TD Ameritrade 300

Etrade Checking Account Review

Etrade bank checking review 2019: fees, brokerage pros/cons, interest. Free checks, ATM deposits, debit card rewards, new client promo offer.

Etrade Checking Fees

We have been a customer with E-Trade Bank for the past several years. Although they are primarily set up as an online bank rather than the traditional brick and mortar type, we’ve found their wide array of products and services to be extremely helpful in meeting our banking needs. From their low opening deposit for a checking account ($100), to their minimal monthly fees and easy to use website, E-Trade Bank provides a number of convenient and cost effective options for their customers.

Etrade Checking Pros

One of the things we like most about using E-Trade Bank is their Fee Waiver and Refund feature. If your account meets the $5,000 monthly balance requirement or is simply linked with your E-Trade brokerage account for a combined balance of $50,000, the bank will waive their $15 monthly service fee. In addition, you will receive a refund on all charges for withdrawing funds at any ATM nationwide. Since, we frequently withdraw cash from the account, this has allowed us to save quite a bit of money over the years. This is a perk we have not frequently seen being offered by other banks just for meeting account minimums.

Having our bank account linked with our brokerage account has also allowed us to invest money into the stock market quickly, as our checking account balance is not held separately and does not require to be moved. As investors, it’s nice to know we have our funds ready and available when we need them. This is important not only when we want to purchase a stock, but also when we need to sell a stock and be able to use the money immediately via a debit card. This particular set up has helped save us quite a bit of time in having access to our funds compared to our experience with other banks and brokerages we’ve used in the past.

Another important feature we have taken advantage of is the quick transfer function. This has allowed us to send or receive funds to our other bank or brokerage accounts with just a few clicks of the mouse. Not only is this convenient, but it can be completed through the E-Trade website during any time of day. Processing times are reasonable, as transfers are typically done within 3 business days and there is no charge to move money electronically. Customers also have the option to wire money in or out, which we have done on occasion as well. The bank provides clear instructions on their site how to do this and charges a $25 wiring fee to send money to another institution.

Etrade Bank Direct Deposit and Online Bill pay

There are also a number of other features we have found to be helpful while banking with E-Trade, including both direct deposit and the free online bill pay option. These were very simple to set up and certainly made our life a little easier. With direct deposit, we provided a copy of a voided check from our account and processing went through without a hitch. As for online bill pay, we’ve found this to be quite useful and very convenient. One of the nice things about using this service is the detailed monthly reports that we have access too.

Etrade Checking Cons

All in all our experience with E-Trade Bank has been a good one. As a matter of fact, one of the very few drawbacks is that we’ve had with this type of banking is not being able to walk into a branch and deposit or withdraw cash. Banking is primarily done online and through the use of your debit card and checks. If you need to deposit cash rather quickly, having to wire funds is not always convenient or cost effective. This is something to take into consideration for someone that is looking to do more traditional type banking. For customers that don’t mind this limitation, however, E-Trade Bank offers some attractive features and low cost options to help make your day to day banking needs a little more manageable.

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Etrade Checking Review Summary

We definitely recommend E-Trade Bank as either a primary or secondary bank account for the number of benefits that they can provide. E-trade brokerage promotion link could be used to get a nice cash bonus for opening brokerage account and after it's done to open linked E-trade bank account.

Etrade Promotion Code

Open Etrade Account

Etrade Checking Reviewed by on Rating: 4