2.90% APY from Etrade's Max Rate Checking Account

[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]

Nov 17, 2008: Etrade's Max-Rate checking account - in their words it's "checking on steroids" is still offering a 2.90% APY on balances over $5000. Under current circumstances, this high APY for an online checking account is pretty commendable. Let's check out the steroids once more:

  • APY

  • 2.90% on balances greater than $5000
  • 0.50% on balances less than $5000

  • Unlimited ATM Fee Refunds: No ATM FEES at any machine, any bank, anywhere nationwide via unlimited ATM fee refunds.

  • Unlimited check writing.

  • Online check and deposit image.

  • Free online bill pay and advanced reporting.

  • Deposit or transfer funds with QUICK TRANSFER - their FREE one-click online transfer service.

  • Minimum Opening Deposit: $100.

  • Minimum Balance: $5000 per month to avoid a $15 monthly fee.

In the present scenario, this is one of the best APYs available for checking accounts. Etrade has done a good job of maintaining the 2.90% APY while bigger online banks have been forced to reduce APYs for their checking as well as savings products.

If you are looking for fewer bells and whistles and a high yield online checking account with no minimum balance, then IngDirect's Electric Orange Online Checking a/c is also an option.

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