Dedicated to Deposits: Deals, Data, and Discussion

E*TRADE Update - Savings Account Bonus, Financial Health

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E*TRADE Bank
E*TRADE has a new $25 bonus for opening the Complete Savings Account. This new one is good through 5/31/2008. The terms seem to be the same as before including the requirement of only a $1 deposit to earn the $25. Here's the important small print:
$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 5/31/2008 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.

Last year I received this $25 bonus without any problems. However, several commenters have mentioned that they had to call before the bonus was credited. So be sure to record when you sign up, keep a copy of the promo page, and if you don't receive the bonus within 30 days after funding the account, be sure to call. Based on the comments in my last ETRADE bonus post, most seem to be receiving the bonus although several still had to call.

Complete Savings Account Review

E*TRADE Complete Savings Account currently has a yield of 3.01% APY which is about the same as what ING Direct and HSBC offers. During the time since the Complete Savings Account started in November 2006, its rates have often been more competitive than both ING and HSBC.

The main advantage that E*TRADE has over ING Direct in my opinion is that it allows more external ACH links and the links are not limited to checking accounts. The main advantage over HSBC is the faster ACH transfer speeds.

Below is a list of features of the Complete Savings account based on E*TRADE's website, my experience, information from the CSR and from other references.
  • $1 minimum deposit to open account
  • No minimums or account fees
  • No hard credit inquiry (I didn't receive one)
  • Free online ACH transfer system (Quick Transfer)
  • Typical 6 withdrawal limits per month
  • $100K per day limit on outgoing and incoming ACH transfers
  • ACH transfers complete in one business day from my experience
  • Limits to the number of external links have been reported (see FW thread). The CSR wasn't aware of this.
  • 9 day hold time for initial deposit (ACH or check). No hold for wire transfers.
  • Holds on additional deposits are lifted on the 5th business day after the deposit

E*TRADE's Financial Health

There have been many worries about E*TRADE since last November when reports of their subprime problems came out. When they reported earnings two weeks ago, there were signs that its financial situation had stabilized.

Etrade Bank is FDIC insured (Certificate # 30746). It has $51.6 billion in assets and $32.0 billion in deposits.

Related Pages: E*TRADE Bank, savings account

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Comments
7 Comments.
Comment #1 by Anonymous posted on
Anonymous
I received the bonus for this (or an identical) offer on April 3rd. I did not have to call or have any issues with the bonus. It happened automatically.

1
Comment #2 by ShraZZy (anonymous) posted on
ShraZZy
Or you can use the online contact e*trade on top right, if you want a super faster response :). I am glad E*TRADE is not going bankrupt, they have the best online site.

1
Comment #3 by Anonymous posted on
Anonymous
Be aware that getting your money out of E-trade is much harder than getting it in, which is why I closed my account and will never do business with them again. You can read about my experience at Fatwallet.com: E-trade using erroneous info from internet to 'verify' identity

1
Comment #4 by Anonymous posted on
Anonymous
So I can open a new account with a $1 deposit and still qualify for the $25 bonus? Sweet.

1
Comment #5 by Missy (anonymous) posted on
Missy
How does eTrade compare with INGDirect, as far as checking and savings acct details?

1
Comment #6 by Anonymous posted on
Anonymous
I have never had problems with E*Trade

I have a Savings, Checking and Roth Ira with them and everything is working the way it should, ach is very fast and everything seems to work flawsly.

1
Comment #7 by Anonymous posted on
Anonymous
I haven't had any problems with withdrawal or deposits.

1