Note: As of October 28, this deal is no longer available.
I’ve been waiting for the right time to open an online savings account at E*TRADE Bank. My company stock is held at E*TRADE, and as soon as I sell my stock purchases from the past twelve months, I will move the proceeds into a savings account with the brokerage’s banking division. E*TRADE’s online savings account is currently offering one of the top interest rates, 3.30% APY, and is insured by the FDIC.
For the next few weeks, E*TRADE is offering a $25 bonus to new customers who open an online savings account by October 27 with a $5,000 minimum balance by November 10. At that point, if you meet the qualifications, you will receive the bonus by November 24.
Like most online banks, you can link external accounts to E*TRADE in order to transfer your funds quickly to and from another bank. Unlike other banks, E*TRADE’s transfer process is reportedly quick; you won’t lose any interest while your ACH deposit is “in transit” like with many other institutions.
For those who want to be among the first to know when E*TRADE Bank changes its interest rate, the company has a listing on the microcommunication website Twitter. You can “follow” etrade to be notified of any interest rate changes. A quick look shows that the interest rate on the savings account has been updated four times: 3.45% on March 12, 3.01% on April 1, 3.15% on May 8, and the current rate of 3.30% on July 2.
Please spread the word about this exclusive $25 bonus. At this time, you can only receive the bonus through Consumerism Commentary. To apply for the E*TRADE savings account and qualify for the bonus, use the link below.
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{ 4 comments… read them below or add one }
Wow! That is awesome. One thing I don’t like about ING is that they take so long to transfer money back and forth. That’s pretty much my only drawback about them. Otherwise, I love them! Thanks for the tip.
Just think, if I open 2,000 new Etrade accounts I could start to recover some of the losses in the market this week
YES, Etrade’s transfers are quick. I opened an account with them just after they raised their rate to 3.3%, and have put money into it every single week. You receive credit for the interest that same day, though your money might not clear for two or three days.
It’s too bad existing customers can’t get this deal. Then again, a $5,000 minimum balance? Sheesh! I need to save that much first.
I’ve had different experiences with money transfers. I did one a couple of weeks ago and it transferred within a day or two. I’ve since done another and it has been 5 business days and it still isn’t available for trading! I lost potential gains because I couldn’t buy on Friday and I’m not very happy about that. Both transfers were from the same credit union. Was Etrade intentionally slowing down transfers because they were getting too busy with the market plunge?