Further on E trade Bank

[Pete]

I know there was an earlier post concerning E Trade Bank about their closing. I spoke with a rep and he said since they no longer do loans there is no need for capital on the banking side. They are concentrating on the brokerage. There are no plans for complete closure but it appears the low saving rates will continue.

Thanks to those who suggested PenFed. I'm all set up there.

 

[dex]

I've been using them for years. I like their banking operations. I also have an IRA and brokerage account with them so the checking is free. The only think I have to pay for is the postage for odd check that I have to deposit.

So is the only issue that the savings account will pay a low interest rate?

 

[Pete]

So is the only issue that the savings account will pay a low interest rate?

That's what the rep said, although someone posted here they were asked to close their accounts.

Too bad...I've been with them since they were Telebank...they used to have great rates on top of their great service.

 

[dex]

That's what the rep said, although someone posted here they were asked to close their accounts.

Maybe they didn't have the required minimum balance.

It is so simple to link accounts these days; it almost doesn't matter about the interest rates at e-trade.

 

[tjon72]

I have a small savings acct with e-trade (not very active) they haven't mentioned anything about closing..............yet

 

[harley]

I have a CD with them, and recently got a notification that the default action at maturity from now on will be to send a check instead of rolling it over. I guess we're getting the boot.

 

[Mysto]

I'm the one that got the boot. They wanted to send my savings account to Discovery bank. When I called I found out it was because my brokerage account wasn't active. I have been an ETrade bank customer for a long time (and a Prefered one as well). I thanked them and pulled my funds to Ally bank and closed my accounts. My feelings are that Etrade bank will go away - I don't think they want to be in the banking business any more - but that's just my guess.