E-Trade

Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

Compare E-Trade bank products: Savings and Checking

Checking and savings positioned for market trades.

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 $100 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 0.05% 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 0.05% 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.
[/fin_accordion][/fin_accordions]
Name Product Annual percentage yield (APY) Fee Minimum deposit to open
E-Trade Premium savings
Finder Rating: 4.6 / 5: ★★★★★
E-Trade Premium savings
0.05%
$0
$0
This savings account has a low opening deposit and offers a competitive rate no matter your balance.
loading

Compare up to 4 providers

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
E-Trade Checking
Finder Rating: 4.5 / 5: ★★★★★
E-Trade Checking
N/A
$100
It’s free to maintain and can fund investments instantly.
loading

Compare up to 4 providers

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.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
0.55%
$0
$100
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
0.25%
0.15%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.50%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
$0
$0
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Ponce Bank Money Market Deposit
Finder Rating: 4 / 5: ★★★★★
 Ponce Bank Money Market Deposit
0.41%
$0
$1
Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 0.41% APY.
loading

Compare up to 4 providers

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.

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.

More guides on Finder

Go to site