Etrade's Max Rate checking accounts is a popular checking account that offers monthly interest payments on your revolving checking account balance. With one of the highest rates in the nation currently at 2.90% APY, ETrade is a great offer that enables you earn some interest instead of getting hit with fees banks are continually charging.
Is there a catch? Yes, it's that it requires a minimum checking account monthly balance of $5,000 in order to earn the 2.90% APY. In addition, if your checking account average balance dips below $5,000 you'll be hit with a $15 dollar account service fee.
Etrade's Max Rate Checking does offer most of the frills banks and brokerages are offering these days. They include online bill payer, refundable ATM fees, online images of checks (once they post), free Visa Check Card (not sure if this means anything anymore), free initial checks and last but not least it's FDIC insured.
So what does it take to open a Max Rate Checking account at ETrade? You can apply online or date your self back a few centuries and mail in the checking account downloadable application. Either way, keep in mind that the rate is variable and the minimum balance requirement.
