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.
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2/8 - ETrade Super Bowl Commercials - What Happened to ETrade Bank?
1/27 - E-Trade reports quarterly net loss of $67 million [MarketWatch]
1/16 - Etrade's Lifetime Limits for Adding External Accounts [FW]
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
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!
Pretty Good, Poised To Improve
This is one of the best trading platforms, and if you're a retail investor in the options market, depending upon your focus, it might be the best.
As a bank, it's better than many alternatives for me because the people in customer support, when you can reach them, are actually financial professionals. There are also a handful of bricks and mortar locations near me because I live in a megalopolis.
What looms is the further integration of E*TRADE with parent company Morgan Stanley, which is arguably the best bank in America. It's very bank.
I honestly am losing interest in trading options, the market is getting gamed in ways that are frustrating and not justifiable on valuations, and am looking for other brokerage features. But I am very enthusiastic about the MS merger and wouldn't have taken as close a look at the company had it not happened that they bought my very good brokerage firm. Morgan Stanley is an excellent company.
The WORST Bank I've Ever Dealt With
Look, there's a lot to be attracted to by opening an E*Trade Checking and Savings combo: great interest rates, free ATMs, 24/7 customer support, etc. But this "bank" does not come anywhere close to being an actual bank. MULTIPLE TIMES I have had transactions added to and REMOVED FROM my available balance. This means that transfers that were DONE PENDING and 100% spendable and in my available balance just disappeared one day, only to return 3-days later. Once it was my entire paycheck. It was in my available balance one day, I go to spend the money online and BOOM my account is locked and the money disappeared from my available balance. They told me they needed some documents from me to unlock and secure my account: documents that SHOULD have been asked for when I opened the account (things like my drivers license, a previous bank statement, etc.). Then they told me it would be 2-3 business days until they could unlock it for me. On top of that, they didn't believe me when I told them that I was employed (they were wondering how I was able to get a paycheck that large) and asked to speak with my manager on the phone, at my new job. . . . yeah right.
The absolute worst part about this "bank" though is that they don't even let you access all the transaction information on your checking account. So, when a purchase is made from the checking account (via a debit card or otherwise), the money is subtracted from your available balance but does NOT show up on your transactions list for another couple of days. What this means is that when your available balance drops because of a transaction there is NO WAY to verify that it was even you that made the transactions because 1.) you cannot see where the money was spent, and 2.) you can't even see HOW MUCH was spent. Essentially there is no way to know if your account was compromised. It's absolutely ridiculous. Suppose you have automatic payment every month for your electric bill. Once the transaction occurs the money is removed from your available balance but you have no way to confirm that it was the electric bill. For all you know someone could have gotten your account information and charged something on your debit card. I've never been with a bank that doesn't show transactions immediately as they occur and just show them as pending. I really cannot believe it's a thing. And, when I contact support, they can see the transaction! It's MY ACCOUNT and MY MONEY how come support can see the transaction but I can't?
Anyways I could go on and on about the issues that I've had with E*TRADE banking but this post would get way too long. Save yourself the trouble and go somewhere else. Only good thing I can say is that the interest on the savings account is great, but not have checking and saving with the same establishment is no go for me so I will be taking both of my accounts and money elsewhere. It's a real shame because my dad has used them for 30+ years and loved it, and I would have loved to be a lifelong member as well, but I just cannot bank somewhere that my transactions are not immediately shown like EVERY OTHER BANK IN THE WORLD. It is a SIMPLE RIGHT that should be afforded to all customer of banks, and frankly it is a huge security issue.
Data as of Q2 2021
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 30746 |
| Year Established | 1933 |
| Employees | 107 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.48% |
| Return on Equity - YTD | 5.63% |
| Annual Interest Income | $430.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $77.87B$50.86B |
| Loans | Q2 2021vs Q2 2020 | $17.53B$1.61B |
| Deposits | Q2 2021vs Q2 2020 | $70.56B$44.14B |
| Equity Capital | Q2 2021vs Q2 2020 | $6.97B$3.76B |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $0($81,274,000) |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $30.4MM$342.8MM |
| Real Estate Owned | Q2 2021vs Q2 2020 | $1.5MM$9.8MM |