Function

• Set up an E*Trade savings account in minutes with as little as $1. Make your deposit by mailing a check to E*Trade or by transferring funds into your E*Trade account from another bank. Your savings will be insured by the Federal Insurance Deposit Corporation (FDIC) and you may view your account balances online anytime. The typical interest rate on a savings account with E*Trade is well above the national average. (See Resources below for current E*Trade rates and information.)
  
  

Features

• Money market savings accounts are also available with a minimum deposit of $100. In order to avoid fees associated with your money market, you must maintain an average monthly balance of $1,000. Otherwise, the monthly fee is $10.You may fund your money market by direct deposit, bank transfer or mailing a check.
  
  

Identification

• You may also purchase a certificate of deposit (CD) with E*Trade. CDs are attractive to consumers who want to earn a fixed rate of interest and who won't need their funds for a specific amount of time. In contrast, savings and money market accounts carry variable rates of interest, and while those rates may start out higher than CD rates, they will fluctuate.
  
  

Benefits

• E*Trade will refund ATM withdrawal fees you may incur if you maintain a balance of $5,000 in your deposit accounts. You may use any ATM nationwide. When you open an E*Trade high yield checking account, you may take advantage of free online bill paying. At no charge, you may transfer funds from one E*Trade account to another, and from your E*Trade accounts to and from other banks.
  
  

Considerations

• You can apply for an E*Trade Visa credit card at a competitive interest rate and earn reward points for each dollar you spend using the card. Your points can be redeemed for travel, merchandise or free stock market trades. You must be a United States resident with a valid Social Security number to open a bank account with E*Trade.