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by answerbeggar on January 16th, 2008

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I found out that E*TRADE gives you free savings account with a high APR rate, should I open it? I know most people use bank of america savings account with very low rate, why don't they use E*TRADE since it's free and high APR? I'm suspicious about it.

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Answers. 1 helpful answer below.

  • by SarahK on February 17th, 2008

    SarahK

    There are other high-rate savings accounts out there, such as through ING Direct, HSBC, and Emigrant Direct.

    Some people don't use internet-based banks because they like the convenience or personal touch of branch locations. Others are afraid that these banks are fly-by-night, even though they're all FDIC insured.

    Internet-based banks save on overhead by not having branches and tend to pass some of that along to its customers.

    I don't do business with Bank of America for various reasons, but I once had a savings account with Wachovia that paid a fraction of a percentage point. I switched back to my credit union and got somewhere around a 4% rate.

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You're reading I found out that E*TRADE gives you free savings account with a high APR rate, should I open it? I know most people use bank of america savings account with very low rate, why don't they use E*TRADE since it's free and high APR? I'm suspicious about it.

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