E-Trade Financial Corp. made its bid Tuesday for the checking business of online banking customers, announcing a high-yield checking account.
The New York company sai d its E-Trade Bank unit would offer an annual percentage yield as high as 3.25% on its Max-Rate Checking Account to customers who maintain balances of $50,000 or more.
The account also features free online bill payment; automatic refunds for transactions at automated teller machines nationwide; free fund transfers between E-Trade accounts and other institutions, subject to certain limitations; automated payment and balance alerts; and online checking and deposit images.
Other banking companies, such as Citigroup Inc., ING Group NV, and HSBC Holdings PLC, are using the Internet to attract transaction account deposits.
But E-Trade is promoting its integration with its other offerings, such as online brokerage.
Michael Curcio, a managing director of E-Trade Financial, said in a press release: "We've leveraged technology to provide customers with the tools and services to help them optimize their savings and investments.
"Now we are doing the same for their everyday cash."
