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E-Trade Checking account

It’s free to maintain and you can use it to fund your investments instantly.

finder.com’s rating: 4.5 / 5.0

★★★★★

With its ability to move money into a brokerage account in a few clicks, this no-frills checking account is best for those involved in same-day stock market trades.

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$0 per month

Fee

$0

Minimum deposit to open

Details

APYN/A
Fee$0 per month
Minimum deposit to open$0
ATM transaction fee$0
Foreign transaction fee1%
Overdraft fee$5
Nonsufficient funds fee$25
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Review by


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.

Expert review

E-Trade’s Checking account is best for day traders that already use the E-Trade platform for investing. That’s because it shines in its convenience of moving funds between your checking and brokerage accounts — the funds are available instantly. Plus, as a brokerage customer, you’ll be keeping all your bank and investment accounts in one place.

The checking account itself doesn’t require you to keep a minimum balance or charge a monthly fee, and incoming wire transfers are free. However, you’ll pay to send money via wire outside of your account. Despite E-Trade offering ATM fee refunds, you may pay ATM owner fees because E-Trade doesn’t offer its own free ATM network.

You’ll get the most out of this account if you open a brokerage, checking and savings account. But if you aren’t a trader, you’ll want to look at other checking accounts to find more perks.

How to open an E-Trade Checking account

You can open an E-Trade Checking account by visiting a local branch or online in seven steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the E-Trade home page, hover over Account types and select Bank.
  3. In the box featuring E-Trade Checking, select Open an Account.
  4. Select whether you’re opening a joint or individual account, then click Continue.
  5. Indicate whether or not you’re an existing customer. If not, fill out your personal information like contact info and address, then click Continue.
  6. Provide your Social Security number, birthdate and occupation. After filling out the brief form, click Continue.
  7. Set up your account, review your info for accuracy, create an ID and fund the account. You won’t need a minimum amount to open the account, but you must fund it within 30 days of opening.

Eligibility

All US citizens ages 18 and older with a valid Social Security number are eligible to apply for an E-Trade Checking account.

Required information

Keep the following info handy when applying for an E-Trade Checking account:

  • Social Security number
  • Valid US ID, such as a driver’s license or state-issued ID
  • Valid US address

4 benefits of a checking account with E-Trade

E-Trade’s checking accounts are designed so users can more seamlessly fund market trades. Expect a suite of online banking features like automatic bill pay, mobile check deposit, a free debit card and:
  • Free checking account. This account has no monthly maintenance fees and doesn’t have an minimum opening requirements
  • Instant transfers for market trading. Add money to an investment account instantly from your E-Trade Checking account for free. Sending money to your E-Trade investment account from an external account can take up to three days.
  • All-in-one mobile app. Manage your investments and checking account all in one place through this popular investing app.
  • No ATM fees. Since E-Trade doesn’t have an ATM network of its own, you’re not charged fees for using domestic ATMs up to five times per month. However, you’re still responsible for covering any fees charged by ATM owner.

4 potential drawbacks

  • High outgoing wire fees. There’s a $25 fee to wire money out of an E-Trade Checking account, though incoming wire transfers are free to receive.
  • Overdraft fees. Enrolling in overdraft protection is free, but E-Trade will charge you $5 every time it makes an automatic transfer to cover insufficient funds.
  • Limited brick-and-mortar presence. Though it has 30 locations nationwide, they’re spread throughout only 17 states.
  • Lack of transparency. E-Trade keeps details about its checking account fees spread out across its site and in fine print, making it inconvenient to understand its terms and conditions. If you have questions, be sure to contact customer service.
  • Five-day check deposits. If you’re looking to add money to your account by check, you’ll wait up to five days for the entire balance to show up in your account.

E-Trade’s ATM network and fees

You’ll receive a free debit card with this account, but E-Trade doesn’t have its own ATMs. There’s no fee to withdraw cash from US ATMs, but independent fees still apply. International ATM withdrawals using your E-Trade Checking account will incur a 1% fee.

E-Trade reviews and complaints

E-Trade has been in business for 40 years, and gets high ratings from customers using the app. Customers like the userfriendly app that lets them research stocks, buy them and track their portfolio. Some customers report issues with the app not loading changes in the market or other glitches like not working when logged on multiple devices.

However, E-Trade receives a low F rating from the Better Business Bureau for not resolving complaints filed against the business. On Trustpilot, most reviews lean negative as well. Multiple users report having problems looking at their charts to see trading data. A few also report that it’s hard to get in touch with customer service. Positive reviews say that the platform works smoothly for them and that they’ve had no trouble with getting customer service.

Compare E-Trade with other checking accounts

Compare checking accounts by their features, APYs and initial opening deposits, then choose Go to site when you’re ready to apply for an account.

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
US Bank Smartly Checking
Finder Rating: 2.6 / 5: ★★★★★
Bonus
US Bank Smartly Checking
$6.95 per month
$25
N/A
New offer: Earn up to $600 when you open a new U.S. Bank Smartly™ checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through April 11, 2023. Member FDIC
Take control of your spending with integrated tools such as automated budgeting, upcoming due date alerts, low balance alerts and more, available in the US Bank Smartly Checking mobile app. Easily send and receive funds via Zelle. Waive overdraft fees by depositing money before the forgiveness deadline. Member FDIC.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
$0 per month
$0
N/A
Save easily and access your paycheck up to 2 days early with direct deposit. Pay $0 monthly fees, and no minimum balance is required. Access 24/7 support and get daily balance and transaction alerts. FDIC insured.
Chase Total Checking
Finder Rating: 3 / 5: ★★★★★
Bonus
Chase Total Checking
$12 per month
$0
N/A
New Chase checking customers enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit.
Chase Total Checking is easy to use and gives you access to 16,000 ATMs and more than 4,700 branches. It offers a $200 signup bonus to new Chase customers. Member FDIC.
Upgrade Rewards Checking
Finder Rating: 4.3 / 5: ★★★★★
Upgrade Rewards Checking
$0 per month
$0
N/A
Earn up to 2% cashback rewards on everyday purchases. Pay $0 fees for overdraft, domestic wire transfer and monthly maintenance. Pair with Upgrade’s savings account to earn 3.75% APY. Get up to 20% discounts on Upgrade loans and credit lines. Member FDIC.
Albert Cash
Finder Rating: 4.5 / 5: ★★★★★
Albert Cash
From $0 per month
$0
0.10%
30-day free trial for Albert Genius
Albert Saving helps you set money aside for the future, whether your purchasing goals are big or small. Paid Genius subscription members enjoy perks like automated savings and annual cash bonuses. FDIC-insured through their partner banks.
PSECU checking account
Finder Rating: 4.4 / 5: ★★★★★
Bonus
PSECU checking account
$0 per month
$0
0.20%
Earn up to $300: $100 when you get a savings and checking account and activate your debit card with digital banking within 30 days. $100 with monthly payroll direct deposit of $200+ within 90 days. $100 when you maintain direct deposits for an additional 90 days. Select Level Up Your Banking to see terms and get the promo.
Earn a bonus and 5 or 10 cents in rewards on all eligible purchases. Pay $0 in monthly fees, no overdraft fees and get ATM fee reimbursements. NCUA insured.
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States with E-Trade branch locations

E-trade has a brick-and-mortar presence in the following states:

  • Washington
  • Oregon
  • California
  • Arizona
  • Colorado
  • Minnesota
  • Texas
  • Illinois
  • Michigan
  • Georgia
  • North Carolina
  • Florida
  • Virginia
  • New York
  • Massachusetts
  • Pennsylvania

How to deposit or withdraw my money

Deposit funds into your E-Trade Checking account in one of several ways. For reference, 256072691 is the routing number for E-Trade’s checking accounts.

Deposits

  • Direct deposit. Automatically send incoming funds to your E-Trade Checking account.
  • Electronic transfer. Move money from bank to bank using your computer or smartphone. Note that this could take up to three days to process. If you’re transferring between your E-Trade investment accounts, your funds are available immediately.
  • Mobile deposits. Snap a photo of your signed check via the app for a convenient check deposit. These transactions can take up to five days to clear.
  • Wire transfer. For same-day delivery, send a wire from an external account to your E-Trade account at no charge.
  • Deposit a check by mail. If you mail a check, be sure to include your account number, write “for deposit only” and sign the back. Then, send the check to:
    • Morgan Stanley Private Bank
      Attention: Deposit Operations
      PO Box 484
      Jersey City, NJ 07303-0484.

    Note that this deposit method can take five business days.

    Withdrawals

    Access funds from your account through:

    • ATM withdrawal. Use your debit card to withdraw funds from any ATM around the world. International ATM withdrawals will incur a 1% fee.
    • Electronic transfer. Move funds out of your E-Trade Checking account and into an external bank account.
    • Wire transfer. Keep in mind that there’s a $25 fee per transaction.

    Checking account ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

    Read the full methodology of how we rate checking accounts.

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