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What's Wrong at E*trade?

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June 02, 2009 – Comments (2) | RELATED TICKERS: ETFC

These guys just dropped the interest rate on my savings account again. That means it's now moved from 3+% to less than 1%. It's no longer competitive with money market accounts, unusual for them.

That's a major drop just at the time when yields are finally going up?

What's wrong at E*trade, is my question? And how much capital are they willing to lose from people like me, who are going to move their accounts elsewhere in response to this latest hose job?

Sj

2 Comments – Post Your Own

#1) On June 02, 2009 at 6:07 PM, goldminingXpert (29.46) wrote:

Gov forced financially crippled banks to not offer above going market rates on cds. Don't know if this is what's hitting Etrade. Used to be one could look at the list of highest cd interest rates to find the next Indymac and Wamu, but alas, research to find the next dead bank has gotten trickier.

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#2) On June 03, 2009 at 3:46 PM, ValueIsValuable (82.44) wrote:

What's wrong is you.  You're not supposed to pay attention to silly things like interest rate changes, read the fine print, or do simple math.

At our credit union, the Powersaving account pays 4% on balances up to 25K, and something like 1% on the money market account.  So, it basically makes no sense to put money in the "savings" account until the checking balance exceeds the ceiling.  Strangeness at all these institutions abounds.

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