E-Trade Bank Review 2021

Published January 2021 by Liz Hund

AT A GLANCE
3.8

Bankrate Score

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24/7 Customer Service

Free Checking

E-Trade Bank is especially worth considering if you also invest at E-Trade and want products from the same parent company.

  • Savings
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    2.8
  • Checking
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    4.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Overall

    3.8

    Bankrate Score

    E-Trade Bank is the banking unit of E-Trade Financial Corp., a brand best known for its brokerage services.

    What we like

    • There are no minimum deposit requirements to open a savings account.

    • There are no overdraft fees for debit purchases.

    • Customers have check-writing privileges and the first checkbook is complimentary.

    • Customer service representatives are available 24/7.

    What we don't

    • There are more competitive APYs available elsewhere.

    • The requirements to avoid fees are steep compared to other interest-bearing checking accounts.

    • There is a limited number of products available.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    E-Trade Bank's Premium Savings account offers the same low APY across all balance tiers. There is no minimum deposit required to open a Premium Savings Account. However, the account must be funded within 30 days to remain open.

    What we like

    • There are no monthly service fees or minimum deposit requirements.

    What we don't

    • There are higher APYs available at many other banks.

    Checking accounts

    4.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Max-Rate Checking is an interest-bearing account from E-Trade. The account can be opened online with a minimum deposit of $100. Account holders will have to maintain an average balance of at least $5,000 to avoid being hit with the $15 monthly fee. The charge can also be waived by making direct deposits of $200 or more per month or by placing at least 30 stock or options trades per quarter.

    The other checking product offered is E-Trade Checking. The non-interest-bearing account can be opened with a $100 minimum deposit and does not have a monthly fee.

    What we like

    • E-Trade offers free, unlimited ATM fee refunds with Max-Rate Checking.

    • There are no overdraft fees for debit purchases.

    • Customers have access to over 2 million ATMs worldwide.

    • A free checking account option is available.

    What we don't

    • There’s no ability to accept cash deposits.

    Bank experience

    If you are on the hunt for an online bank provider, E-Trade Bank is worth considering. Its mobile app scores are high in the App Store and on Google Play.

    The app functionality is standard for banking. You’ll get to deposit checks with your camera, pay your bills and keep tabs on your account balances. The app also works with your bank account and your investments with E-Trade. A nice touch: You can also chat with customer service within the app.

    You won’t be able to do banking transactions at its small branch network. However, you can reach a representative 24 hours a day, seven days a week to get help.

    About E-Trade Bank

    E-Trade is most known for its brokerage services, but it also offers bank products that are insured by the Federal Deposit Insurance Corp.

    Through its bank subsidiary, E-Trade currently offers checking and savings accounts nationwide. E-Trade Financial Corp., which was founded in 1982, describes the purpose of operating a bank as “maximizing the value of deposits generated through its brokerage business.”

    You may want to consider the bank if you use E-Trade as a trading platform and want to benefit from tight integration between your brokerage account and banking account.

    There are more than two dozen branches, but the physical locations are limited to providing financial consulting, not managing your banking tasks.

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    Liz Hund Twitter Created with Sketch. @LIZ_HUND

    About the author Liz Hund is a social producer at Bankrate and occasionally writes special features on-site with a social-first angle. Her writing has been featured on MSN, Business Insider and in various local publications. In the media MSN Business Insider The Points Guy