ETrade Bank's $25 Sign-Up Bonus Extended for the Complete Savings Account
Jun 8, 2007 - 7:05 PM by Ken Tumin
ETrade Bank has extended its $25 sign-up bonus on its 5.05% APY Complete Savings Account. The bonus is now available to accounts opened by April 30, 2007. I had first reported on this bonus in February. ETrade commonly does these bonus extensions, so if you ever miss one be sure to check back.
Here's the ETrade promotional page for this bonus, and here are the details from that page with the important points highlighted:
$25 will be credited to your Complete Savings Account within 30 days of the account being funded with a minimum deposit of $1. Payments will be reported as interest income. Accounts must be opened by April 30, 2007 to quality for the $25 offer. Must be a new account opened with new funds. Offer applies to one new account per customer. Not good with any other offer.
The nice thing about the bonus is that it only requires $1. Also, you don't have to be a new customer. Last year I had opened ETrade's Money Market Account. I applied for this Complete Savings on February 11th at the promotional page. I made sure that the initial deposit came from another bank. On March 9th, I received the $25 credit in my Complete Savings Account.
Even though the 5.05% APY isn't the best rate, E-Trade Bank has some features that make it a nice savings account. One is their online funds transfer system. You can create links online to external bank accounts. The transfers in and out are free, and the transfers are fast. From my experience the transfers complete in one day.
As for hard credit inquiries, I did not receive one when I applied for the money market account last year.
Etrade Bank is FDIC insured (Certificate # 30746).
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Hongjun (anonymous) - #1, Monday, April 9, 2007 - 11:53 AM
Up to 6 withdrawals or transfers in any calendar month
Banking Guy (anonymous) - #2, Monday, April 9, 2007 - 7:02 PM
Yes, this 6 withdrawals per month limit is required by law for all savings accounts.
Gonzalo (anonymous) - #3, Monday, April 9, 2007 - 8:41 PM
When I click on the link I get the promo but when I click APPLY NOW I go to a separate page where I have to select savings account and no longer mention of bonus?
al_r (anonymous) - #4, Friday, April 13, 2007 - 2:47 PM
banking guy:
With these low opening minimum requirements in order to qualify for the bonus, this ETrade's $1 min for example, how much is your typical opening amount?
The $25 bonus would be worth going for, of course, but the 5.05% APY would not warrant putting much here for now. Many others that you have written about are better. For now, AmTrust is the best for my requirements.
What is your opinion on the best attitude to take with regard to bonuses? Do most bonuses come out of a bank's promotional/advertising budget so we might as well go for them, even if that means meeting the bare minimum requirements?
Thx......al r
ShraZZy (anonymous) - #5, Friday, April 13, 2007 - 4:35 PM
Etrade have pretty fast online customer response. When you login your account and press the top right Help link you can contact them and they respond usually within 1 day.
Banking Guy (anonymous) - #6, Friday, April 13, 2007 - 6:46 PM
Gonzalo, you may want to call to play safe. I think this was similar to when I applied but I can't remember exactly. There may be a cookie that tells the application about the bonus.
al_r, as shrazzy mentioned, ETrade does have some nice features. If you need a flexible and fast ACH transfer system, that may be a reason to open an ETrade acount even though the APY isn't the highest and the bonus is only $25.
Banking Guy (anonymous) - #7, Saturday, April 14, 2007 - 1:33 PM
al_r, I suppose if you're only after the bonus, you can maximize the gain by just doing a $1 deposit. Although you won't really lose much if you do deposit more.
Let's say you deposit $100 instead of $1. Assuming no loss of interest during the transfer and assuming you could have that $100 earning 5.55% APY, you'll lose out about 0.5% interest. For one year, that's only 50 cents.
Anonymous - #8, Tuesday, May 1, 2007 - 3:03 PM
I applied online on 4/14/07. E-trade stalled processing for an entire week, until I called about the account applciation. then they finally pulled $1 from my other bank account on 4/27/07. I called to find out the account status, and they said that the account will not be open until at least 6 days ater the deposit. That means the account won't be open until 5/6/07, which means my account missed the 4/30/07 deadline, and will probably not get the $25 bonus, even though I submitted the application on 4/14/07, way before the 4/30/07 deadline.
a_rog (anonymous) - #9, Saturday, May 19, 2007 - 4:50 PM
banking guy:
I am following up on some accounts that had bonuses at the time I applied and notice that E*TRADE FINANCIAL's $25 sign-up bonus now shows "Accounts must be opened by 5/31/2007", so it is still available.
E*TRADE FINANCIAL Complete Savings Account
(item #2 in disclosures)
You have probably already written about this, but posting just in case.
al r
Banking Guy (anonymous) - #10, Saturday, May 19, 2007 - 5:27 PM
a_rog, thanks for this update.
ETrade seems to do this often. They'll end a promo, and in a few weeks, a new end date will appear. So it pays to keep checking if you ever miss one of these promos.
Narayanan (anonymous) - #11, Friday, May 25, 2007 - 1:03 PM
I opened a new E*Trade Complete Savings a/c May 14th. My initial deposit was from my E*Trade brokerage a/c. I transferredd funds from an external checking a/c and the transfer was completed in 2 business days. However, the amount of available funds were not updated. I called E*Trade customer service and I was told all accounts are considered new accounts for first 30 days. They have a 9 day hold period for funds transferred to new accounts. The holding period for regular accounts is 3 to 5 days.
Anonymous - #12, Friday, June 22, 2007 - 10:19 AM
Qustion: Does the holding period for money deposited in New Accts still earn interest?
TonnyLy (anonymous) - #13, Friday, August 29, 2008 - 8:00 AM
Hi! What a great blog. I do know something about the company you are talking about here. I learned it from this great site www.pissedconsumer.com. Etrade specializes in different financial services: trading and investing, retirement, banking and credit cards, planning, mortgage and home equity. Company's major business is on-line discount stock brokerage service, which I unfortunately decided to get engaged with.
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