Alright alright I'm about to get this savings account and transfer some monies from my current bank to it. Just one questions though.. HOW does E*Trade have such a high interest rates for a savings account? MY bank is <1%!! Why aren't other banks this high? What's going on here?

Opened the Complete Savings account today.

Was first told by a rep that you needed $15,000 in the account by 3/17/07 to get the $25 bonus.
I had him pull up Bankrates writeup on the Etrade promo and come to find out IF you open the account from an email invitation sent to existing customers by ETRADE you have to have the 15K in by 3/17/07 to get the $25 bonus.

BUT if you open it up from Bankrates promo page you only need to fund it with $1 and you get the $25 sign up bonus.

Boy they really are doing a favor to existing (brokerage)account holders(Not).

So if you are in it for the sign up bonus use Bankrates link, but don't apply through the email invitation(unless you are putting in at least 15k).

Hmmm, wonder if I can open accounts for my 1 and 2 year old kids. I'll give it a try, or if someone else has tried ...

(They get gift money from people who don't want me to put it into their college savings plans. My father and his wife for instance want them to 'enjoy' the money instead of using it for college later so they have told me not to put it into their 529s.)

Hey maybe someone can help me here. I did the $25 bonus and my account was opened, I transferred $100 and it worked... however it doesn't show me having a Savings account. When I login, under "Add an Account" it says "(Member account only at this time)" ... soooo did I screw up? I thought the $25 bonus was for opening a Savings account? Was I wrong?

Help

the reason you guys are having problems is because you have to register the account at the site....sign up and enter the account # they gave you on the original confirmation e-mail....then you can enter the site, and establish your external bank link(s)....

i found that my original $1 did not actually get transferred until i re-established the link within the account...
Once i got the links established i started transferring money in, as i am planning to use the account, not just get the $25 bonus...I did all this in less then a week of the initial confirmation e-mail.....and i have not even received the welcome packet with signature card yet...

If you have any problem doing this yourself, i would suggest you call customer service and let them help you get straightened out....They have an excellent online interface, and transfers in and out are very fast....

Ditto as above, got no confirmation number.. I emailed them and asked, hopefully I'll get a response tomorrow.

This is the only email I have received:


Dear You:

Welcome to E*TRADE Bank.

Thank you for opening an account with E*TRADE Bank. We will be initiating the electronic transfer of funds in the next 1 to 2 business days to open your account. At that time you will receive an email notifying you that you can access your account online.

You will receive a new account Welcome Kit and your signature card in 3 to 5 business days. Please sign the card and return the signature card at your earliest convenience.

Remember, you can get information on E*TRADE Bank products and services 24 hours a day by visiting our Web site at http://bank.etrade.com. You can also call us at 1-800-ETRADE-1.

Again, thank you for choosing E*TRADE Bank. We appreciate your business and look forward to helping you meet your financial goals.

Sincerely,

Arlen W. Gelbard
President
E*TRADE Bank

The E*TRADE FINANCIAL family of companies provides financial services that include trading, investing, banking, and lending.

Banking and lending products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries. Bank deposits are FDIC insured up to $100,000.

Copyright 2006 E*TRADE FINANCIAL Corp. All rights reserved.

Hey fellas I received a reply from E*TRADE:

Thank you for your email. I do apologize for the delay in the availability of funds in your account. On new complete savings accounts, we have been experiencing delays of up to 9 business days. These delays are caused by the verification and clearing process of all new funds. I can assure you these are one time delays caused by the new accounts opening. Please allow a few more business days for a resolution. After this time, your accounts funds and information will be viewable online. In the meantime, if there is anything else we can assist you with, please let us know. Thank you.

That's a relief!

craig10x said:and the rate ain't bad either...perhaps not the top..but quite decent (5.05% apy)......

Beats the hell out of my 0.20% apy account I have now!!!

madpad said:How is this better than Ing's Electric Checking?

I dont know for starters it a MMA account vs Checking account. It pays 5.05% with balances of $1 and up vs ING EO does not pay a higher rate till you get over $100K. This account refunds unlimited ATM charges if your account has $5K or more. ING EO refunds no ATM charges but allows you make withdrawls only at All point ATMS. This account is limited to 6 transaction per month vs ING EO is a checking account and has no limits.

Do you need me to keep listing more difference for you? Or you get the picture that your comparing an savings accounts vs checking.

It's a savings account...but usually savings accounts that have high yields are called money market accounts...which is not the same as money market funds (which are not fdic insured)....I think he (dolmar) was trying to clarify it for the other poster that seemed to think this was a checking account (like electric orange) for some reason...