Is ETrade any good?

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Is ETrade any good?

2008-09-27 10:33:05

Hurricane2k9: Pendulous Sweaty Balls; +1,538|6157|College Park, MD

I want a savings account that has a higher interest rate than fucking .20% (read: Bank of America. If they're so great why the fuck do they give me pennies for interest?). ETrade claims to have a 3.3% interest rate, no account fees, no minimums... much nicer:

https://us.etrade.com/e/t/jumppage/view … CA000DA3E7

There's even something about getting a free BlackBerry... free stuff good.

Anyone have experience with them?

https://static.bf2s.com/files/user/36793/marylandsig.jpg

2008-09-27 10:35:28

KEN-JENNINGS: I am all that is MOD!; +2,993|7087|949

From a brief read it looks like they treat your savings as a CD of sorts, but it also mentions that rate is for $25K.

edit:

Annual Percentage Yield (APY) as of 9/27/2008. APY on certificates of deposit applies for terms specified. Minimum deposit of $1,000 required. Withdrawal of principal before maturity date subject to penalty equal to ½ of the simple interest for the term of the CD, earned or unearned. As of 9/27/2008, the 5 Year CD is among the highest yielding CDs on Bankrate.com with a $1,000 minimum. Yields subject to change.

Last edited by KEN-JENNINGS (2008-09-27 10:36:08)

2008-09-27 10:38:13

Hurricane2k9: Pendulous Sweaty Balls; +1,538|6157|College Park, MD

https://us.etrade.com/e/t/welcome/completesavings

I don't see anything about a CD =/

That's a good point I missed. I wonder what the rate is for something a bit more modest...

edit: just read your edit lol. Dammit this whole financial thing is hard as hell! I'm just wondering why I should bother with putting my money in my BofA savings when I get barely anything for interest...

Is there an idiot's guide to all of this?

Last edited by Hurricane2k9 (2008-09-27 10:39:39)

2008-09-27 10:43:12

OrangeHound: Busy doing highfalutin adminy stuff ...; +1,335|7104|Washington DC

If you are simply looking for a high yield money market account, then I've noticed that E-trade is typically high ... so, that would be a decent choice. ... but you have to be 18 to open an account.

If I had to open an account right now, I would probably do it with EverBank. They appear to be healthy, and their interest rates have been consistently high over the last couple of years.

2008-09-27 10:45:01

KEN-JENNINGS: I am all that is MOD!; +2,993|7087|949

Well, IMO a youngin's savings account is an experiment or test kind of, to see how long you can add to it or keep money in it. Don't expect to get a high rate, especially if its a minimal (less than a few thousand) amount of money. I think it is a good thing that people your age think about and actually commit to saving, because it has a chance to teach you financial discipline. I put my money in savings for a lot of reasons. That's where my big purchase/car trouble/anything I want to do but didn't plan for money comes from.

Last edited by KEN-JENNINGS (2008-09-27 10:45:44)

2008-09-27 10:49:17

jsnipy: ...; +3,277|6978|...

moneymarket

2008-09-27 11:28:21

Hurricane2k9: Pendulous Sweaty Balls; +1,538|6157|College Park, MD

OrangeHound wrote:
If you are simply looking for a high yield money market account, then I've noticed that E-trade is typically high ... so, that would be a decent choice. ... but you have to be 18 to open an account.

Yeah, I noticed that. They said something about being able to make a custodial account where my parents would control it till I'm 18 or something to that effect.

2008-09-27 11:31:22

Flaming_Maniac: prince of insufficient light; +2,490|7162|67.222.138.85

As a rule, if something looks too good to be true it is. You don't go from .2% to 3% with no strings attached.

A valuable lesson I'm sure you have learned quite well in a slightly different manner on the internet.

2008-09-27 12:10:36

OrangeHound: Busy doing highfalutin adminy stuff ...; +1,335|7104|Washington DC

Flaming_Maniac wrote:
As a rule, if something looks too good to be true it is. You don't go from .2% to 3% with no strings attached.

A valuable lesson I'm sure you have learned quite well in a slightly different manner on the internet.

There's no strings attached, FM ... just a different business model. Internet banking doesn't have to support buildings and staffing idle people at branches. Thus, more money to pass on via interest.

I've had internet accounts for about 8 years ...

2008-09-27 12:13:04

jsnipy: ...; +3,277|6978|...

Flaming_Maniac wrote:
As a rule, if something looks too good to be true it is. You don't go from .2% to 3% with no strings attached.

A valuable lesson I'm sure you have learned quite well in a slightly different manner on the internet.

Analogous to how the savings on Newegg is unmatched by a brick and mortar establishment

2008-09-27 12:14:35

Flaming_Maniac: prince of insufficient light; +2,490|7162|67.222.138.85

OrangeHound wrote:
Flaming_Maniac wrote:
As a rule, if something looks too good to be true it is. You don't go from .2% to 3% with no strings attached.

A valuable lesson I'm sure you have learned quite well in a slightly different manner on the internet.
There's no strings attached, FM ... just a different business model. Internet banking doesn't have to support buildings and staffing idle people at branches. Thus, more money to pass on via interest.

I've had internet accounts for about 8 years ...

The "savings account" is a $25k minimum CD...it's not in the same league as a savings account.

2008-09-27 12:15:53

OrangeHound: Busy doing highfalutin adminy stuff ...; +1,335|7104|Washington DC

Flaming_Maniac wrote:
OrangeHound wrote:
Flaming_Maniac wrote:
As a rule, if something looks too good to be true it is. You don't go from .2% to 3% with no strings attached.

A valuable lesson I'm sure you have learned quite well in a slightly different manner on the internet.
There's no strings attached, FM ... just a different business model. Internet banking doesn't have to support buildings and staffing idle people at branches. Thus, more money to pass on via interest.

I've had internet accounts for about 8 years ...
The "savings account" is a $25k minimum CD...it's not in the same league as a savings account.

We're not talking about a CD, but a money market account ... minimum opening deposit is just $1.
https://us.etrade.com/e/t/welcome/completesavings

2008-09-27 12:18:30

SenorToenails: Veritas et Scientia; +444|6585|North Tonawanda, NY

I have one of these...it works nice.

http://www.hsbcdirect.com/1/2/1/default … CSM0000424

Online savings account, 3.25% interest.

2008-09-27 12:19:46

Flaming_Maniac: prince of insufficient light; +2,490|7162|67.222.138.85

OrangeHound wrote:
Flaming_Maniac wrote:
OrangeHound wrote:
There's no strings attached, FM ... just a different business model. Internet banking doesn't have to support buildings and staffing idle people at branches. Thus, more money to pass on via interest.

I've had internet accounts for about 8 years ...
The "savings account" is a $25k minimum CD...it's not in the same league as a savings account.
We're not talking about a CD, but a money market account ... minimum opening deposit is just $1.
https://us.etrade.com/e/t/welcome/completesavings

The footnotes were confusing me.

but...

https://us.etrade.com/e/t/estation/pricing?id=1206030000 wrote:
E*TRADE Money Market—$10
To avoid monthly fee, an average monthly account balance of $1,000 is required. The monthly fee is also waived for customers who maintain an average monthly balance of $5,000 in total E*TRADE Bank deposits by the end of their second statement cycle; or who maintain a combined balance of $50,000 or more in linked E*TRADE Securities, E*TRADE Bank, and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock); or execute at least 30 stock or options trades during a calendar quarter in their E*TRADE Securities account.

edit: The original link was to a complete savings account and not a money market, but there's this too.

https://us.etrade.com/e/t/welcome/moneymarket

Comparing the wording between the complete savings account and the money market account I would assume there is a similar jump from .2% to what is advertised around $25k, but I'd rather not wade through the bullshit any longer to find it.

2008-09-27 12:29:40

OrangeHound: Busy doing highfalutin adminy stuff ...; +1,335|7104|Washington DC

Flaming_Maniac wrote:
OrangeHound wrote:
Flaming_Maniac wrote:

The "savings account" is a $25k minimum CD...it's not in the same league as a savings account.
We're not talking about a CD, but a money market account ... minimum opening deposit is just $1.
https://us.etrade.com/e/t/welcome/completesavings
The footnotes were confusing me.

but...

https://us.etrade.com/e/t/estation/pricing?id=1206030000 wrote:
E*TRADE Money Market—$10
To avoid monthly fee, an average monthly account balance of $1,000 is required. The monthly fee is also waived for customers who maintain an average monthly balance of $5,000 in total E*TRADE Bank deposits by the end of their second statement cycle; or who maintain a combined balance of $50,000 or more in linked E*TRADE Securities, E*TRADE Bank, and employee stock plan accounts (including vested in-the-money options, stock option plan shares, ESPP shares, and released restricted stock); or execute at least 30 stock or options trades during a calendar quarter in their E*TRADE Securities account.
edit: The original link was to a complete savings account and not a money market, but there's this too.

https://us.etrade.com/e/t/welcome/moneymarket

Comparing the wording between the complete savings account and the money market account I would assume there is a similar jump from .2% to what is advertised around $25k, but I'd rather not wade through the bullshit any longer to find it.

Meh ... you are too negative. Yes, we are talking about the "Complete Savings" account, which is a money market account.

Again, it is not "too good to be true". I've had about a dozen different internet accounts (CD, money market, checking, and high-yield money market) and they don't come with any odd strings attached. Just a different business model. I've even had an internet bank fail on me (NetBank) and the FDIC insurance kicked in and I had my money within 36 hours.

Different institutions will have different criteria, rates, and limitations ... you just can't walk into a physical location. As mentioned above, if I were to open an account right now I would use EverBank.

2008-09-27 12:37:57

Flaming_Maniac: prince of insufficient light; +2,490|7162|67.222.138.85

I have no problems with the fact that it is an internet bank, but physical banks make these kind of bullshit advertisements too with lots of special conditions that apply. Putting your money in a bank is a low risk, low reward situation and that's just all there is to it.

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OrangeHound wrote:

Flaming_Maniac wrote:

Flaming_Maniac wrote:

OrangeHound wrote:

Flaming_Maniac wrote:

Flaming_Maniac wrote:

OrangeHound wrote:

Flaming_Maniac wrote:

OrangeHound wrote:

Flaming_Maniac wrote:

OrangeHound wrote:

https://us.etrade.com/e/t/estation/pricing?id=1206030000 wrote:

Flaming_Maniac wrote:

OrangeHound wrote:

Flaming_Maniac wrote:

https://us.etrade.com/e/t/estation/pricing?id=1206030000 wrote:

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