E*TRADE Bank Max-Rate Checking

E*TRADE Bank Max-Rate Checking is a high-interest checking account that offers users a convenient way to manage their everyday finances while earning interest on their balance. In this article, we’ll take a closer look at the account’s features, benefits, and drawbacks.

Features:

1. High interest rate: The Max-Rate Checking account offers a competitive interest rate that is higher than the national average, allowing users to earn more on their balance.
2. No monthly fees: There are no monthly maintenance fees for the account, making it an affordable option for users who want to avoid additional costs.
3. ATM fee reimbursement: The account offers unlimited ATM fee reimbursements when users withdraw cash from out-of-network ATMs.
4. Online banking: Users can access their account online 24/7, making it easy to manage their finances from anywhere at any time.
5. Mobile app: The bank’s mobile app allows users to check their balance, transfer funds, and deposit checks from their mobile devices.

Benefits:

1. High-interest rate: The Max-Rate Checking account offers a competitive interest rate that is higher than the national average, allowing users to earn more on their balance.
2. No monthly fees: The account has no monthly maintenance fees, making it an affordable option for users who want to avoid additional costs.
3. ATM fee reimbursement: The account offers unlimited ATM fee reimbursements when users withdraw cash from out-of-network ATMs.
4. Convenient online banking: The online banking platform makes it easy for users to access their account, check their balance, and transfer funds from anywhere at any time.
5. Mobile app: The bank’s mobile app is user-friendly and offers a convenient way for users to manage their finances on the go.

Drawbacks:

1. Limited branch access: E*TRADE Bank does not have physical branches, which may be a disadvantage for users who prefer in-person banking.
2. Limited products: E*TRADE Bank only offers a few financial products, which may be a drawback for users looking for more options.
3. Limited ATM access: While the account offers unlimited ATM fee reimbursements, users may still be charged a fee for using out-of-network ATMs.
4. Interest rate fluctuations: The high-interest rate is subject to change, which could impact users’ earning potential.
5. No interest on balances under $5,000: Users must maintain a balance of $5,000 or more to earn interest on their account balance.

Overall, E*TRADE Bank Max-Rate Checking is a solid option for users who want to earn interest on their balance without incurring monthly maintenance fees. However, the account’s limited branch access and product offerings may be a drawback for some users.