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E*TRADE Increases Savings Account Interest Rate, Bucking Trend

By Flexo on Tuesday, May 6th, 2008 in Banking
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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.

Scroll down to read 6 comments on “E*TRADE Increases Savings Account Interest Rate, Bucking Trend.”

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6 Comments on “E*TRADE Increases Savings Account Interest Rate, Bucking Trend.” To add your own comment, scroll down.

  1. Comment #1 by Brian (reply)
    May 6th, 2008 at 4:47 pm

    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 :).

  2. Comment #2 by James (reply)
    May 7th, 2008 at 2:45 am

    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.

  3. Comment #3 by Tarik (reply)
    May 7th, 2008 at 7:12 am

    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!

  4. Comment #4 by SomeGuy (reply)
    May 8th, 2008 at 10:51 am

    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.

  5. Comment #5 by SavingDiva (reply)
    May 8th, 2008 at 1:07 pm

    I might have to move my down payment account to ETrade…

  6. Comment #6 by Kenny G (reply)
    May 14th, 2008 at 9:30 pm

    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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