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.
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!
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.
Long time Etrade customer and can no longer deposit paper checks that I occasionally receive. This is a necessary tool and feature on the etrade app but it doesn't work. Etrade needs to fix the app so it will upgrade and work on your mobile device to allow depositing of checks. The latest etrade app upgrade does not work. Fix it ASAP!
|FDIC Certificate #||30746|
|Return on Assets - YTD||0.24%|
|Return on Equity - YTD||2.75%|
|Annual Interest Income||$812.0MM|
|Assets and Liabilities|
|Assets||Q4 2021vs Q4 2020||$79.13B$62.76B|
|Loans||Q4 2021vs Q4 2020||$25.90B$1.70B|
|Deposits||Q4 2021vs Q4 2020||$72.10B$54.75B|
|Equity Capital||Q4 2021vs Q4 2020||$6.87B$4.84B|
|Loan Loss Allowance||Q4 2021vs Q4 2020||$0$286.00K|
|Unbacked Noncurrent Loans||Q4 2021vs Q4 2020||$108.00K$300.3MM|
|Real Estate Owned||Q4 2021vs Q4 2020||$0$5.8MM|
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|
|0.05%||-||-||Premium Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.05%||-||-||Max-Rate Checking Account|
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