E*TRADE Premium savings account
- APY
- 4.50%
- Fee
- $0
- Minimum deposit to open
- $0
Our verdict
This account’s few fees and handy app help E*TRADE investors invest and save money seamlessly.
The E*TRADE Premium savings is best for those with an active E*TRADE investment portfolio, especially if you live in one of the 16 states where E*TRADE has branches. You can open an account with as little as $0 and then transfer between your investments and savings seamlessly with immediate access to the funds.
A prior weakness of the E*TRADE's Premium Savings Account was the weak APY. This is no longer an issue: your money now earns a 4.5% APY, which is well above the national average and among the highest on the market. As such, the E*TRADE is now a great choice for E*TRADE fans and non-fans alike.
Pros
-
Competitive APY
-
Low maintenance
-
Manage both investments and savings via app
-
Funds available immediately
-
FDIC-insured up to $500,000
Cons
-
Few branch locations
-
Must fund account within 30 days
-
Slow mobile deposits
How do I open an E*TRADE savings account?
Open the E*TRADE Premium savings account in seven simple steps:
- Go to the provider’s site and follow the steps to apply.
- Hover over Account types on E*TRADE‘s website and select Bank.
- Scroll down to E*TRADE Premium savings and choose Open an account.
- Select account ownership and E*TRADE Premium savings, then select Continue.
- Enter your existing E*TRADE login info or fill in your personal information if you don’t have an E*TRADE account.
- Provide your date of birth, Social Security number and occupation to verify your identity, then select Continue.
- Set up your account preferences, review your application, create your ID and fund your account.
Eligibility
You don’t need an E*TRADE brokerage account to open E*TRADE‘s savings account. Anyone can open the savings account if they meet these requirements, including those living outside the US.
- At least 18 years old
- Social Security number
- Permanent US address
- Nonresident alien (NRA) certification statement form, if
you live outside the US
Required information
You’ll need the following information to open an E*TRADE savings account:
- Name
- Date of birth
- Address
- Contact information (phone number and email)
- Social Security number
- Employment information
- Bank information to fund your account
What are the benefits of an E*TRADE savings account?
The E*TRADE Premium savings account makes it convenient to transfer funds to your investment account and back again. It also offers a few additional perks, including:
- Competitive APY. You’ll earn 4.5% APY on your deposits. This is among the higher APYs available on the market.
- Low maintenance. This account requires $0 to open and maintain it.
- Manage both investments and savings via app. Keep your E*TRADE investments and savings in one location. For even more convenience with managing your money, you could open an E*TRADE Checking account.
- Funds available immediately. When transferring funds between E*TRADE accounts, you can access that money immediately.
- FDIC-insured up to $500,000. Your funds are insured for more than the typical $250,000. With E*TRADE savings, you’re insured for up to $500,000.
Where are E*TRADE‘s bank locations?
E*TRADE has branch locations in the following states:- Arizona
- California
- Colorado
- Washington, DC
- Florida
- Georgia
- Illinois
- Massachusetts
- Michigan
- Minnesota
- New Jersey
- New York
- North Carolina
- Oregon
- Pennsylvania
- Texas
- Washington
What should I look out for?
Stay aware of a few downsides to this savings account before parking your money in it.
- Few branch locations. E*TRADE doesn’t have branch locations in 34 states, making it difficult to bank in person.
- Must fund account within 30 days. There’s no opening balance required, but E*TRADE will close your account if it’s not funded within 30 days.
- Slow mobile deposits. If you deposit a check via the app, you may have access to a limited amount until the fourth business day after your deposit.
If you’re looking to grow your savings quickly, think about a high-yield savings account like Aspiration, which lets you earn top-dollar interest if you meet its requirements. Quontic Bank’s High Yield account also offers competitive interest with less commitment to saving or spending a set monthly amount.
Compare E*TRADE savings with other savings accounts
Check the Compare box to compare savings accounts side by side, and select Go to site to apply for that account.
How do I deposit or withdraw money?
Once your E*TRADE Premium savings account is open, here’s how you can deposit and withdraw money:
Deposits
- Mobile check deposit
- Direct deposit
- Online, phone or wire transfer
- By mail
- In person at a branch location
Withdrawals
- Bill pay
- Transfer to an E*TRADE Checking or external account
- Online, phone or wire transfer
- By mail
How to contact E*TRADE about my savings account
You can get in contact with E*TRADE about your savings account questions in several ways, including:
- By phone. Call a representative that knows the ins and outs of your E*TRADE savings account at 800-387-2331.
- Branch location. Find a branch near you by looking up a location from E*TRADE‘s contact page.
- Mail:
- Morgan Stanley Private Bank
- PO Box 484
- Jersey City, NJ
- 07303-0484
E*TRADE Premium savings is not currently available on Finder
Have you considered BrioDirect High-Yield Savings?
Keep track of your savings with online and mobile banking. No monthly fee.
- 5.3% APY
- $0 monthly fee
- $5,000 minimum opening deposit
Your reviews
Sarah Finder
Writer
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