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E-Trade Premium savings review

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Earn 1.75% APY with this popular brokerage bank.

finder.com’s rating: 4.6 / 5.0

★★★★★

After earning its reputation as a convenient online brokerage, E-Trade offers savings options to add to your overall investment portfolio. Open this E-Trade Premium savings with as little as $0 and earn 1.75% APY, but you must fund your account within 30 days to prevent closure.

1.75%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY1.75%
Fee$0
Minimum deposit to open$0
New account fee$1
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
More Info

Expert review

Peter Carleton

Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The E-Trade Premium savings is best for those with an active E-Trade portfolio. Open an account with as little as $0 and you’ll earn 1.75% APY. But you must fund your account within 30 days of opening, and there are only branch locations in 16 states.

What are the benefits of the E-Trade Premium savings?

An account that focuses on investors, it makes it easy to make trades on your investments right from your savings account. Its other perks include:

  • Low opening deposit. Open this account with as little as $0.
  • Branch availability. Unlike some online savings accounts, this account gives you the option to visit one of 30 branches across the country.
  • Easy application. You can apply for this account online in a matter of minutes.
  • Same interest for all balances. This account pays the same 1.75% APY no matter what balance you have.

What should I look out for?

This savings account could be a good place to park your money but there are a few things to look out for:

  • No ATM card. You can’t withdraw cash from this account because it doesn’t come with an ATM card.
  • 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.

    Compare with similar savings and money market accounts

    Name Product Interest rate (APY) Fee Minimum deposit to open
    Barclays Online Savings
    1.70%
    $0
    $0
    Earn 20x the national savings account average with no fees or minimums.
    American Express® Personal Savings High Yield Savings
    1.70%
    $0
    $0
    Enjoy no monthly fees and a competitive APY with this online-only savings account.
    BBVA Money Market
    1.50%
    $15 per month
    (can be waived)
    $25
    Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
    UFB Direct High Yield Savings
    2.00%
    $0
    $100
    Earn a competitive rate with a balance higher than $10,000.
    CIT Bank Savings Builder High Yield Savings Account
    1.85%
    $0
    $100
    A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
    Chase Savings
    0.01%
    $5 per month
    (can be waived)
    $0
    Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account.

    Compare up to 4 providers

    If you want an account with higher APY, consider comparing other savings accounts or investment alternatives.

    How do I apply?

    Open this account in minutes online.

    1. Visit the E-Trade website, hover over Account types and click Bank.
    2. Scroll down to E-Trade Premium savings and click Open an account.
    3. Select account ownership and E-Trade Premium savings, then click Continue.
    4. You can enter your existing E-Trade login info to speed up the process or fill in your personal information if you don’t have an E-Trade account.
    5. Enter your date of birth, Social Security number and occupation to verify your identity, then click Continue.
    6. Set up your account preferences, review your application, create your ID and fund your account.

    Eligibility

    • At least 18 years old
    • Social Security number
    • Permanent US address
    • Initial deposit of $1or more

    Required information

    • Name
    • Birth date
    • Address
    • Contact information (phone number and email)
    • Social Security number
    • Employment information
    • Bank information to fund your account

    How do I deposit or withdraw money?

    Once your 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

    Withdrawals:

    • Bill pay
    • Online, phone or wire transfer
    • By mail

    How do I contact E-Trade customer service?

    There are four ways you can get in touch with a customer service representative:

    • Phone. Call 800-387-2331.
    • Live chat. Visit the Contact Us page to start a chat.
    • Email. Send an email from the contact page or through your online account.
    • In person. Use the branch locator to find your nearest E-Trade branch.

    Frequently asked questions

    Savings account ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

    Read the full methodology of how we rate savings accounts.

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