If you currently have a Complete Savings account from Etrade, you should have already received an email notifying you that your account would be getting converted to a Discover Online savings account in March. However, if you have not received the email – or accidentally deleted it – you have just been notified.
Why Is Etrade Selling?
After taking severe losses from its decision to venture into banking and mortgages, Etrade is trying to get back to basics by focusing on its original business, which is serving as an online brokerage.
This may be good news to customers who, for the past few months, had suffered unusually savings account rates of 0.50% APY. Even though rates had been dropping for savings across the board, this rate is still highly uncompetitive.
Will Rates Improve with Discover?
When Discover officially takes over the accounts, customers should see instant adjustments in their savings account rates. Currently, Discover is paying 1.35% APY on their accounts, which is considered one of the top rates out there.
Even better, the bank is getting ready to redo its online banking platform to improve its services and site functionality.
With many banks failing over the past year, customers have grown accustomed to adapting to change and being shuttled around. The good news is that this change looks to be for the better.
However, if you’re a customer and feel it isn’t a good change, visit Go Banking Rates for information great high-yield savings account rates.