E*TRADE Premium Savings Account Review
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- Annual Percentage Yield (APY)
4.50%
- Fee
- $0
- Minimum deposit to open
- $0
Our verdict
A high-APY savings account with no monthly fee, plus brokerage and retirement options.
The E*TRADE Premium Savings account is ideal for those who also want a brokerage account in one consolidated space. It offers seamless transfers, minimal fees and a user-friendly app. With a 4.5% APY, far above the national average, this account is a top choice for both dedicated E*TRADE users and newcomers seeking high returns.
Best for: Those who want access to a high-yield savings account, brokerage account, checking account and retirement account in one consolidated space.
Pros
-
Competitive APY
-
Manage both investments and savings via one app
-
Transfers between other E*TRADE accounts
Cons
-
Few branch locations
-
Must fund account within 30 days
-
Poor customer satisfaction rating
How E*TRADE Premium works
E*TRADE offers a range of accounts in addition to its high-yield savings account (HYSA). Although other accounts aren’t necessary to open a savings account, the advantage is keeping all your finances in one place. When signing up, you can effortlessly open savings, checking, investment and retirement accounts at once.
E*TRADE Premium plans and cost
| Account type | APY | Monthly Fees | Extra Features |
|---|---|---|---|
| Premium Savings Account | 4.5% | $0 | Immediate transfers between E*TRADE accounts and FDIC insurance |
| Max-Rate Checking | 3% | $15 (Waived if you maintain a $5,000 average monthly balance) | ATM Refunds Worldwide and FDIC insurance |
| Checking | 0.05% | $0 | ATM Refunds Nationwide and FDIC insurance |
What we like about E*TRADE Premium
The E*TRADE Premium savings account makes it convenient to transfer funds to your investment account and back again. It also offers a few additional perks, including:
- Competitive APY. You’ll earn 4.5% APY on your deposits, which is among the higher APYs available on the market.
- Low maintenance. This account requires $0 to open and maintain it.
- Manage both investments and savings via app. Keep your E*TRADE investments and savings in one location. For even more convenience while managing your money, you could open an E*TRADE Checking account.
- Funds available immediately. When transferring funds between E*TRADE accounts, you can access that money immediately.
- FDIC-insured up to $500,000. Your funds are insured for more than the typical $250,000. With E*TRADE savings, you’re insured for up to $500,000 per depositor thanks to a network of program banks.
Where it falls short
E*TRADE doesn’t have branch locations in 34 states, making it difficult to bank in person. You must also fund the account within 30 days. There’s no opening balance required, but E*TRADE will close your account if it’s not funded within 30 days.
E*TRADE doesn’t have the fastest deposit times we’ve ever seen. Depositing funds from an external bank account into your E*TRADE account can take up to three business days.
If you’re looking to grow your savings quickly, think about a high-yield savings account like Aspiration, which lets you earn top-dollar interest if you meet its requirements. Quontic Bank’s high-yield account also offers competitive interest with less commitment to saving or spending a set monthly amount.
Compare E*TRADE Premium to other savings accounts
Narrow down top savings accounts by APYs, fees and features. Select Compare on up to four accounts for a side-by-side comparison.
How to open the E*TRADE Premium
Open the E*TRADE Premium savings account in seven steps:
- Go to the provider’s site.
- Hover over Account types on E*TRADE’s website and select Bank.
- Scroll down to E*TRADE Premium savings and choose Open an account.
- Select account ownership and E*TRADE Premium savings, then select Continue.
- Enter your existing E*TRADE login info or fill in your personal information if you don’t have an E*TRADE account.
- Provide your date of birth, Social Security number and occupation to verify your identity, then select Continue.
- Set up your account preferences, review your application, create your ID and fund your account.
Eligibility and required info
You don’t need an E*TRADE brokerage account to open an E*TRADE savings account. Anyone who meets these requirements, including those living outside the US, can open a savings account.
- At least 18 years old
- Social Security number
- Permanent US address
- Nonresident alien (NRA) certification statement form, if you live outside the US
Customer experience
Reddit reviews praise E*TRADE for its high interest rates and user-friendly platform that provides savings and brokerage accounts in one space. However, reputable sources, like the Better Business Bureau (BBB) and Trustpilot, tell a different story.
E*TRADE is not a BBB-accredited company and holds an F rating, over 500 complaints filed, and a 1-star rating for customer reviews. Most BBB complaints focus on E*TRADE’s retirement and investment accounts. Negative reviews about its savings accounts mention customers being unable to access funds or having their accounts restricted without warning. Other complaints report unhelpful customer service, with users claiming they never get their issues resolved.
Out of nearly 400 of E*TRADE’s reviews on Trustpilot, 90% are 1-star ratings from customers. Many of these negative reviews cite unexpected hidden fees and difficulty reaching customer service through chat and phone. Additionally, many negative reviews on Trustpilot and the BBB are from long-time clients of E*TRADE, reporting that the company has declined in quality since Morgan Stanley took over in 2020.
Frequently asked questions
Is E*TRADE owned by Morgan Stanley?
Yes. Morgan Stanley acquired E*TRADE in 2020.
Is my money safe in an E*TRADE account?
The Premium Savings Account also offers enchanced FDIC insurance coverage thanks to a network of program banks. E*TRADE’s deposit accounts are protected under FDIC insurance through Morgan Stanley, up to $500,000 per depositor, double the typical FDIC coverage amount of $250,000.
E*TRADE offers a complete protection guarantee, which protects your privacy, assets and every transaction you make. However, many customer reviews on the BBB and Trustpilot report accounts becoming restricted without prior notice.
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Your reviews
Gabriel Finder
Writer
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