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    « Eloan CD Rates Increase | Home

    E*Trade Financial Raises Savings Rates

    By Best Bank Rates | May 6, 2008

    After months of lowered CD and savings rates, it appears that the tides may be turning for savers. E*Trade financial has recently raised the savings rate on their complete savings account, with a 3.15% APY. While this is a pretty high rate for a savings account, there are a few higher rates online: WT Direct with 3.31% APY, and Washinton Mutual’s with 3.30% APY.

    e*trade savings account

    Their savings account features:

    You can also sign up for a checking account that features:

    While average CD rates have been relatively flat in April, a handful of banks offering high-yield CDs - such as Capital One Financial Corp., Advanta Corp.’s Advanta Bank and E*Trade Financial Corp. - have recently bumped up yields on some of their CDs stretching out three to five years.

    For the banks, a steepening yield curve - when longer-term rates are higher than short-term rates - makes it easier for them to offer higher rates on longer-term CDs. That’s a sharp contrast from a year ago, when the yield curve was relatively flat or inverted. That meant savers were earning about the same, or even more, to hold money in shorter-term instruments as in longer-term ones.

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    Topics: Savings |

    Comments

    2 Responses to “E*Trade Financial Raises Savings Rates”

    1. missMM Says:
      May 8th, 2008 at 8:24 pm

      Great post! APY wise though, Fidelity’s mySmart Cash Account which you blogged last year still fares better at 3.50% now.

    2. professor Says:
      May 16th, 2008 at 6:33 pm

      E*Trade is a messed up company. They bougt Brown, which I loved and proved to be absolutely incompetent. Their bank is better than the brokerage side, but that’s not saying anything.