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E*TRADE Bank - Complete Savings
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I opened my first on-line banking account with E*Trade Bank in 2007 to get the much higher interest rates they were paying back then. I’ve been with them since and opened a second business savings and checking account in 2008. I have not found another on-line bank that provides a better set of features. I’m not sure what it would take for me to be more satisfied with the bank.
Here are the best features of the bank: 1) The user interface is so intuitive and the user’s needs are so easily met that it is clear that great thought and research was given to the design of the website. 2) The E*Trade Bank and the E*Trade Investing portions of the website are nicely integrated. 3) Although I have not yet taken advantage of this feature, there is apparently a neat mobile trading feature that allows easy transfers and trading.
These are the only cons I have about the bank: 1) The checking account I selected does not pay any interest at all. 2) It takes about 48 hours for funds to transfer out of E*Trade Bank.
Through the QuickTransfer option, E*Trade Bank made it very easy for me to set up the ability to transfer funds between accounts both internal and external to E*Trade Bank. These transfers can be one-time or periodic. I have banking accounts in several institutions and I effectively use the account as a high-yield extension of my local credit union account.
I frequently use many of the features of E*Trade Bank’s On-line Service Center: order checks and deposit slips (they come with convenient pre-printed, personalized address labels), and, if I need it, secure on-line interaction with a real employee. Anyone who is looking to invest in a FDIC-insured institution could do no better than E*Trade Bank.
Posted by Steve -- July 8, 2009
I've used a few online banks back in the day, before setlling on E*Trade a few years ago. I've only used the complete savings account in conjunction with a checking account, but in that context it's great. Very easy to transfer funds in and out, even from Blackberry. Customer service is very responsive helpful, and for example has proactively called to track me down in response to an email question. I'd give this account 5 stars if a) it were a checking or money mkt account with unlimited transactions per month, b) they had physical locations for me deposit checks, and c) they weren't in questionable financial condition... but by these criteria no one will get 5 stars.
Posted by pjb -- March 31, 2009
I signed up with E*Trade Complete Savings in order to diversify a bit, and because they had one of the better rates of the non-sketchy online banks. I've had zero problems with them, although I've also asked very little of them so far. I like that I could theoretically transfer money from my etrade savings account directly into a brokerage account (assuming I eventually stop being afraid to invest in the stock market).
Posted by andydogs -- March 29, 2009
My husband and I have all of our accounts at eTrade. We were required to transfer them over a few years ago because of compliance issues related to my husbands job. We were not excited to make the switch, but have ultimately been very happy with eTrade.
Signing up for the account was easy. To open our brokerage and do all of the transfers, it only took one visit to the local branch. Our account rep/exec there made it easy and took care of everything for the transfers. Since then, when we have opened additional accounts, we have been able to do it online or with just one of us visiting the branch. Our account rep is always helpful.
We have a bunch of different accounts with eTrade - brokerage, checking, savings, Roth IRAs, traditional IRA and a minor/custodial account. Like most, if not all, banks, all of our accounts are linked, and we can access all of them online with one login ID and password. This is nice because I do all of our reconciling, etc, and it is easy to be able to go to one place for everything. We used to have our accounts with Citi, and though my husband and I could both see the joint accounts, our individual IRAs would only show up under our own logins. It wasn't that big of a deal, but I like that eTrade doesn't do that.
I think that eTrade has good online tools. Their online bill pay is easy - especially b/c you can enter all of your bills at once and click pay and confirm one time for all instead of individually for each bill. Their online money transfer tool is also really easy. You can transfer money into/out of any linked account AND outside accounts. And there isn't a fee. (That could be b/c we have numerous accounts - I don't know...but it is nice that we also have the ability to transfer into and out of the one outside checking account that we have.)
Their statements are easy to read and are available electronically. We actually only do electronic statements, etc, and I don't even know if they offer to send them via regular mail. The one complaint I would have is that the statements are ready at random times depending on the account. For some of our accounts, our month-end statements are available 3-4 days after the end of the month, but for other accounts, it takes over a week. This isn't that big of a deal, but it is the one thing that annoys me.
I think that eTrade has great customer service. Any concerns we have had have been taken care of immediately. People have been prompt about returning calls, etc.
Though we were forced to make the change to eTrade b/c of my husband's job, we've both been really happy with the service, products, etc. that they offer. And if he changes jobs in the future and we could change banks, neither of us wants to. We aren't looking for a bank with a lot of in-person services, so eTrade works well for us. When we really need a person, we have one, but most of the time we can take care of everything on our own online...and we can do all of it without fees (with the exception of stock trades - where we pay a commission - but even then, it is a low and flat fee commission). And though I don't want to be someone who rates the highest, I have to give them a 5. For our accounts, they deserve it. Like I said, the only thing that I dislike is the inconsistency between accounts of when end-of-month statements are ready, but that is minor compared to all of the things I do like.
Posted by amandab -- March 26, 2009
I have both the complete savings and money market account. It's your pretty standard vanilla banking site, the primary reason I use them is for the ease of use in transferring money to/from my various brokerage / IRA accounts. Initially they had a very competitive interest rate, however, with their involvement in the sub-prime fiasco, the interest rates have reverted to 'above average' but certainly not where they were.
Posted by cubsin09 -- March 19, 2009
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