Etrade Offering Up to $500 Cash To Open Account

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Online brokers are stepping up in a bid to grab customers amid a volatile market. Etrade is offering up to $500 cash for users who join its Power ETrade program.

Etrade$500CashOfferOnline brokers are stepping up in a bid to grab customers amid a volatile market.  TD Ameritrade recently came out with an offer of 30 days of free trades and $100 cash top open a brokerage account.  Now, Etrade is offering up to $500 cash for users who join its Power ETrade program.

To be eligible, you must first become a member of Power Etrade.  To qualify, you must execut at least 30 stock or options trades per quarter.  If you deposit $50,000+ at Etrade and do at least 30 trades per quarter, the price per trade is $9.99.  So, to become a Power Etrade customer you have to plan on spending a minimum of $300.  If you planned on doing a lot of trading anyway, this is no big deal. If you're a one stock a year kind of investor, this deal may not be for you.

So, assuming you become a Power Etrade customer, you then will receive the cash credit based on how much you deposit.  The schedule is below:

Deposit                                    Cash Credit

$250,000+                               $500

$100,000 -    $249,999          $250

$25,000 - $99,999                 $100

$1,000 - $24,999                   $1

I'm not even sure why they bothered with the lowest tier unless there was some regulatory requirement.

I have a regular, non-Power Etrade account and have been generally pleased with it.  In addiiton, to their brokerage account, Etrade also offers a competitive savings rate with a $1 minimum balance

Sam Cass
Sam Cass: Sam Cass, MBA, JD, University of Texas at Austin. Always a fan of Leonardo Da Vinci.

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Comments

  • Account

    December 08, 2008

    E Trades offers 3.30% and is SPIC, FDIC. Plus bonus of $25.00, no wait time just write a check. Better than most CD rates is this not a good deal?

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