E*Trade Complete Savings Account now 3.30% APY

For the second time in less than two months, E*Trade Financial decided to make its Complete Savings Account competitive by increasing its interest rate from 3.15% APY to 3.30% APY, starting July 2, 2008 (current rate 3.01% APY as of 12/28/2008). It made a similar rate adjustment in early May.

With the Complete Savings Account, you can earn an interest rate that’s 8 times the national average with a minimum deposit of just $1. To open an account, you will need to provide the following information, which is quite standard:

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

Once the account is opened, you can link external bank accounts to your E*Trade account to transfer funds electronically. E*Trade Bank uses CashEdge-based transfer system for ACH fund transfer. The system is also used by banks such as HSBC Direct. Best of all, if you have an E*Trade brokerage account, you can move money between your bank account and brokerage account instantly.

Though the news in encouraging (increasing rates), the rate is still not as good as the rates from banks I am currently using, such as Capital One and FNBO Direct. Therefore, I don’t think I will make any change on the way I am using those banks now. For better bank deals, check out my interest rates table as well as the Best Savings Account Deals page.

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