E*TRADE Bank Review: No Fee Accounts and Premium Products
Written by
Rudri Patel
Edited by
Melanie Grafil
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Earn a high APY with a six-month CD.
E*TRADE Bank, a subsidiary of Morgan Stanley, offers a wide range of financial products, including checking and savings accounts and CDs. CDs and savings accounts have competitive APYs.
E*TRADE Bank is a convenient option for online banking with your checking and savings if you are already a brokerage customer. It might also appeal to other bank customers because of its deposit account options with no monthly fees, lack of minimum balance requirements and competitive annual percentage yields. GOBankingRates has ranked it among the Best Banks of 2025 in Best CD Accounts, Best Checking Accounts, Best Premium Checking Accounts and Best Online Banks.
E*TRADE Bank Checking Account
E*TRADE Bank offers a standard E*TRADE Checking account designed for everyday banking needs. This account comes with no minimum opening deposit and is FDIC-insured up to $250,000.
- No monthly maintenance fee for the E*TRADE Checking account
- Earns APY
- No transaction fees for online wire transfers, stop payments or insufficient funds
- ATM fees are reimbursed
Best For
Online Banks
CD Accounts
Checking Accounts
Premium Checking Accounts
Mobile App
No Wire Transfer or Insufficient Funds Fees
E*TRADE Bank’s checking account options have no minimum deposit requirements, competitive APYs, unlimited ATM fee reimbursements and integrates well with its with brokerage services. However, it has limited physical branches.
Fees
$0
APY
Up to
Min Opening
$0
Pros
- No minimum deposit required
- Unlimited ATM refunds
- Easy integration with brokerage services
Cons
- Limited account options
- Limited physical branches
Why We Like E*TRADE
E*TRADE’s standard checking account is ideal for those seeking online banking with robust ATM fee reimbursement and no monthly fees.
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E*TRADE Bank Premium Checking
The E*TRADE Bank Premium Checking, also known as Max-Rate Checking, is tailored for customers looking for enhanced features and benefits. E*TRADE was voted as one of GOBankingRates Best Premium Checking Account winners.Â
- $15 monthly maintenance fee (waived with a $5,000 average monthly balance)
- Earns a competitive APY
- No transaction fees for online wire transfers, stop payments or insufficient funds
- ATM fees nationwide are reimbursed
Best For
Online Banks
CD Accounts
Checking Accounts
Premium Checking Accounts
Mobile App
High Yield, Waivable Fee
E*TRADE’s Premium Checking offers a competitive APY with a $15 monthly fee that’s waived for balances of $5,000 or more.
Fees
$15, waivable
APY
Min Opening
$0
Pros
- Competitive APY for a checking account
- Unlimited ATM refunds
- Easy integration with brokerage services
Cons
- High monthly fee unless balance requirements are met
- Limited physical branches
Why We Like E*TRADE
E*TRADE’s Premium Checking account is a solid choice for those maintaining a higher balance to maximize its APY and premium benefits like unlimited ATM reimbursements.
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E*TRADE Savings Account
E*TRADE Bank offers a premium savings account through Morgan Stanley, which requires no monthly deposit or minimum balance. Deposits are also insured through the FDIC up to $500,000.Â
Best For
Online Banks
CD Accounts
Checking Accounts
Premium Checking Accounts
Mobile App
Premium Savings With Up to
E*TRADE’s Premium Savings Account features no minimum deposit, no monthly fees, a competitive APY of up to , enhanced FDIC insurance up to $500,000 and seamless transfers to ETRADE accounts, though it lacks ATM access and physical branches.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- Competitive APY
- No monthly account fees
- Convenient fund transfers
- No monthly maintenance Fees
Cons
- No ATM or debit access
- Limited physical branchesÂ
Why We Like E*TRADE
E*TRADE offers an accessible, high-premium savings account with no minimum deposit and no monthly maintenance fees. The APY is also competitive at .
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E*TRADE CD Accounts
E*TRADE offers competitive CDs with terms ranging from six months to five years. No minimum deposit or monthly maintenance fee is required. GOBankingRates has ranked it among the Best Banks of 2025 in the category of Best CD Accounts.
- No minimum depositÂ
- Rates offered up to APY
- Varying CD term lengths
- Interest compounds daily
- Lock in a rate: If you fund the CD in the first 10 days, you’ll automatically lock in the higher rate on the date you opened your CD or the date you fund.Â
Best For
Online Banks
CD Accounts
Checking Accounts
Premium Checking Accounts
Mobile App
Interest Compounded Daily
E*TRADE CD accounts feature competitive APYs , no minimum deposit, no monthly fees, flexible terms from six months to five years, daily compounding interest and FDIC insurance, though they have early withdrawal limitations and limited physical locations.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- Competitive APYs
- No minimum deposit
- No monthly maintenance fees
- FDIC-insured
Cons
- Early withdrawal limitations
- Limited physical locations
Why We Like E*TRADE
E*TRADE’s CDs offer competitive rates and flexible terms without monthly fees or minimum deposits, appealing to investors seeking secure, interest-bearing investments.
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Banking Experience
Branches are available in select major cities in the states of California, Arizona, Florida, Washington, D.C., Colorado, Georgia, Massachusetts, Michigan, Illinois, Minnesota, New York, New Jersey, North Carolina, Pennsylvania, Texas, Oregon, and Washington. You can also call 1-800-387-2331 if you need help.
E*TRADE Bank scored 4.7 out of 5 stars on Google Play and the Apple Store. E*TRADE was also voted as a 2025 GOBankingRates Best Online Bank winner.
How Does E*TRADE Compare?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0
$5 to $35 waivable monthly fee
No monthly service fee
APY
APY
APY
Up to
Up to
N/A
Min Opening
Min Opening
Min Opening
$0
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
Up to $12 monthly service fee – can be waived
No monthly service fee
APY
APY
APY
Up to
Up to for Platinum Savings accounts
Min Opening
Min Opening
Min Opening
$0
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
Early withdrawal penalty may apply
No monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$0
$2,500 to $5,000
$0
E*TRADE Bank vs. Wells Fargo
Wells Fargo is a full-service institution offering thousands of branch locations and various accounts, so it’s a better fit for customers who value size and product breadth. E*TRADE’s main advantage is that it offers unlimited ATM fee rebates with its Max-Rate Checking account vs. the $2.50 to $5 Wells Fargo charges for non-Wells Fargo ATM transactions.
E*TRADE Bank vs. Bank of America
Like Wells Fargo, Bank of America offers a range of banking products and boasts over 4,000 financial center locations vs. the 29 offered to E*TRADE’s traditional bank customers. However, with competitive APYs on its interest checking accounts, E*TRADE offers higher interest rates than Bank of America across all balances.Â
E*TRADE Bank vs. Discover Bank
Discover Bank, Member FDIC offers a lower APY on its online savings account than E*TRADE’s but it pays 1% cash back on the first $3,000 of debit card purchases each month with its checking account. E*TRADE’s banking accounts are complementary products to its brokerage account, allowing customers easy access to various investment options — something Discover Bank doesn’t offer.
Final TakeÂ
Because E*TRADE Bank was established to complement the brokerage business, it’s far from a one-stop shop for traditional bank customers. It has a lineup of deposit accounts but doesn’t offer diversified services such as auto and mortgage loans. However, if paired with an E*TRADE brokerage account, it can be a parking place for your funds.Â
If you already have an E*TRADE brokerage account, pairing it with the premium savings account or other accounts with high APYs is a great way to grow your money. If you love the convenience of online banking and don’t mind waiting a few business days for money to hit your external accounts, E*TRADE bank could be a good choice for you.
E*TRADE FAQ
- Is E*TRADE Bank now Morgan Stanley?
- E*TRADE is a part of Morgan Stanley.
- Is E*TRADE backed by the FDIC?
- Yes, E*TRADE provides Federal Deposit Insurance Corporation coverage for its banking products.
- Does E*TRADE charge fees?
- E*TRADE has very few fees on its checking and savings accounts. The Max-Rate checking has a $15 monthly fee if you don’t meet balance requirements. E*TRADE does have a fee for wire transfers.
- Does E*TRADE have a high-yield savings account?
- Yes, E*TRADE has a high-yield savings account. There is no minimum deposit or monthly maintenance fee, and the APY is 4.00%.
John Csiszar, Caitlyn Moorhead, Vance Cariaga and Cynthia Bowman contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 9, 2024.Â
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best CD Accounts of 2025, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 9, 2024.
To determine rankings for the Best Checking Accounts of 2025, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factor (1), (2 and (5) weighed 0.5 times, and Factor (4) weighed 1.5 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 9, 2024.
To determine the Best Online Banks of 2025, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. Factors (1) and (2) were weighed 0.5 times, and factors (3) and (7) were weighed 2 times. For all savings and checking account data, only the basic accounts or products offered at each institution were analyzed. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 9, 2024.
To determine the Best Premium Checking Accounts of 2025, GOBankingRates looked at the following factors from the most premier or costly checking product from the top 25 banks (in terms of total assets): (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) APY on the checking account; and (6) associated and advertised benefits or perks from these premium products. All factors were then scored and combined, with the lowest score being the best. Factor (1) and (2) were weighed 0.5 times, and factor (6) was weighed 3 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 9, 2024.
All information about Discover® Cashback Debit has been collected independently by GOBankingRates. Discover® Cashback Debit is no longer available through GOBankingRates.
