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.
Individuals and businesses can open bank accounts with E*TRADE, though the platform is designed to support those focused on investing. Account options include:
However, all balances from $0 to $500,000 grow at 4% APY.
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% 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.
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
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:
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:
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.”
Contact a customer service representative at E*TRADE through one of the following routes:
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.
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:
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.
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