The rubber is really hitting the road in October and it feels like I'm taking bigger and bolder steps to lay the groundwork for my impending trip around the world!
Late last week, I applied online for E*Trade Checking and Complete Savings accounts. Ironically, after talking to a representative on the phone who helped me come to a decision, I learned E*Trade is headquartered in none other than my home town of Arlington, Virginia!
I've had Brokerage and Employee Stock Purchase Plan accounts with them for about 7 years, so I'm already a little familiar with their website design.
Below are some deciding factors on E*Trade as my online banking choice for my travels abroad.
Checking Account
- Free ATM/VISA debit card
- E*TRADE Bank will not charge a fee for withdrawing funds from any institution's ATM nationwide (in the USA) but the owner/operator of the ATM may. These fees will automatically be credited to your account.
- E*TRADE Bank does impose a charge equal to 1% of the transaction amount for non-U.S. currency transactions (1% is about as low as I could find)
- No monthly account fees
- No minimum balance required
- Free, unlimited online bill payments
- Online access protected by Digital Security ID ("It makes unauthorized login virtually impossible.")
- Clear and comprehensive fraud protection
Complete Savings Account
- Current APY (interest rate) is 5.05% - This is 0.75% higher than my ING Direct savings account.
- No minimum balance required
- Ability to do Quick Transfers (i.e. "real-time") with my E*Trade Checking Account
- Online access protected by Digital Security ID (only one ID is required to access both accounts)
- Clear and comprehensive fraud protection
- Downside - "Withdrawal limits apply. Under Federal regulations related to these types of accounts, account holders are allowed up to six withdrawals or transfers (for example, using Quick Transfer) from their account in any calendar month. Inbound Quick Transfers are not subject to any limits."
