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 high-yield 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.”
Savers seeking a higher interest rate may want to consider E-Trade. You may also 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.
E-Trade Bank offers a competitive yield on its savings account. It’s 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.