Etrade Introduces A Complete Savings Account

[This post is written and copyrighted by FIRE Finance (]

Update: Etrade is offering a $25 sign-up bonus for this a/c!

Usually the APYs offered by Etrade's savings accounts and MMAs were considerably lower than other online banks. But no more. Etrade has thrown itself headlong into the competition with its new baby "Complete Savings Account". This account offers an APY of 5.05% which has catapulted it in the same category as HSBC's Online Savings Account and Emigrant Direct's American Dream Savings Account.

HighlightsEtrade - Complete Savings Account
  • Application: Online Link
  • APY: 5.05%: Annual Percentage Yield is effective today and is subject to change.
  • No Account Minimums: A $1 minimum deposit is required to open a new account.
  • No Account Fees: Withdrawal limits apply, Online statements required.
  • Free one-click transfers to and from from any institution
  • FDIC Insured: Banking and lending products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries. Bank deposits are FDIC-insured up to $100,000.
  • Etrade Complete Protection: This is a new feature from Etrade that claims to guard your privacy, assets and every transaction that you make.
This is indeed a great product from Etrade and marks its entry into the domain of high APY online savings accounts. It will be interesting to observe how HSBC and Emigrant Direct respond to this new competitor.

Since Etrade's Brokerage accounts are excellent, this product will make their customers rely more on Etrade as a one-stop shop thus eating into the pie of the above mentioned online banks. Moreover Etrade's customer service and online banking is miles ahead of either HSBC or Emigrant Direct. Indeed Etrade is challenging the ordinary to be extraordinary.

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