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E-Trade Premium savings account

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E-Trade Premium savings
5.0
★★★★★
Finder score
APY
4.25%
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 4.25% 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

In this guide

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How do I open an E-Trade savings account?

Open the E-Trade Premium savings account in seven simple steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Hover over Account types on E-Trade‘s website and select Bank.
  3. Scroll down to E-Trade Premium savings and choose Open an account.
  4. Select account ownership and E-Trade Premium savings, then select Continue.
  5. Enter your existing E-Trade login info or fill in your personal information if you don’t have an E-Trade account.
  6. Provide your date of birth, Social Security number and occupation to verify your identity, then select Continue.
  7. 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 4.25% 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.

1 - 6 of 29
$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
SoFi Checking and Savings
Finder Score: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until June 30, 2024.
$1,046
BrioDirect High-Yield Savings
Finder Score: 4.4 / 5: ★★★★★
BrioDirect High-Yield Savings
Traditional savings

5.35%

Up to $250,000
$25
$5,000
$1,053.50
Barclays Online Savings
Finder Score: 4.3 / 5: ★★★★★
Bonus
Barclays Online Savings
Traditional savings

4.35%

Up to $250,000
$0
$0
Get a $200 bonus when you open a new savings account, deposit $25,000 within 30 days of opening and maintain the balance for 120 days. Terms apply
$1,043.50
Cash App Savings
Finder Score: 4.4 / 5: ★★★★★
Cash App Savings
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4.50%

1.50%

Up to $250,000
$0
$1
$1,045
Customers Bank High Yield Savings through Raisin
Finder Score: 4.6 / 5: ★★★★★
Customers Bank High Yield Savings through Raisin
Traditional savings

5.16%

Up to $250,000
$0
$1
$1,051.60
UFB Secure Savings
Finder Score: 4.7 / 5: ★★★★★
UFB Secure Savings
Traditional savings,Custodial account

5.25%

Up to $250,000
$0
$0
$1,052.50
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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

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