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E*TRADE Increases Savings Account Interest Rate, Bucking Trend

by Flexo on May 6, 2008

in Banking

On Thursday, E*Trade Bank will increase the interest it pays on the Complete Savings Account from 3.01% to 3.15% APY. It’s a small move but it could be a good sign for savers if other banks follow suit.

My company stock purchase plan account is held at E*TRADE and I plan on opening a savings account there the next time I sell my shares later this year.

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Tagged as: Banking, etrade, Interest, savings



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Flexo, the owner and creator of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter.

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  • My etrade "complete savings account" earned less total interest in April than in May even though the balance was $1200 higher :(
    Hopefully interest rates continue to rebound. It's much easier to feel good saving when a big chunk of interest is earned every month :).
  • Hey Flexo,

    Thanks for the update. Increasing the rate costs etrade money, so I am wondering why they did it in light of the Feds recent interest rate cuts. I almost think that given how small the rate increase is, they must be doing it for marketing purposes - e.g. they may want to say that that they offer the highest interest rates, etc. etc.
  • Hey,

    I got an e-mail from Etrade, too. It's sure beating the hell out of my Emigrant Direct account.

    Considering that Etrade nearly went bust a couple months back, this is probably a desperate attempt to boost net deposits.

    Anyway, I likey!
  • Since they can change the rates at their whim it could also be a land grab ploy. Buck the trend for a month or two and steal a bunch of customers then drop rates back into the mix with everyone else.
  • I might have to move my down payment account to ETrade...
  • Kenny G
    It has come to my attention that Etrade has revamped its Online Trading system. New graphs, more snazzy and informative. Its a refreshing new look of your fav stocks, ETFs, mutual funds etc.

    Perhaps the reason why they pushed their savings rate was simply to get new customers to their trading/brokerage accounts.
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