E*Trade Raise Rates on Complete Savings Account: Interest Rates Bottomed?
In a sign that interest rates may stop falling and start rising, E*Trade Financial sent me an email this afternoon with a surprising update: Start May 8, they will increase the interest rate of their Complete Savings Account from the current 3.01% APY to 3.15% APY, though the Fed has cut interest rates by another 0.25% point last week.
Another interesting observation is that, in the past every time after the Fed cut rates, banks followed almost immediately to slash interest rates on their savings accounts and my Inbox was flooded with rate update emails. Not this time, though. Actually, I didn’t get any such email from banks since last Wednesday. I guess the banks must have enough cushion after dramatically lowering their rates since last September so they can afford to stay where they are now
I haven’t updated my checking and savings rates table since last December. Since it looks like the Feb will idle when they meet next time in June, maybe it’s time to revise my table.
Related Articles You Don't Want To Miss
- Online Savings Account Interest Rates History
- E*Trade Complete Savings Account now 3.30% APY
- Is the Fed Going to Determine Savings Account Interest Rates?
- E-Trade Complete Savings Account $25 Bonus When Opening an Account
- E*Trade Complete Savings Account Offers $25 Signup Bonus
- Best Online Savings & Checking Accounts Interest Rates
- Rate Updates: E*Trade Complete Savings 2.50% APY, EverBank Money Market 3.51% APY
- ING Direct Lowered Interest Rates
Trackbacks & Pingbacks
- Pingback by Online Bank Savings & Check Interest Rates on May 9, 2008 @ 10:58 am
- Pingback by FNBO Direct Followed Suit, UP Interest Rate on June 9, 2008 @ 11:39 pm
- Pingback by E-Trade Complete Savings Account now 3.20% APY on July 1, 2008 @ 10:49 pm
- Pingback by Online Bank Savings & Checking Interest Rates on July 25, 2008 @ 10:49 pm
- Pingback by WaMu Increases Its Rate to 3.75% APY on July 30, 2008 @ 11:05 pm
- Pingback by Bank Deals | My Test Blog on March 7, 2009 @ 1:39 am





it is a surprise they increase instead of decrease the interest rate, but it’s a good surprise, right ?
They might have some cash flow problems. A higher rate might attract more customers and provide more cash for E-Trade to meet their obligations.