E*TRADE Bank

Deposits held and insured by E*TRADE Bank (VA)

Overview / Commentary
1-800-ETRADE-1 (1-800-387-2331)
671 North Glebe Road, 16th Floor
Arlington, VA 22203
Deposits held and insured by E*TRADE Bank (VA)

ETRADE Bank is a subsidiary of ETRADE Financial Group, which is a publicly traded (NASDAQ:ETFC) institution, and offers a narrow selection of depository products and loans. The bank offers an Internet-driven approach to depository banking, but also has retail centers in metropolitan areas across the United States. The ETRADE name is widely known as an active stock and bond trading platform accessible to everyday consumers and investors, and therefore positions its checking account offering as a tool to use moving funds back and forth to trading accounts. The bank offers free quick money transfers between accounts to facilitate this operation.

There are no savings, money market, or CD accounts offered by the bank, but on its lending side there is access to mortgage and refinance loans. The sole checking account offer could also be used by itself as a way for consumers to conveniently bank online. It comes with a free Visa debit card, free Bill Pay services, and free ATM refunds on any ATM used to withdrawal money from the account. There is no monthly service fee on this checking account as long as customers obey minimum account balance requirements, which tend to be higher than average.

ETRADE Bank online banking offers consumers a sophisticated platform on which customers can manage their accounts. Free fund transfers, bill pay, account management, and access to investing opportunities are all features of the bank’s web-based system. ETRADE also gives complete protection guarantee that prevents customers from being financially responsible for any unauthorized use of their accounts. ETRADE’s mobile banking apps offer comprehensive features unlike many other apps in the banking world. Barcode scanning allows investors to instantly turn their material receipts into company research; educational videos, including CNBC video on demand, are available for learning purposes; performance charts offer investors tangible metrics right on their smartphones. In addition to these trading functions, the mobile apps offer easy account management, Bill Pay, and fund transfers for banking customers.

ETRADE Bank was originally established in 1933 as the Metropolitan Federal Savings and Loan Association. In 1989 it changed its organization type to a stock savings bank and changed its name to the Metropolitan Bank for Savings. In 2001 the bank changed its name for the last time to ETRADE. Its headquarters are in Arlington, Virginia, where it was originally established.

Related Posts

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10/1/09 - E*TRADE Savings Account Yield Back Up To 5.05% - Bonus and Account Review
3/30/09 - E*TRADE Bank Raises Yield on Complete Savings Account
1/19/09 - E*TRADE Bank - Savings Account Promotion and Account Updates
11/24/08 - E*TRADE Update - Savings Account Promotion and Latest News
7/26/08 - E*TRADE Update - Promotions, Savings and Checking Accounts
6/28/08 - E*TRADE Bank Increases Rate on its Max-Rate Checking Account
6/21/08 - E*TRADE Savings Account Bonus Update
5/8/08 - E*TRADE Raises Complete Savings Account Yield - Start of a New Trend?
5/1/08 - E*TRADE Update - Savings Account Bonus, Financial Health
3/7/08 - More Savings Account Rate Cuts - E*TRADE, EmigrantDirect and Others
2/12/08 - E*TRADE Update - Rate Drops, Savings Account Bonus, Financial Health
1/7/08 - New $25 Bonus for E*TRADE Bank's Complete Savings Account
11/12/07 - Worries about E*Trade
8/1/07 - $75 Bonus for ETrade's Max-Rate Checking Account
6/9/07 - ETrade's $25 Savings Account Promo Extended to End of Year
6/8/07 - $25 Sign-Up Bonus for ETrade Bank's 5.05% Savings Account
6/8/07 - ETrade Bank's $25 Sign-Up Bonus Extended for the Complete Savings Account
6/8/07 - Update on ETrade's $25 Savings Account and Checking Account Bonuses
11/16/06 - ETrade's New High Yield Online Savings Account
10/23/06 - Etrade Money Market Account Promo Update - $50 Bonus
9/4/06 - Etrade Money Market Account Promo Update - 5.28% and $50 Bonus
6/23/06 - ETrade Bank Raises CD Rates to New Highs
6/14/06 - Etrade 5% Money Market Promo and $50 Bonus
6/13/06 - New CD Rates at ETrade Bank: 5.40% 6-Month / 5.50% 1-Year
5/3/06 - New ETrade CD Rates - 5.21% 6-Month CD
4/11/06 - 5.10% 6-Month CD at ETrade Bank
3/23/06 - 4.75% Intro Rate and $50 Bonus for ETrade Money Market Account
2/6/06 - $50 Bonus for ETrade Money Market Account
12/7/05 - 4.56% 6-month CD at ETrade Bank
10/31/05 - Big Increase in E*Trade Bank's CD Rates
9/22/05 - $50 Signup Bonus for E*Trade Bank's Money Market Account

A Great Bank

Posted by: |

I have been banking with Etrade for about a year. It has been a welcome relief after dealing with Fidelity brokerage and banking. Etrade customer service actually follows through on requests which Fidelity never did.

Etrade--The Best Online Banking Experience!

When it comes to online banking, you can't go wrong with etrade.com! Sure, they have lots of products and services. But focusing on checking accounts, they do a marvelous job too! Having had my checking account with them for 18 years now, I feel like I can accurately say that they're really great. Their customer services is top notch. Over the years, I've had a few mishaps with my checking account. I've had an overdraft fee or two, which upon calling them they've quickly reversed for me. And, when I had two unfortunate fraudulent transactions show up on my checking account, one call got me my funds back immediately with no hassles at all. Thus, I can say their customer service is really good and friendly. And I'm not even a high dollar client. It seems that they really take care of all their customers, large and small. And I've rarely had to wait a long time for phone service too. Their website is streamlined and I can do all my checking, find transactions, deposit and move money, all with ease. Everything is easy to find and intuitive. And I get many free checks/checkbooks each year to boot! Additionally their debit card atm fees are reimbursed when using non-etrade terminals! How many banks do that for you? Due to all this, I'd have to give etrade.com five stars. Try it, you'll love it!

B-Rob's Etrade review

Posted by: |

I have been using the E*Trade service for over 17 years. The website is extremely responsive and simple to use. It includes everything from setting up account transfers to investment advice free with the service. I utilize the site for both investing and a savings account. My father has a scottrade account so I have a reference point to compare it to. Hands down E*trade's interface and speed is better. The only downside is some of their fees are higher than other investment sites. I have had no issues with transferring money and have been impressed with the features they consistently add including live streaming quotes many years ago. After working with Etrade I cannot see myself switching to another online bank. I had several bad experiences with bank branches and was happy to switch my accounts over to etrade after using them as a broker for years. I would recommend Etrade to people looking for either investing or simple banking. Their interest rates were also the highest among the banks I checked.

Poor Response Time W Mailed Deposits

Posted by: |

For a bank with very few physical locations you would think they would check their mail often so as to account for physical mailing of deposits. Still waiting for A deposit to clear after mailing it 18 days ago. Come on this is poor customer service

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Health
B+

Data as of Q4 2019

Data displayed below is for insuring bank: E*TRADE Bank (VA)
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #30746
Year Established1933
Employees127
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.07%
Return on Equity - YTD13.9%
Annual Interest Income$1.47B
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$44.78B$50.41B
LoansQ4 2019vs Q4 2018$1.60B$2.10B
DepositsQ4 2019vs Q4 2018$39.32B$45.84B
Equity CapitalQ4 2019vs Q4 2018$3.49B$3.56B
Loan Loss AllowanceQ4 2019vs Q4 2018$16.8MM$36.6MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$168.5MM$212.2MM
Real Estate OwnedQ4 2019vs Q4 2018$12.8MM$12.6MM
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

E*TRADE Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%--Premium Savings Account

E*TRADE Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%--Max-Rate Checking Account
Locations

E*TRADE Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 671 North Glebe Road, 16th Floor - Arlington, VA 22203

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