Dedicated to Deposits: Deals, Data, and Discussion

E*TRADE Bank Raises Yield on Complete Savings Account

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E*TRADE Bank
Update: The rates for the Complete Savings Account and Max-Rate Checking Account have fallen. Please check E*TRADE's website for the latest rates.

E*TRADE Bank raised the yield on its Complete Savings Account from 3.15% to 3.30% APY. Unlike several other banks, the new yield didn't reach 3.50%. But it does show there continues to be upward rate pressures.

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

Max-Rate Checking

The Complete Savings Account yield is now just a tad higher than the yield of E*TRADE's Max-Rate Checking. I haven't covered this checking account much, but it probably deserves more coverage since it has maintained a competitive yield of 3.25% APY while most online savings account rates were 3% or less. The main issue with this checking account is that the 3.25% APY requires a minimum balance of $5,000. Also, there's a $15/month fee unless you maintain a $5,000 balance or if you set up a direct deposit of $200 or more per month (see bottom of the checking page for more ways to have this fee waived).

In addition to the high yield, the other big perk with the checking is the unlimited ATM refunds nationwide. Other nice features include free unlimited online bill pay and the same Quick Transfer system as the Complete Savings Account for making ACH transfers.

E*TRADE Bank is FDIC insured (Certificate # 30746). It has $48.2 billion in assets and $32.4 billion in deposits.

  Tags: E*TRADE Bank, checking account, savings account

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Comments
4 Comments.
Comment #1 by Ruth (anonymous) posted on
Ruth
Also, for those who want to know about adding a beneficiary to the Complete Savings Account, the process is fairly painless even though it cannot be done online. All you do is send a signed "Letter of Instruction" to add a Payable on Death beneficiary, giving the name, date of birth, SS number, and address of the beneficiary. It does take them about a month to add the information though.

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Comment #2 by Anonymous posted on
Anonymous
I know the rate was 3.15% a couple months ago, but then it dropped to 3.00%. It doesn't change the current rate, but I think it's an increase of .3% not .15% from last month.

1
Comment #3 by Anonymous posted on
Anonymous
The footnote to the savings rate says its for balances of $50,000. But that's not explained further. Is the savings rate applied to balances lower than $50,000?

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Comment #4 by Anonymous posted on
Anonymous
I just found another page, from the "complete savings account" link above that says it's $25,000. I'm confused.

1