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Our quick take: E*TRADE is best known as an online brokerage, but it also offers a no-fee, high-yield savings account through its partnership with Morgan Stanley Private Bank. The E*TRADE Premium Savings account has no minimum requirements, a decent APY, and can insure up to $500,000 in deposits -- double the usual amount offered by banks.
On E*TRADE's Secure Website.
Member FDIC.
On E*TRADE's Secure Website.
On E*TRADE's Secure Website.
With no fees and no account minimums, E*TRADE Premium Savings can be a great add-on to your E*TRADE brokerage account. Its APY is decent, but you can find better interest rates at other banks.
At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:
Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.
At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:
Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Bonus | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
up to 4.50%
Rate info
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
|
Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website.
4.80/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
3.50%
Rate info
3.50% annual percentage yield as of October 1, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings Account
On American Express's Secure Website. |
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
4.40/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
4.10%
Rate info
The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
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N/A
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Whether you have an E*TRADE investment account already, or you're just looking to earn the most interest on your savings, find out what the E*TRADE Premium Savings has to offer in this review.
| Account | APY | Minimum Deposit |
|---|---|---|
| E*TRADE Premium Savings | 3.75% | $0 |
The E*TRADE Premium Savings account has a 3.75% APY. That's nearly 10 times the national average of 0.40% for savings accounts, according to FDIC data. Though a few top high-yield savings accounts offer APYs of 4.00% or higher, the E*TRADE Premium Savings account certainly offers a competitive rate.
The E*TRADE Premium Savings account doesn't have a monthly service fee, but there are a few other possible charges you should know about.
| Monthly service fee | N/A |
|---|---|
| Outgoing wire transfer fee | $25 |
| Insufficient funds fee | $25 per item |
| Paper statement copy fee | $5 |
Like many of the best free savings accounts, the E*TRADE Premium Savings account doesn't have a minimum opening deposit or an ongoing balance requirement. Many banks require a starting deposit of $25 to $100 to open a savings account. Monthly fees are also common if you don't maintain a daily balance of at least several hundred dollars, particularly at traditional banks.
You're limited to six withdrawals or outgoing transfers per month from the E*TRADE Premium Savings account. In the past, the Federal Reserve's Regulation D required banks to limit savings withdrawals to six per month, but the Fed lifted this rule in 2020. Banks and credit unions are still allowed to keep these limits in place, but some institutions have eliminated them.
The E*TRADE App is designed more for investing and stock trading;, however, you can also use the app to manage your E*TRADE bank accounts. The app receives an average rating of 4.6 stars in both the Google Play store and the Apple App Store.
Although E*TRADE Premium Savings doesn't have brick-and-mortar branches, it gives you a few ways to access your funds.
E*TRADE doesn't let you deposit cash directly into your account (you can, however, mail checks). If you need to move money into your E*TRADE savings account, you can do so in the following ways:
Funds deposited by wire transfer are available on the same day, so long as the wire was received before 6 p.m. EST. If you transfer money from an external bank account, your money will be available on the third business day after the day the request was entered, as long as the deposit is received before 4 p.m. EST.
So, if you start a transfer on Friday at noon, your money will be available by the following Wednesday. Finally, mobile checks can take up to five business days before they're available for your use.
E*TRADE only gives you a few ways to withdraw funds from your savings account:
Overall, online reviewers seem pleased with the E*TRADE Premium Savings account. They're satisfied with the interest rate the account earns, though a few Reddit users say they've gotten better rates elsewhere.
Users report that if they need to access money from their savings account, they can do so through an external transfer to another bank account, which takes a few days.
Immediate transfers to E*TRADE accounts: You get instant transfers from your E*TRADE Premium Savings to all other E*TRADE accounts, including checking and brokerage. This makes the savings account a convenient place to store uninvested cash, savings, and emergency funds.
Decent APY: Currently, the E*TRADE Premium Savings pays out at a 3.75% APY -- nearly 10 times higher than the national average. That's a good rate for a savings account, though, as we'll discuss below, it's not the highest APY we've seen.
No fees: This is a free savings account with no balance minimums or direct deposit requirements. Although the account doesn't require a minimum opening deposit, you'll need to add some money within the first 30 days for it to remain open.
Get double the FDIC insurance: Most savings accounts will insure your deposits up to $250,000. But the E*TRADE high-yield savings covers up to $500,000 in FDIC insurance, or $1 million for joint accounts.
Not the highest APY: E*TRADE's savings account has a competitive APY. But if you're looking to earn the most interest on your savings, there are better options.
Limited access to money: As an online bank, E*TRADE doesn't have physical branches, nor does it give you a deposit card to withdraw money from ATMs. That said, if you pair this with an E*TRADE checking account, you'll get unlimited ATM refunds, which would essentially allow you to withdraw cash without paying a fee.
Monthly cap on your withdrawals and transfers: The E*TRADE Premium Savings allows up to six withdrawals or transfers from your account in a calendar month. While this isn't rare for a savings account -- it seems from previous federal regulation -- it's something to consider if you plan to move money frequently between accounts.
Yes, the E*TRADE Premium Savings account is covered by FDIC insurance. Most savings accounts will insure your deposits up to $250,000 per depositor, per institution, and per ownership category. But the E*TRADE high-yield savings covers up to $500,000 in FDIC insurance, or $1 million for joint accounts.
The account could be a good fit if you want a high-yield online savings account and don't need in-person support, especially if you already have an E*TRADE brokerage account.
No, you can open an E*TRADE savings account on its own.
If you make more than six withdrawals or transfers from your savings account, E*TRADE could choose to close it, convert it into a checking account, or remove your transfer privileges.
The E*TRADE Premium Savings account is worth considering if you want a high-yield savings account with no monthly fees and you don't care about in-person banking. The account could be especially convenient if you already have an E*TRADE brokerage account or IRA.
