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E*TRADE offers a no-fee, high-yield savings account through its partnership with Morgan Stanley Private Bank. The account has no minimum requirements, a decent APY, and can insure up to $500,000 in deposits -- double the usual amount offered by banks.
Whether you have an E*TRADE account already, or you're just looking to earn the most interest on your savings, find out what the E*TRADE Premium Savings has to offer in this review.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Citizens Access® Savings
On Citizens' Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
4.50%
Min. to earn: $0.01
|
N/A
|
Open Account for Citizens Access® Savings
On Citizens' Secure Website. |
Open Account for UFB Secure Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
5.25%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
|
Open Account for UFB Secure Savings Account
On UFB's Secure Website. |
Account | APY | Minimum Deposit |
---|---|---|
E*TRADE Premium Savings | 4.50% | $0.01 |
The APY on the E*TRADE Premium Savings isn't the highest one available. But the account's other perks (such as double the FDIC insurance and no minimum balance requirement) could make it worth opening.
Immediate transfers to E*TRADE accounts: You get instant transfers from your E*TRADE Premium Savings to all other E*TRADE accounts, including checking and brokerage. This makes the savings account a convenient place to store uninvested cash, savings, and emergency funds.
Decent APY: Currently, the E*TRADE Premium Savings pays out at a 4.50% APY -- about nine times higher than the national average. That's a good rate for a savings account, though, as we'll discuss below, it's not the highest APY we've seen.
No fees: This is a free savings account with no balance minimums or direct deposit requirements. Although the account doesn't require a minimum opening deposit, you'll need to add some money within the first 30 days for it to remain open.
Get double the FDIC insurance: Most savings accounts will insure your deposits up to $250,000. But the E*TRADE high-yield savings covers up to $500,000 in FDIC insurance, or $1 million for joint accounts.
Not the highest APY: E*TRADE's savings account has a competitive APY. But if you're looking to earn the most interest on your savings, there are better options. To get some perspective, take a peek at our list of best high-yield savings accounts.
Limited access to money: As an online bank, E*TRADE doesn't have physical branches, nor does it give you a deposit card to withdraw money from ATMs. That said, if you pair this with an E*TRADE checking account, you'll get unlimited ATM refunds, which would essentially allow you to withdraw cash without paying a fee.
Monthly cap on your withdrawals and transfers: The E*TRADE Premium Savings allows up to six withdrawals or transfers from your account in a calendar month. While this isn't rare for a savings account -- it seems from previous federal regulation -- it's something to consider if you plan to move money frequently between accounts.
Although E*TRADE doesn't have brick-and-mortar branches, it gives you a few ways to access your funds.
E*TRADE doesn't let you deposit cash directly into your account (you can, however, mail checks). If you need to move money into your E*TRADE savings account, you can do so in the following ways:
Funds deposited by wire transfer are available on the same day, so long as the wire was received before 6 p.m. EST. If you transfer money from an external bank account, your money will be available on the third business day after the day the request was entered, as long as the deposit is received before 4 p.m. EST. So, if you start a transfer on Friday at noon, your money will be available by the following Wednesday. Finally, mobile checks can take up to five business days before they're available for your use.
E*TRADE only gives you a few ways to withdraw funds from your savings account:
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
No, you can open an E*TRADE savings account on its own.
If you make more than six withdrawals or transfers from your savings account, E*TRADE could choose to close it, convert it into a checking account, or remove your transfer capacity.
You can deposit up to $250,000 per day on a mobile check deposit.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.