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E-Trade Premium savings review

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Earn 0.05% 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 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

APY0.05%
Fee$0
Minimum deposit to open$0
New account fee$1
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
More Info

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. You can open an account with as little as $0 and earn 0.05% 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 0.05% 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.

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

    Compare E-Trade savings with other savings accounts

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    Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
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    0.04% on $0 to $24,999.99
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    $0
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    Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
    American Express® Personal Savings High Yield Savings
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    Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
    CIT Bank Money Market
    0.60%
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    A savings account with a higher-than-average rate and minimal fees.
    Chase Savings
    0.01%
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    A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
    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
    $10
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    A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
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    How do I apply for an E-Trade savings account?

    Open this account in six simple steps:

    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

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

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

    Required information

    You’ll need the following information to open an E-Trade savings account:

    • 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 E-Trade 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

    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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