Complete Savings Account

All balances earn 5.05% APY

Account Description
A smart, easy complement to your other E*TRADE accounts, offering you high rates with no minimum balance.

Account Features

* No minimums or account fees
* Yields more than six times the national average2
* Easy access to your money with Quick Transfer to and from any institution
* Electronic statements delivery
* FDIC-insured up to $100,000

Minimum opening deposit

* No minimum daily balance requirement
* A $1.00 minimum opening deposit required

Costs and Fees View all bank fees

* $15 per each Bank check request

Transactions Limitations

* Withdrawal limits apply. Under Federal regulations related to these types of accounts, account holders are allowed up to six withdrawals or transfers (for example, using Quick Transfer) from their account in any calendar month. Inbound Quick Transfers are not subject to any limits.

Looks like free income wire transfers ... link

Some relevant info about Quick Transfer:

Transfers to and from other financial institutions submitted to E*TRADE Bank before 4 p.m. ET on a regular business day will be processed the same business day. All other such transfers will be processed the next business day. Transfers to E*TRADE Bank deposit accounts from outside financial institutions will earn interest on the day they are credited and will be available for withdrawal on three calendar days from the date of posting.

[...]

Transfers are limited to $100,000 per day between other financial institutions and E*TRADE Bank and E*TRADE Securities accounts.

(link)

Nice find! This is the most competitive account that they've had since the Telebank days, and E*Trade's money transfer functionality is quite good.

According to a bank deals blog post, the account only requires a soft pull.

I got this mail recently..

You could keep your money in an ordinary bank, but why? You can earn more by increasing the balance in your current E*TRADE® Money Market Account — and take advantage of some of the highest yields in the nation, up to 4.40% APY.1

Plus, if your balance increases by $25,000 or more between now and November 30, 2006, we’ll deposit an additional $50 into your account.2 Just use free Quick Transfer to get started.3

Remember, you'll have NO ATM FEES at any machine, any bank, nationwide via unlimited fee refunds.4 Which means you can access your money via ATM withdrawals whenever you want.

So earn more — and get more — with your E*TRADE® Money Market Account. Transfer funds to your account today.

savings account will be good. I will transfer 25K from HSBC to MM next week & than after 30th Nov, move money from MM to savings..

great offer from Etrade

The mail offering you got is about the ETrade Money Market Account...which is not the same product as the OP is talking about which is a new product called: Complete Savings....Apparently, Complete Savings is just for linking up with other bank checking accounts (like Amboy/GMAC/AMTRUST/ELOAN etc.) and does NOT have an ATM Card nor does it offer ATM REBATES...

Also, one should be aware that to get ATM REBATES with ETRADE's Money Market Account (the other product which does have an ATM Card) you must maintain a minimum balance of $5,000 at all times to get them....Even worse..the high initial yield of 5.28% in ETrade's Money Market Account, after 3 months automatically will drop to 3.75% if you keep balances of $49,999 or less! So that mail offering (unless you are planning to only stay in for 3 months) is not such a hot deal....

So before anyone gets confused, what you are reading about in that mail offering is not the same account as what the OP is discussing...which is called Complete Savings and has no atm card or rebates and is currently paying a rate of 5.05% on both it's tiers which is $5,000 and up and under $5,000...with no min balance requirement....

Thank you

is transfer to Etrade brokerage account instantaneous?

agentpt5 said:psychtobe said:is transfer to Etrade brokerage account instantaneous?

No. 5 days for ACH from outside accounts. 1 day from other Etrade accounts.

I hope it was clear I meant from the ETrade Complete Savings account to my Etrade brokerage. 1 day is pretty good - may move some money to them. thanks.

According to E-Trade's website, the MM rate is now 5.15 (5.28 APY) and it does not state that this is a 3-month promo rate. This would be pretty hot if true (and also take away the allure of the Complete Savings Account). Am I crazy or does it state somewhere that this is the promo rate? Here is the page with the rates:
Link