ETrade is an American financial institution that offers online banking services and an online brokerage to trade financial assets such as stocks, ETFs, futures, etc.
Why Bank With ETrade
Some of the reasons for banking and investing with ETrade include:
- Integrated account. Investing and checking/savings accounts appear in the same view so you can conduct transactions in one place. Sending money from ETrade savings or checking accounts to ETrade investing options is instant.
- Low or no fees. You pay less or nothing for some services and products. For example, ETrade doesn’t charge for using any ATM around the world and premium savings account and checking account have no monthly fees. ETrade money transfer is also free.
How to Open an ETrade Account
To open Etrade account, you need to be a US citizens aged 18 and above with a valid Social Security number. You also need a valid US ID such as a driver’s license and a valid US address. You can open ETrade account online, by phone (800-387-2331) or mail (PO Box 484, Jersey City, NJ 07303-0484). For account opening via mail, you need to download the application from the website, complete and sign it. Finally, send the application with a check made payable to ETrade Securities or ETrade Bank (depending on the type of account you are opening).
Types of ETrade Accounts
Is ETrade FDIC insured? Eligible deposits in all ETrade Bank accounts (though not in ETrade brokerage or investment accounts) are insured in accordance with current FDIC requirements.
ETrade offers the following account options:
ETrade Premium Savings Account
- No minimum monthly account fee
- ETrade savings account rate is 0.20% APY
- FDIC insured up to $1,250,000
- Real-time money transfers between E*TRADE accounts
- No account minimums are required to maintain Premium Savings Account
ETrade Max-Rate Checking
- Convenient mobile and online banking with no ATM fees
- 0.05% APY5
- $100 minimum opening deposit
- FDIC insured up to $250,000
- Maintain an average monthly balance of $5,000 to waive the $15 monthly fee
- Free online Bill Pay service
- Unlimited free ATM fee refunds
- Free ETrade Max-Rate Checking debit card
ETRADE Checking Account
- No monthly account fees for ETrade checking non-interest-bearing account
- 0% APY
- $100 minimum opening deposit
- FDIC insured up to $250,000
- No minimum balance and no monthly account fee
- Free online Bill Pay service
- Unlimited debit and check transactions
- Free ETRADE Checking debit card
- No account minimums are required to maintain ETrade Checking
Investing With ETrade
Investing with ETrade gives customers a wide range of financial assets options. ETrade makes investing easier by giving customers trading tools and ideas. ETrade does not charge commissions for online US-listed stock, ETF, and options trades.
ETrade does not accept investors who are not US citizens or residents.
You can choose the any of the following investment accounts:
ETrade Brokerage Account
This account allows you to sell stocks, ETFs, mutual funds, options, and bonds.
ETrade Core Portfolios
With a minimum of $500, you will get a diversified portfolio that is managed for annual advisory fee of 0.30%.
ETrade IRA
Invested earnings grow until you withdraw them in retirement. You have the options of Etrade traditional IRA, ETrade Roth IRA and ETrade OneStop IRA rollover.
ETrade Roth IRA
Pay no taxes or penalties on qualified distributions if you meet the income limits to qualify for this account.
ETrade Rollover IRA
Consolidate assets from a former employer’s retirement plan (401k).
Investment Choices at ETrade
ETrade Stocks
Stocks let you own a piece of a company. You can select stocks from numerous businesses and industries and have the flexibility to trade them throughout the trading day.
ETrade Options
Options give you the right to buy or sell an investment in the future at a predetermined price. That can help protect your portfolio from market swings—or let you take on more risk, for potentially more reward.
ETrade Futures
Like options, futures let you lock in a price now for an investment you’ll buy in the future. They cost much less than the actual investment, so you can control a large contract with a relatively small amount of capital.
ETrade ETFs
ETFs are managed baskets of stocks and bonds—one-stop securities designed to match the performance of an entire market, industry, or strategy.
ETrade Mutual Funds
Mutual funds are baskets of investments, chosen and managed by professionals. They’re created around specific strategies, so they give you one-stop access to fund managers’ expertise.
ETrade Bonds & CDs
These investments pay regular interest and typically aim to return 100% of their face value at maturity. Choices include everything from U.S. Treasury, corporate, and municipal bonds to FDIC-insured certificates of deposit (CDs).
How to Deposit Money on ETrade
There are several options for account holders to deposit money on ETrade. They include wire transfer, direct deposit, electronic transfer (for ETrade instant deposit) and depositing a check by mail. ETrade check deposit can be mailed to:
ETrade Bank
Attention: Deposit Operations
c/o ETrade Financial Corporation
PO Box 484
Jersey City, NJ 07303-0484.
Your ETrade accounts can only hold funds in US dollars. If you deposit funds from another currency, there will be currency conversion, which will include conversion fees. If you have a multicurrency account such as Wise Multi-currency account and Revolut.
ETrade Fees
ETrade Account Fees
| Type | Fee |
|---|---|
| Monthly fee | $0 |
| Minimum deposit to open | $100 |
| ETrade ATM fee (ETrade debit card) | $0 (within the US) 1% fee (outside the US) |
| Out-of-network ATM fee | Fees vary depending on operator of the ATM or network |
| ETrade foreign transaction fee | 1% |
| Overdraft fee | $5 |
| Non-sufficient funds fee | $25 |
| Early account closing fee (closing the account within 120 days after opening) | $10 |
ETrade Brokerage Account Fees
| Type | Fee |
|---|---|
| Minimum opening deposit for trading and investing | $500 |
| Minimum to open a ETrade Core Portfolio account | $5,000 |
| Minimum balance to open individual retirement accounts (IRAs) | $0 |
| Commission for ETF, stock and options | $0 |
| Annual/inactivity fee | $0 |
| Full transfer out fee | $75 |
| Partial transfer out fee | $25 |