E*TRADE banking services comprise savings account, checking, money market accounts, certificate of deposits (CDs) and mortgage. With competitive interest rates and quick online banking solutions, eTrade Banking services offers a broad customer base across the US.
eTrade Banking: Company Profile
E*trade Banking services are provided by E*TRADE Financial Corporation, listed on NASDAQ. Its trading name is ETFC. It is a US-based holding company with online stock brokerage as its main business. The company also offers a range of other services:
-
Banking
-
Lending
-
Retirement solutions
The company began operations in 1991, when William A. Porter invested thousands of dollars to provide electronic trading services via American Online and Compuserve. By 1994, the company had become a million dollar venture. Its headquarters is in California. With the expansion of business, the company began to provide additional financial services to the US residents. By 2009, it has over 3,000 employees with an annual turnover of over three billion.
eTrade Banking: Services
The following are eTrade Banking services:
Savings account: E*TRADE allows individuals to open a complete online savings account with:
- zero minimum balance
- zero account fees
The savings account deposit earns 0.60% as its annual percentage yield (APY). This results in $150.00 as the annual compound interest for an account that has a minimal balance of $25,000.
Checking account: The bank offers Max-Rate checking accounts with 0.40% APY for deposits above $5,000. The eTrade Banking solutions are user friendly and for its accounts, it facilitates unlimited transactions to and from other financial institutions. It offers free and unlimited ATM withdrawal services with this account.
CDs: E*TRADE banking CDs come with daily compounding interest that offers maximum benefits to its consumers. An individual can open a CD for a minimum term of three months with an interest rate of 0.10% APY. The CDs are also available for longer terms such as:
- six months
- one year
- two years
- three years
- five years.
Mortgage: E*TRADE offers loans for purchasing new home and refinance prevailing loans to reduce monthly installments. It also offers home mortgage services to existing and new customers at fixed or adjustable interest rates.
The growth of online frauds and phishing incidents makes it necessary for consumers to opt for eTrade banking services. With its high digital security ID system, it ensures a totally secure transaction environment for online banking.