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.
Updated June 22, 2016 and originally published October 10, 2008.