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
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.