E*TRADE Review: Checking and Savings

E*TRADE partners with Morgan Stanley Bank to offer a checking account with ATM refunds and a savings account with strong rates and no monthly fees.
Margarette Burnette
By Margarette Burnette 
Edited by Yuliya Goldshteyn

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E*TRADE Bank
  • Savings
  • Checking
  • Banking experience
  • Overdraft fees

Overall institution rating

4.0

NerdWallet rating 
The bottom line:

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

E*TRADE is a brokerage firm that partners with Morgan Stanley Private Bank to offer checking and savings accounts. 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.

Best for: Customers who are looking for a savings account with strong rates, a checking account with ATM refunds (and who can meet the requirements to avoid monthly checking fees) and those who would like to see their bank and brokerage accounts in one view.

Pros

  • Strong savings rate.
  • Unlimited ATM rebates.
  • No insufficient funds fee.

Cons

  • High monthly fee for checking if requirements aren't met.

Full review

E*TRADE Bank Premium Savings Account
E*TRADE Bank Premium Savings Account

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
3.85%
With $0 min. balance for APY

The Premium Savings Account earns a strong rate regardless of your balance. There's no monthly fee and no minimum opening deposit amount.

E*TRADE Bank Max-Rate Checking
E*TRADE Bank Max-Rate Checking

Checking

Member FDIC

4.0

/5
 NerdWallet rating 
Monthly fee
$15.00
Waived with direct deposit or $5,000 minimum balance
APY
0.05%
With $0 min. balance for APY

This checking account earns a little bit of interest and has no deposit minimum, but there's a steep $15 monthly fee if you don’t meet one of the following requirements:

  • Receive qualifying monthly direct deposit of at least $200.

  • Have an average monthly balance of at least $5,000.

  • Have an average monthly balance of at least $50,000 in an eligible linked premium or stock plan account.

  • Have qualifying trading activity in the previous quarter.

Despite the monthly fee, one way this account shines is by offering unlimited ATM refunds nationwide. 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 interest or offer ATM refunds. That account wasn't considered for the purpose of rating this financial institution.

Banking experience

4.5

NerdWallet rating 

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. In addition, E*TRADE has an active Twitter account that is responsive to customers.

Overdraft fees

4.5

NerdWallet rating 

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.

How does E*TRADE Bank compare?

NerdWallet rating 

5.0

/5
NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5

APY 

4.20%

With $0 min. balance for APY

APY 

4.85%

With $5,000 min. balance for APY

APY 

4.50%

With $0.01 min. balance for APY

Bonus 

$250

Earn up to $250 with direct deposit. Terms apply.

Bonus 

N/A

Bonus 

N/A

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Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.