E*TRADE Bank Premium Savings Account

E*TRADE Bank Premium Savings Account which already had one of the best online savings rates available was upped to a new higher rate. The current savings rate on the Premium Savings Account from E*TRADE Bank is now at 2.08 percent with an APY of 2.10 percent.

The old Premium Savings Account savings rate was at 1.88 percent with an APY of 1.90 percent. E*TRADE Bank says their Premium Savings Account savings rate is 20 times the national average rate. The minimum opening deposit account is only $1.00.

There is a $10 monthly fee on this account but there is criteria you can meet to avoid the charges.

• Maintain an average monthly balance of $1,000
• Maintain a combined balance of $5,000 in bank or $50,000 in a linked E*TRADE Securities or E*TRADE Bank accounts
• Execute at least 30 stock or options trades per quarter

To open an E*TRADE savings account you will need to provide the following information.

• Residential Address
• Date of Birth
• Social Security number
• Driver's License, State-Issued ID or Military ID

Bank deposits are insured by the FDIC for up to $250,000 per depositor. You can compare E*TRADE savings rate with other online savings rates to get the best deal today.