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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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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

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!

My online experience with E*Trade Bank

I have banked with E*Trade for over 15 years. While the ebb and flow of their customer service practices has been highly volatile, their consistency in being trust worthy and not price gauging has been the same. I have tried bricks and mortar banks throughout the years, only to be disappointed every time. E*Trade Bank is very consistency in making sure that they take care of their customers when it comes to fees and prices gouging, where most banks make their money from your mistakes. The only downside to online banking is not being able to make deposits through an ATM and needing to practice a lot of discipline when spending. If you can overcome those two challenges, you will be pleasantly surprised at how supportive online banking experiences can be.

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.

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.

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Health

Health Grade Components

Overall
FDIC Certificate #30746
Year Established1933
Employees46
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.14%
Return on Equity - YTD14.35%
Annual Interest Income$817.7MM
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$47.03B$35.65B
LoansQ3 2017vs Q3 2016$2.84B$3.83B
DepositsQ3 2017vs Q3 2016$41.76B$31.98B
Equity CapitalQ3 2017vs Q3 2016$3.61B$3.28B
Loan Loss AllowanceQ3 2017vs Q3 2016$94.3MM$234.7MM
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$307.3MM$382.0MM
Real Estate OwnedQ3 2017vs Q3 2016$26.9MM$29.9MM
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