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:
Personal
Max-Rate Checking. Deposit $100 to get started, and earn an APY of 0.05% on all balances. There’s a $15 monthly maintenance fee that can be waived by meeting criteria for balance and direct deposit minimums, or by executing 30 trades a quarter.
E-Trade Checking.There’s $0 monthly maintenance fee, but this account doesn’t earn interest. Deposit $0 to open the account, and there’s no minimum balance to maintain the account.
E-Trade Premium savings.It takes only $0 to open this account and you’ll earn an APY of 4.25% on all balances. Waive the $0 monthly maintenance fee by meeting monthly balance criteria, or by trading 30 times per quarter.
However, all balances from $0 to $500,000 grow at 4.25% APY.
Small business
Individual and Roth Individual 401(k). Designed to help self-employed individuals save for retirement.
Simple IRA. Straightforward retirement planning for entities with fewer than 100 employees.
SEP IRA. Tax-deferred retirement option for small businesses and self-employed.
Profit-sharing plan. Small business owners can contribute to employees’ retirement plans, tax-free.
Investment-Only (non-custodial) Account. Retirement planning for business owners with a third-party custodian.
Other products
Investing. E-Trade’s main business is investing, as it offers fully managed portfolios, retirement accounts and brokerage accounts for manual trading.
E-Trade Line of Credit. Borrow against the assets housed in your E-Trade securities accounts. There’s a $50 minimum collateral requirement, and you’re only allowed to borrow up to 50% of your investments.
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 4.25% 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.
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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.
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.
Frequently asked questions
Where can I withdraw cash overseas with an E-Trade checking account?
Use your E-Trade debit card to withdraw cash overseas. However, E-Trade charges a 1% transaction fee on all overseas withdrawals.
In which states does E-Trade have branch locations?
E-Trade’s branch locations are available in the following states:
Arizona
California
Colorado
Florida
Georgia
Illinois
Massachusetts
Michigan
Minnesota
Mississippi
New York
North Carolina
Oregon
Pennsylvania
Texas
Washington
How much does it cost to order checks from E-Trade?
You’ll get the first checkbook from E-Trade for fee. After that, you’ll pay $8.75 each time you reorder.
What happens if I cancel my E-Trade account early?
If you close an E-Trade bank account within 120 days after opening it, expect to pay a $10 early closeout fee.
Amy Stoltenberg manages newsletters at Finder, gathering the best articles each week to help subscribers save money and stretch their hard-earned dollars. She also handles the Twitter account, dabbling in Instagram and Facebook too. When she's not on the computer, you can find her exploring Los Angeles with a good book in tow. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.
Compare the key differences in investment options, contribution limits and tax advantages between SEP IRAs and Roth IRAs.
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