E*Trade Bank Remains Aggressive with Online Bank Deals
November 30, 2007
E*Trade Financial Corp. received an infusion of $2.55 billion from outside investors while selling off a small portion of their riskiest debt. The move has been viewed by analysts as an indication that E*Trade may be able to return to a financially secure position without a merger or buyout. E*Trade Financial, which owns both the bank and brokerage, is likely to continue to offer online bank deals as it tries to work its way out from a shaky credit portfolio. Increased deposit rates at E*Trade Bank this week include:
Money Market account 3.70% APY ($50,000 average monthly balance required)
Checking account 4.00% APY ($5,000 average monthly balance required)
Savings account 5.05% APY ($1 minimum deposit)
90-day CD 5.10% APY ($1,000 minimum deposit)
180-day CD 5.25% APY ($1,000 minimum deposit)
Deposits at E*Trade Bank are FDIC-insured up to $100,000 per depositor
