E-Trade Bank Review 2020

Published April 2020 by Mary Wisniewski

AT A GLANCE
3.5
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon
  • start icon

Bankrate Score

bank-logo
24-7-customer-service Created with Sketch.

24/7 Customer Service

digital-leader Created with Sketch.

Digital Leader

E-Trade Bank is especially worth considering if you also invest at E-Trade and want products from the same parent company. If you like to do banking in person, you will want to bank somewhere else.

  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.3
  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    MMA

    1.80 % APY

    $ 100

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    3.5

    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon

    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

    • No minimum deposit to open a savings account.

    • No overdraft fees for debit purchases.

    • Customer service representatives are available 24/7.

    What we don't

    • Higher APYs available elsewhere.

    • Requirements to avoid fees are steeper for interest-bearing checking account.

    • The bank offers a limited number of products.

    Savings accounts

    3.3

    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    E-Trade Bank's Premium Savings account offers the same APY on all five balance tiers, with the lowest being $0 and the top tier starting at $500,000. 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 is no minimum deposit to open the account.

    • Interest is compounded daily.

    • No monthly fees.

    What we don't

    • There are higher APYs available at other banks.

    Checking accounts

    3.7

    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.55 % APY

    $ 0

    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 be waived by making direct deposits of $200 or more per month.

    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

    • Free, unlimited ATM fee refunds with Max-Rate Checking.

    • Balances greater than zero earn interest.

    • No overdraft fees for debit purchases.

    What we don't

    • No ability to accept cash deposits.

    • Interest rates are fairly low.

    • Minimum balance to avoid fees is $5,000.

    Bank experience

    If you are on the hunt for an online bank provider, E-Trade Bank is worth considering. Its mobile app scores 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 a 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.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.