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E-Trade Premium savings review

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Earn 0.05% APY with this E-Trade savings account.

finder.com’s rating: 4.6 / 5.0

★★★★★

Open this E-Trade savings account with as little as $0 and earn 0.05% APY, but you must fund your account within 30 days to prevent closure.

0.05%

APY

$0

Fee

$0

Minimum deposit to open

Details

Annual percentage yield (APY)0.05%
Fee$0
Minimum deposit to open$0
New account fee$1
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
More info

More Info

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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, 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, but your money will only earn 0.05% APY.

Compared to many other cash management accounts, the APY with E-Trade Premium savings is very low. Unless you’re a die-hard fan of E-Trade, your funds are better off in a high-yield savings account.

How do I open an E-Trade savings account?

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

  1. Go to the provider’s site and follow the steps to apply.
  2. From the E-Trade website, hover over Account types and click Bank.
  3. Scroll down to E-Trade Premium savings and click Open an account.
  4. Select account ownership and E-Trade Premium savings, then click Continue.
  5. 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.
  6. Enter your date of birth, Social Security number and occupation to verify your identity, then click Continue.
  7. Set up your account preferences, review your application, create your ID and fund your account.

Eligibility

Open the E-Trade savings account when you meet these requirements:

  • At least 18 years old
  • Social Security number
  • Permanent US address

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 easy to make trades on your investments right from your savings account. Its other perks include:

  • No opening deposit requirement. You can open this account without making a deposit.
  • Branch availability. Unlike some online savings accounts, this account gives you the option to visit one of 30 branches across the country.
  • High FDIC insurance. Like most cash management accounts, your funds are insured for more than the typical $250,000. With E-Trade savings, you’re insured for up to $1.25 million.

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:

  • Low APY. You’ll only earn 0.05% APY. Most high-yield savings accounts offer APYs that are far higher.
  • 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.

If you want an account with a higher APY, you’ll want to keep looking. As always, compare your options when considering a savings account.

Is E-Trade Premium Savings safe?

Yes. Funds you deposit into your E-Trade Savings account are FDIC-insured for up to $1.25 million. That’s five times higher than the amount offered by most traditional banks.

E-Trade Premium Savings reviews and complaints

The Better Business Bureau (BBB) and Trustpilot don’t feature reviews that are exclusively about the E-Trade Premium Savings account. But as a whole, E-Trade is not accredited by the BBB and earns an F rating based on 85 complaints on the BBB’s website. E-Trade also has 10 reviews on the BBB’s website, all of which are one star. On Trustpilot, E-Trade has an average rating of 1.4 out of 5 based on 96 reviews.

Compare E-Trade savings with other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
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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

Withdrawals:

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

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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