It was a nice surprise when I logged into my E*Trade account today to find that the rate for their Complete Savings Account has been increased to 5.05% APY. The rate had previously been lowered following the series of rate cuts by the Feds.
I am a big fan of E*trade despite the recent news of them having financial problems and the recent $2.5 billion dollar infusion of cash from Citadel Investment Group.
Best features of the Complete Savings Account are:
- No minimum balance
- Just $1 to open the account
- Yields more than 8x the national average
- Easy access to your money with the Quick Transfer feature
- Secure online statements
- FDIC insured up to $100,000
In addition to a Complete Savings Account, I also have an E*Trade Brokerage account so it is very easy to transfer money back and forth between accounts.
TIP: If you need immediate access to funds from your savings account, transfer the money to your brokerage account and write a check from the cash portion of your brokerage account. I do it all the time and it works great. Just be careful not to exceed the withdrawal limitations of the savings account.
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