E Trade Offering $25 To Open a 3.3% APY Savings Account

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Etrade is offering $25 to open a Max-Rate Savings Account. The account currently pays 3.3% APY which is competitive.

Etrade is offering $25 to open a Max-Rate Savings Account.  To get the $25 you only need to fund the account with $1.  Payments are made within 30 days of account opening.   The offer is good until December 12, 2008.  As with these types of offers, if you already have an account with Etrade, you're out of luck.  The bonus is for new customers and new money only.

The Max-Rate Savings Account pays 3.3% APY, which is competitive compares to the best savings and money market rates.

The Etrade application is very easy and you can open it electronically and then fund it via their Quick Transfer capability.  This is basically a simple process for requesting an ACH transacation to and from other financial institutions.

As a company, Etrade has experienced its share of problems.  It's currently trading at $.85, down from a 52-week high of $6.00.  It's forays into mortgages ended badly.  Bauer Financial gives it two starts (poor) for safety and soundess.  Deposits in Etrade are insured by the FDIC.

Thanks to BankDeals for pointing this offer out.

Compare E-Trade with other online brokerages here.

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