ETrade Complete Savings Accounts to Become Discover Bank Online Savings Accounts

John C - #15, Wednesday, February 10, 2010 - 11:59 AM CT

Interesting... I have both the Max-Rate Checking, Complete Savings and brokerage account with E*Trade, and am a reasonably happy customer of theirs... As said above, the unlimited ATM refunds is a great feature, as are the speedy ACH transfers and high number of external bank accounts that can be linked.

As of this post, I've yet to receive any email notice from E*Trade or notice of any secure message in my E*Trade account inbox, re the Discover Bank change.

But assuming it will show up soon, I never really used the Complete Savings account much after rates plummeted. So as long as they keep the Max-Rate checking and its handy ACH and ATM features, I could pretty much care less whether or not they ditch the Complete Savings account.

Discover Bank would have to offer something pretty compelling to generate any interest from me... and 1% ain't going to do it. E*Trade's own online banking set-up is pretty darned good, efficient and effective. I can't imagine what Discover could do that would make it a better alternative.

 

Anonymous - #16, Wednesday, February 10, 2010 - 3:34 PM CT

It sounds like they're only getting rid of folks without other accounts with them, i.e., those who are least profitable.  At least some of these folks are rate-chasers or opened the account only for the bonus, and aren't going to be putting anything on ETrade's bottom line.

Anonymous - #17, Thursday, February 11, 2010 - 3:11 PM CT

The headline is a little misleading.  Etrade savings is still continuing.  Only those Etrade savings accounts that are not linked to Etrade brokerage are being transfered to Discover.  Otherwise, they would lose a lot of brokerage accounts.  The only point of having the Etrade savings is because of the very convenient link to their brokerage (it's an instant transfer) so you can bank and trade stocks at one place.  So I'm not sure why someone would open an Etrade savings account without a brokerage account in the first place.  

Anonymous - #5, Tuesday, February 9, 2010 - 7:11 PM CT

The best thing I like about etrade account is the super fast ACH transfer.  Unless Discover can match it I'll probably abandon the account...

Anonymous - #6, Tuesday, February 9, 2010 - 7:17 PM CT

I had a dispute with Discover years ago that took me a while to get it dealt with. I closed my etrade account as soon as I got the email. Those SOB's at Discover will never ever get another peeny of my money. Thanks a lot  Etrade!!