to open the accounts or to maintain the account. The only fee is if you withdraw the money before the CD reaches maturity.

Each of the accounts offered through CD Bank offer competitive interest rates. The rates are competitive with other online CDs. The rates are much higher than typical brick and mortar bank rates.

CD Bank is an entirely online bank. You can open any CD term online as long as you meet the requirements. You must be at least 18 years old and a U.S. citizen or resident alien. The process to open a CD with CD Bank is completely online.

Usually, with CDs, the longer terms earn more competitive interest rates. However, some short-term CDs from CD Bank offer more competitive rates than the longer terms. The 9, 12, 18, and 24-month CD terms offer the most competitive interest rates.

CD Bank offers a limited amount of accounts. They only offer personal deposit CDs. Those CD terms range from three-month to 60-months. There are no other personal deposit accounts available. There are also no business accounts offered through CD Bank.

The easiest way to fund CD Bank accounts is to link the account to an external account. You can mail a check or request a wire transfer. To make electronic transfers does require a linked external account. Money can only be deposited into CD accounts at CD Bank during the grace period after the CD reaches maturity.

The amount required to open any CD with CD Bank is high. Each term requires $10,000 to open. You must also have $10,000 in the account to earn the most competitive interest rate. Balances under $10,000 do not earn the competitive interest rates.

Customer service for CD Bank has specific hours. They are open Monday through Friday from 9 a.m. to 5 p.m. Central Time. If you contact customer service after hours, they will address your issue the next business day.

Read the full CD 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

CIT Bank
Savings 08/20/2019
APY 2.30%
Rate 2.27%
For APY $100
Monthly Fee $0.00
Checkbook No
$25k+ balance or $100+/month deposit for 2.30% APY. Member FDIC.
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CIBC Bank USA
Savings 08/20/2019
APY 2.20%
Rate 2.18%
For APY $1
Monthly Fee $0.00
Checkbook No
Grow your savings with a rate you can rely on.
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