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Overview / Commentary
1-800-ETRADE-1 (1-800-387-2331)
671 North Glebe Road, 16th Floor
Arlington, VA 22203

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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The best bank for everything!

I can't say enough about etrade online bank. I have thoroughly enjoyed using my checking accounts with them, along with my brokerage accounts too. They have extremely reasonable low fees all around and very few minimums needed as well. Their customer service is top-notch. I never have to wait to talk to an actual person very long at all. Their money markets are good and up front and easy to understand what you're getting. I especially love using their check debit card with my account because they reimburse me for any fees I may incur at non-etrade atms, which are most since etrade is online. Also, when I've had some fraud in the past with my checking account they're extremely quick to issue me a credit to my account while they go and investigate the matter. No questions asked. Their rates are decent and competitive too. At least as good if not better than their online competitors! All in all, just an amazing bank truly! From checking accounts, rates, money market rates to customer service quality, low brokerage fees and exceptional service and web reliability. I highly recommend them to all.

Great daily bank

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.

Zero ATM Fees, No Monthly Fees!

Posted by: GaryK. | Dec 20, 2016

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.

Pretty good bank

I use E-Trade for checking and also have a brokerage IRA where I trade stocks for retirement. The technology is pretty good. The brokerage trading fees are higher than Ameritrade where I used to have an account. They send free checks and the checking account has been easy to use. I deposit checks by mailing them in with deposit slips that the bank provides. It is easy and I have never had a problem. I am happy banking online. I don't want to drive to a bank and wait on a real line to deposit a check. I can check my balance any time. If I need to withdraw money at an ATM, E-Trade will refund the $2 or $3 transaction fee that the ATM charges me.

I will likely continue staying with E-Trade. It's convenient and easy to use. However, someone calls me every two months to ask me about my investment strategy with my brokerage account. I can't stand being called and I'm thinking of switching because it's incredibly annoying. However, I will probably just put up with it. It's the only thing that really bugs me.

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Health
C+

Health Grade Components

Overall
FDIC Certificate #30746
Year Established1933
Employees47
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.23%
Return on Equity - YTD15.33%
Annual Interest Income$523.8MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$45.50B$36.78B
LoansQ2 2017vs Q2 2016$3.05B$4.09B
DepositsQ2 2017vs Q2 2016$40.34B$33.24B
Equity CapitalQ2 2017vs Q2 2016$3.48B$3.21B
Loan Loss AllowanceQ2 2017vs Q2 2016$115.6MM$292.9MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$322.4MM$415.5MM
Real Estate OwnedQ2 2017vs Q2 2016$28.7MM$26.8MM
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 Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%*$5k*-Max-Rate Checking
OTHER TIERS: 0.01% Up to $5k
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