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E*TRADE Bank Savings Accounts Review

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E*TRADE Bank is a subsidiary of E*TRADE Financial Corporation, a New York based financial services company founded in 1983. E*TRADE Bank provides internet banking services and solutions for individuals who are online investors and traders. Leading in the online brokerage industry, E*TRADE is the first company to have successfully performed an electronic trade.
 
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How is E*TRADE Bank rated?

Breakdown

4.0/5
Rates and fees
4.0/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
4.0/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 3.9 / 5 (Very good)

The E*Trade Bank savings account enables individuals to grow their savings at a rate of over 10 times the national average. With E*Trade's award-winning mobile app, account holders can access and manage their savings anytime, anywhere. E*Trade provides a 1.5% APY for savings accounts, no matter the amount. This is one of their standout features as many of the online banks we evaluate require a minimum balance for the high-yield APY. Additionally, maintenance fees of the account only apply when the balance is below $1,000. In terms of customer satisfaction, there are mixed reviews online. The majority of negative reviews regard lack of customer support and issues with transactions. E*Trade as a company has a B- rating from the Better Business Bureau and a 5.2 rating from Trustpilot. E*Trade Bank also has perks for individuals interested in opening a line of credit, allowing them to borrow up to 50% of their eligible collateral market value. All E*Trade bank accounts are FDIC insured, covered dollar for dollar up to $250,000.

E*TRADE Bank Account Features

Balance Requirements - 4 / 5

E*Trade Bank offers a 1.5% APY per savings account, with no minimum balance required. Account holders can access and manage their accounts via E*Trade's award-winning mobile app. However, in order to to get a ATM card and the associated benefits, customers will have to open and link an E*Trade checking account. ATM fees are reimbursed by end of the same day if domestic, and are charged a fee of 1% if non-U.S. currency.

Obviously, as primarily a trading platform, E*Trade savings account customers' biggest advantage is going to be the seamless integration they will enjoy with the company's brokerage accounts. In fact, savings account holders can combine their trading account balances in order to avoid monthly minimum balance fees.

APY (Annual Percentage Yield)

1.5%
Interest Compounded
Yearly
Integration with Other Online Accounts
Brokerage Accounts
External Banks
Mobile App
Yes
Debit/ATM Card
Yes
ATM Fees
E*Trade savings account holders can only get an ATM card if they open a checking account as well. E*Trade provides reimbursements of ATM fees nationwide in which account holders can expect the reimbursement at the end of the same day, as long as they adhere to the balance requirements listed in E*Trade's policy. E*Trade Bank charges a 1% fee per ATM transaction of non-U.S. currency.
No-Fee ATM
Reimbursement for Domestic ATMs
Branch Offices
E*Trade Bank has one branch, its headquarters: 671 North Glebe Road, 16th Floor in Arlington, Virginia.

E*TRADE Bank Fees and Restrictions

Rates and fees - 4 / 5

E*Trade Bank allows anyone of at least 18 years of age to open a savings account. Withdrawal and transfer transactions cannot exceed 6 per month. If customers exceed this amount the company can convert their savings into a checking account, or remove the account's transfer and draft capacity. There is no minimum required for the 1.5% APY. Account holders are charged a $10 maintenance fee if their account balance is less than $1,000. If E*Trade customers cannot keep a sufficient balance, they can have this fee waived by maintaining a combined balance of $50,000 or more with E*Trade Securities, E*Trade Bank, and E*Trade employee stock plans, or by executing at least 30 E*Trade stock trades per quarter.

Fees

Maintenence
Insufficient Balance Fee
Inactivity Fee
Passed Monthly Transaction Limit Fee
Returned Deposit Fee
Overdraft Fee
Out of Network ATM Fee
Minimum Opening Deposit
$100
Minimum Balance for Promotional APY
$0
Minimum Balance to Avoid Penalty
$1,000
Transfer Limit
A $100,000 transaction limit applies to transfers between E*Trade bank and an external bank. Transfer transactions are not to extend six times per month.
Maximum Balance
Not specified

E*TRADE Bank Reputation & Financial Strength

Financial Stability & Ratings - 4 / 5

E-trade Bank has a mixed online reputation. The company received a B- rating from Better Business Bureau, and a rating of 5.2 out of 10 from TrustPilot, which is average. Complaints against the company primarily regard lack of customer support and issues with account management.
Year Founded
1983
Standard & Poor's Financial Rating
BBB+
Moody's Financial Rating
A2
Consumer Financial Protection Board (CFPB) Complaints
5

Contact Methods

  • Phone
  • Email
  • Chat
BBB Rating
B-
BBB Total Complaints
85
BBB Resolved Complaints
16
Customer Support Hours
24/7
Live Help 24/7
Yes

Company Profile

Full Name
E*TRADE Bank Savings Accounts
Company Website
https://us.etrade.com/bank
Headquarters
1271 Avenue of the Americas, 14th Floor, New York City, NY, 10020

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Customer Comments & Reviews

Loading Reviews ...
J
jason
7/8/2019
Look, there's a lot to be attracted to by opening an E*Trade Checking and Savings combo: great interest rates, free ATMs, 24/7 customer support, etc. But this "bank" does not come anywhere close to being an actual bank. MULTIPLE TIMES I have had transactions added to and REMOVED FROM my available balance. This means that transfers that were DONE PENDING and 100% spendable and in my available balance just disappeared one day, only to return 3-days later. Once it was my entire paycheck. It was in my available balance one day, I go to spend the money online and BOOM my account is locked and the money disappeared from my available balance. They told me they needed some documents from me to... Read More

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