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E*TRADE Update - Promotions, Savings and Checking Accounts

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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 8/13/2008. 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 8/13/2008 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.

Update 7/26/08: A reader has reported being told by an E*TRADE CSR that this promo has ended.

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 this previous ETRADE bonus post, most seem to be receiving the bonus although several still had to call.

Complete Savings Account Review

In early July E*TRADE increased the yield of the Complete Savings Account from 3.15% to 3.30% APY. Since the time this account was launched in November 2006, the rates have been competitive. In addition, E*TRADE's ACH transfer system (Quick Transfer) is one of the best. I did an updated review of the Complete Savings Account in this July 2nd post with many of the details of this account and the ACH transfer features.

Max-Rate Checking

E*TRADE also has a nice checking account called Max-Rate Checking. Unfortunately, the top yield just fell from 3.25% to 3.01% APY last week. But it's still competitive for a checking account. My main dislike is the $5K minimum balance requirement to earn the top yield and to avoid a $15/month fee (as described here, there are a few other ways to have this fee waived).

Latest E*TRADE News

E*TRADE Financial will be reporting its second-quarter earnings on Tuesday. As this Forbes article describes, expectations are that they'll be reporting a loss for the quarter. The company is trying to turn things around after their bad investments in mortgage securities and other risky debt.

As I recommend with any bank, it's best to stay under the FDIC limits. ETRADE Bank is FDIC insured (Certificate # 30746). It's one of the largest internet banks with $48.2 billion in assets and $32.4 billion in deposits.

Credit for this latest promo link goes to sol38 who posted it at this FW thread.

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

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Comments
8 Comments.
Comment #1 by Cheapo (anonymous) posted on
Cheapo
Last year I opened an account with Etrade to get the $25 sign up bonus, but I did not automatically get my bonus after the stated time period. I called their customer service line and within one day the bonus was credited to my account. I do not have much experience with the bank, but I was glad to see that my bonus showed up without having to waste much time over the phone.

1
Comment #2 by Anonymous posted on
Anonymous
Just to let you know, there is a $100 minimum initial deposit when you fund the ETrade Complete Savings account with an electric transfer. But the 3.30% APY is definitely one of the higher rates currently out there.

1
Comment #3 by Deborah (anonymous) posted on
Deborah
Anonymous said "... there is a $100 minimum initial deposit when you fund the ETrade Complete Savings account with an electric transfer..."

The $100 minimum opening deposit is for the Max Rate Checking account. You can open a Complete Savings account with just $1.

1
Comment #4 by Ruth (anonymous) posted on
Ruth
Banking Guy or anyone else - has it been verified that they have ended the $25 bonus early? My son was getting ready to open that account this weekend.

1
Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
I've seen mixed results with the CSRs regarding these bonuses. I'm not sure how familiar they are with these. If you do try signing up at this promo page, I would recommend copying the page for reference. If you don't receive the bonus after 40 days or so after it's opened, send a secure bank email asking for the bonus and referencing the promo page. I had to do this for my first bonus 2 years ago, and ETRADE did honor the bonus.

1
Comment #6 by Ruth (anonymous) posted on
Ruth
Well, my son opened this account yesterday with the bonus link-it did not redirect to a page saying that the offer was expired, as other links have done. He took a screen shot of the page so we will see if they pay out the bonus.

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Comment #7 by Ruth (anonymous) posted on
Ruth
An update on my previous post - the bonus was credited to my son's new account already. So for those of you who see another account opening bonus for E*Trade, don't depend on the customer service department for accurate information about the validity of a promotion.

1
Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
Ruth, thanks for the info. Glad to read that the bonus was credited.

1