E*TRADE Max-Rate Checking

Rates and Account Features

Updated July 18, 2008

 

 

E*TRADE seeks to round-out its banking services by offering both traders and savers a high-yield online checking option called Max-Rate Checking.

  

Yields and Rates

Contact

Balance

APY

$0 - $4,999

0.50%

$5,000+

3.01%

www.etrade.com

(800) 387-2331

 

Reviews

 

>> Reader Reviews

Account Features

 

Minimum Deposit

$100

Monthly Fee

$15

Minimum Balance

$5,000

Check Writing

Unlimited

 

Account Review

 

The Max-Rate Checking Account from E*TRADE comes with some great features such as unlimited check writing (plus free initial checkbook order), Visa-branded debit card with automatic ATM fee refunds for all ATM transactions nationwide, free online bill pay, and automatic payment and balance alerts.

 

It takes a minimum of $100 to open the Max-Rate Checking Account and once the account is open there are further requirements that need to be met to avoid a $15 monthly fee. E*TRADE gives depositors several options to meet these requirements:

  • Maintain a minimum average balance of $5,000 in your Max-Rate Checking Account
  • Set up and maintain a direct deposit of $200 or more per month (A combination of direct deposits totaling $200 does not satisfy this requirement)
  • Maintain a combined balance of $50,000 or more in linked E*TRADE Securities, E*TRADE Bank, and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock) accounts
  • Execute at least 30 stock or options trades during a calendar quarter in a linked E*TRADE Securities account

If you do use E*Trade to trade stocks, you can use the fast transfer system to fund your investment account from cash in either the Complete Savings account or Max-Rate Checking account. Of course, you can also easily transfer funds to and from the Complete Savings account too.

 

As for the security of your deposits, the E*TRADE Complete Protection Guarantee is E*TRADE's  guarantee that covers specified losses resulting from the unauthorized online use of a customer's E*TRADE account. As for further protection, Bank deposits are FDIC insured up to $100,000.

 

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