Comments on: E*TRADE Increases Savings Account Interest Rate, Bucking Trend

By: Kenny G

Kenny G — Thu, 15 May 2008 01:30:45 +0000

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.

By: SavingDiva

SavingDiva — Thu, 08 May 2008 17:07:17 +0000

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

By: SomeGuy

SomeGuy — Thu, 08 May 2008 14:51:00 +0000

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.

By: Tarik

Tarik — Wed, 07 May 2008 11:12:38 +0000

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!

By: James

James — Wed, 07 May 2008 06:45:21 +0000

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.

By: Brian

Brian — Tue, 06 May 2008 20:47:12 +0000

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 :).