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