A savings account with E*TRADE’s parent company, Morgan Stanley, allows you to earn interest on your money while you decide on your next moves. In addition to its above-average APY, you can also take advantage of the other accounts offered by E*TRADE, such as brokerage accounts, core portfolios and IRAs.
If you’re looking for other high-yield savings accounts, check out some of the best online banks.
SoFi vs. E*TRADE
SoFi Bank has a combined checking and savings account with no account fees, the ability to get your paycheck early with direct deposit and competitive interest rates on balances. SoFi has savings account perks that you won’t find with E*TRADE, which is mainly an account for investors.
However, you can’t open a standalone checking or savings account with SoFi. If you’re looking to diversify your banking or if you only want a vehicle for your money before you invest it in something else, you might want to stick with E*TRADE.
Ally Bank vs. E*TRADE
Ally Bank offers a savings account connected to available investment accounts. The Ally Bank Savings Account also pays 4.20%—the same as E*TRADE. However, it’s worth pointing out that Ally Bank has 24/7 customer service assistance available, unlike E*TRADE, which isn’t known for its prompt service.
Ally Bank offers more perks with its savings account as well, such as unique savings tools you won’t find associated with other accounts. For example, you can create “buckets” for up to 10 financial goals with one account.
Ally Bank also offers a round-up feature that automatically transfers spare change from your spending into your savings account. Finally, the account has a “surprise savings” feature that will analyze your spending to find ways for you to save money. If these perks interest you, you may want to look into Ally Bank.
Discover® Bank vs. E*TRADE
Discover is known for its credit cards, but the company also offers a full-service banking account. The Discover® Bank Online Savings Account has a competitive APY of 4.25%, and interest compounds daily. There are also limited fees, and you don’t have to worry about a minimum balance requirement with a Discover® Bank Online Savings Account.
However, if you’re not looking to open a new credit card, you may want to stick with E*TRADE. Aside from the E*TRADE savings account rates, you can also open an investing account or a traditional IRA to prepare for retirement.
