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.
I use etrade as my daily bank. By that, I mean it is the bank that I have direct deposits goint into and the bank that I pay my credit cards from. I've been banking at etrade for over 10 years. I have checking, savings and brokerage accounts at the bank. Because etrade has brick and mortar banks where you can deposit/withdraw money with a person, their checking account allows for unlimited withdrawals at any location worldwide for free. And by free, I mean free. If the ATM's bank charges a fee, etrade refunds that fee automatically back into your account. It used to be the case that they had no foreign transaction fees but that is no longer the case. They charge 1% for foreign transations, which is competitive but as you can find better I don't use it for that purpose. Their savings account is run of the mill, no real great returns. Just sort of there as far as I'm concerned. Their customer service has always been great for me. On a few occasions I've had to contact them for reasons such as lost debit card, opening a new account, making sure I understand how a promotion works, when I did a name change after getting married and other reasons. I've done this both via their online messaging and via the telephone and have always been pleased with the level of service.
Overall I remain a happy etrade customer after 10+ years.
I opened both Brokerage and Checking accounts with E*TRADE in 2009. There are no monthly fees or minimum balance requirements with either, and, best of all, you NEVER pay ANY fees at any ATM with your free debit card! Not only does E*TRADE offer free withdrawals on their end, but they also refund the fees associated with the ATM you use, instantly crediting them back your account. Both accounts also provide free, unlimited check-writing privileges, and your checkbook even includes adhesive labels featuring your address. The website is user-friendly, and, while physical branches do not allow for cash deposits or withdrawals, you can link an outside institution and fund your account via direct deposit, ACH or bank wire with ease. The only knock I have on E*TRADE is that customer service is pretty awful; it takes a long time to resolve issues on the phone, and most all the representatives have a poor understanding of English.
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.
The online banking of E*Trade bank is easy to use. Transfer money to another internal account is convenient. Transfer money to external account may need extra steps, but is it not hard if followed the instruction. So far, I give this online bank a positive feedback.
|FDIC Certificate #||30746|
|Return on Assets - YTD||1.25%|
|Return on Equity - YTD||13.85%|
|Annual Interest Income||$667.3MM|
|Assets and Liabilities|
|Assets||Q3 2016vs Q3 2015||$35.65B$29.46B|
|Loans||Q3 2016vs Q3 2015||$3.83B$4.91B|
|Deposits||Q3 2016vs Q3 2015||$31.98B$26.00B|
|Equity Capital||Q3 2016vs Q3 2015||$3.28B$3.17B|
|Loan Loss Allowance||Q3 2016vs Q3 2015||$234.7MM$376.1MM|
|Unbacked Noncurrent Loans||Q3 2016vs Q3 2015||$382.0MM$424.6MM|
|Real Estate Owned||Q3 2016vs Q3 2015||$29.9MM$25.8MM|
Always verify rates and promotions with the bank or credit union. We are not E*TRADE Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|OTHER TIERS: 0.01% → Up to $5k|
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