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Compare E-Trade bank products: Savings and Checking

Checking and savings positioned for market trades.

Updated

E-Trade
E-Trade’s bank accounts are positioned for seamless trades to fund your investments. For independent trading or mutual funds managed by a professional. But beware of high minimum balances and hefty fees if you can’t meet requirements.

What banking products does E-Trade Bank offer?

Individuals and businesses can open bank accounts with E-Trade, though the platform is designed to support those focused on investing. Account options include:

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
E-Trade Premium savings
0.05%
$0
$0
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This savings account has a low opening deposit and offers a competitive rate no matter your balance.
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Name Product Minimum deposit to open ATMs Out-of-network ATM fee
E-Trade Checking
$100
It’s free to maintain and can fund investments instantly.
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Compare E-Trade to the competition

E-Trade is primarily an online trading platform for investments and other stock market activity. Its checking and savings accounts are more of an added convenience than a main course. It doesn’t have its own ATM network, though it has more than 30 branch locations nationwide.

The 0.05% APY on E-Trade Premium savings account is decent compared to competitors like Bank of America or Wells Fargo. But it has less variety in checking and savings account options than what you might find elsewhere.

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
$0
$0
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Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account

0.95% on balances of $25,000+ or set up a direct deposit of $100+ each month
0.79% on balances of $0 to $24,999
$0
$100
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No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Online Savings Account
1.01%
$0
$0
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Take advantage of a high-interest online savings account with no fees, no minimums and more.
Aspiration Spend & Save Account

1.00% on balances of $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0
$10
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A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
BBVA Money Market

0.19% on balances of $1,000,000+
0.10% on balances of $100,000 to $999,999
0.05% on balances of $0 to $99,999
$15 per month
(can be waived)
$25
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Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
Radius Bank High-Yield Savings

1.15% on balances of $25,000+
0.75% on balances of $2,500 to $24,999.99
0.05% on balances of $10 to $2,499.99
$0
$100
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A free high-interest savings account with a $100 minimum deposit to open
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Why should I open an account at E-Trade Bank?

E-Trade’s accounts offer many of the standard perks of online banking, like automatic bill pay and digital check deposit.

If the stock market is often on your mind, consider the perks of banking with E-Trade which include:

  • Easy transfer to-and-from trading accounts. Sending money from E-Trade Checking or savings account is available to trade immediately.
  • No ATM fees. E-Trade won’t charge you a fee for using any ATM around the world — though you’ll still have to pay ATM owner fees.
  • Highly rated mobile app. In 2019 Investopedia rated E-Trade’s mobile app, Power E-Trade, one of the top five apps for stock trading. Expect a quick and easy user experience when trading on your smartphone.

What should I look out for?

While E-Trade’s perks might appeal to stock-market hobbyists, if you’re looking for low-touch banking or a variety of accounts to choose from, look elsewhere.

Other potential drawbacks include:

  • High balances required to waive fees. Though the E-Trade Checking account comes fee-free, the savings account and Max-Rate checking account each require hefty minimums to avoid fees.
  • LLCs aren’t eligible for debit cards. While trusts, Sole Proprietorships, Associations and Partnerships can get a debit card, LLCs, Corporations, Estates and Custodial accounts cannot.
  • Limited nationwide branch presence. E-Trade’s physical locations are mostly scattered throughout the East and West Coast; Midwest residents have less access to face-to-face help.

E-Trade Bank reviews and complaints

The last time E-Trade was assessed by the FFIEC, it was rated “Satisfactory,” which means its services and ability to meet the needs of consumers is about average overall. Out of 202 complaints on the CFPB consumer complaint database, E-Trade responded to 169 in a timely manner. So its customer service track record leaves a little to be desired.

It’s not accredited by the BBB but has an A- rating based on the thoroughness of its responses to customer complaints. However, E-Trade is rated high on Investopedia’s 2019 Broker Survey, earning 4.5 out of 5 stars in the “Best for Beginners” category and 4 out of 5 stars in “Best Web Trading Platforms.”

E-Trade customer service

Contact a customer service representative at E-Trade through one of the following routes:

  • Phone: Call 800-387-2331.
  • Live chat. Connect with a representative in real time through IM.
  • Electronic message: Log into your account to send a note directly to E-Trade.
  • Email. If you don’t already have an E-Trade account, you can email E-Trade directly at https://us.etrade.com/contact-us.
  • Branch: Get face-to-face service at more than 30 brick-and-mortar locations. Use its branch locator at https://us.etrade.com/contact-us/branch-locator to find one nearest you.
  • Social media. E-Trade’s got a presence on Facebook, Twitter and Instagram. Try sending them a DM if you’ve got a general question.
  • Mail: Address a letter to:
      E-Trade Securities LLC
      PO Box 484
      Jersey City, NJ
      07303-0484

Bottom line

E-Trade bank accounts can be handy for individuals interested in an easy way to send money to an investment portfolio. But if you’re looking for more account variety or lower minimum balances, shop the market to see what other banks have to offer.

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