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E*TRADE VS Wings Financial

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

  • Competitive interest rates on accounts
  • Variety of accounts offered
  • Low opening required amounts
  • Only one account has a monthly fee

Cons:

  • Must join credit union to open accounts
  • Accounts have tiered interest rates
  • Cannot open all accounts online
  • High yield checking has requirements
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 E*TRADE will not charge a fee for money withdrawn from ATMs across the nation.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.

Wings Financial Review

Wings Financial accounts offer competitive interest rates. The checking account rates are competitive with online account rates. The savings and money market account offer rates that are lower than online accounts. These account interest rates are higher than typical bank rates.

A good variety of accounts are available through Wings Financial. They offer checking, savings, and money market account. Specific holiday savings accounts are available. They offer CDS, personal loans, and credit cards. Personal investment and insurance opportunities are available. Some business accounts are also offered.

Accounts with Wings Financial have low opening required amounts. The checking accounts require either $1 or $5 to open. The savings accounts do not have a required amount or require $5 to open. Each CD term requires $500 to open. The money market account does require $5,000 to open.

Only the World Class Money Market account has a monthly fee. That fee is $10 per month. To waive that fee each month you must keep an account balance of $5,000. No other Wings Financial accounts have a monthly fee.

Before you can open accounts with Wings Financial, you must first join the credit union. To be eligible to join requires living or working in Minnesota or Wisconsin county, or Seattle-Tacoma, Washington. Family members of Wings Financial members are eligible. Aviation workers are eligible. You can join Wings Financial Foundation to become eligible to join the credit union.

Some Wings Financial accounts have tiered interest rates. To earn the most competitive interest rate in the money market account requires a balance of $25,000. The investment MMA requires a balance of $100,000 to earn the best rate. The savings account requires $50,000 to earn the best rate. Wings Financial CDs requires $90,000 to earn the best rate.

Not all Wings Financial accounts can be opened online. Their special CDs require visiting a branch location to open. The high yield checking account requires a branch location to open.

You must meet requirements to earn the competitive rates of the high yield checking account. That includes making 15 debit card transactions over $5 and have a direct deposit over $300 each month. You must also sign up to receive e-Documents. If you meet these requirements, you earn the competitive interest rate. The competitive interest rate applies to account balances under $25,000.

Read the full Wings Financial review.

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