E*TRADE Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
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E*TRADE, a financial services firm most known for their brokerage accounts, also offers checking and savings accounts, and some CDs, through Morgan Stanley Private Bank. Its savings account has strong rates. Its Max-Rate Checking Account earns interest and offers ATM refunds, though there's a monthly fee if you don’t meet minimum requirements. If you have investment accounts with E*TRADE, you can view all your accounts in one place. If you aren't ready to open a brokerage account, however, the emphasis on investment tools may seem distracting.
No overdraft fees for checking accounts.
No monthly fees on savings accounts.
Competitive rates on savings accounts and CDs.
No minimum opening deposits.
ATM fee rebates.
Monthly fees on checking (though they are avoidable).
High minimum balance requirements to avoid fees.
No branch access.
Product reviews
Savings
The Premium Savings Account earns a strong rate regardless of your balance. There's no monthly fee and no minimum opening deposit amount. After the promotional rate period, the ongoing savings rate is 3.35% APY.
Checking
This checking account has a decent interest rate and has no deposit minimum. The steep $15 monthly fee can be waived. Per E*TRADE's website: "The $15 monthly account fee can be waived when you maintain an average monthly balance of at least $5,000 in the Max-Rate Checking account on or after the end of the second calendar month from opening the account."
This account offers unlimited ATM refunds worldwide. That means fees you’re charged for withdrawing cash, for example, will be credited back to your account.
E*TRADE also offers a basic checking account with no minimum deposit or monthly fee. However, it doesn’t earn nearly as much interest. That account wasn't considered for the purpose of rating this firm.
E*TRADE Max-Rate Checking
Certificates of deposit
E*TRADE has a standard range of CD terms issued by its parent bank Morgan Stanley Bank. These are bank CDs, as opposed to brokered CDs, which the firm also provides. There’s no minimum to open the bank CDs and rates are solid.
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 6 months | 4.05% | $0 |
| 9 months | 4.10% | $0 |
| 1 year | 4.10% | $0 |
| 1.5 years | 4.00% | $0 |
| 2 years | 4.00% | $0 |
| 3 years | 4.00% | $0 |
| 5 years | 4.10% | $0 |
Customer experience & overdraft fees
Customer experience
You can access your checking and savings accounts from E*TRADE’s mobile apps, which also provide access to brokerage services. The apps receive good ratings from users and allow you to access standard banking services, such as mobile check deposit and electronic transfers to and from the account. Customer service is available by phone.
Overdraft fees
E*TRADE doesn't charge insufficient funds fees on its Max-Rate Checking account. If you opt in to its Coverdraft Protection service and have a transaction that causes an overdraft, you can use a backup account to transfer funds to cover the transaction. There's no charge for the transfer, but transfers might be made in $100 increments, regardless of how much you overdraft by. There's no overdraft line of credit option.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
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