If this is your first time visiting, check out the story behind this blog. Otherwise, please join the others by subscribing to my RSS feed or get updates via email so you don't miss any personal finance articles!
For those that have an Etrade financial brokerage account, you must be aware that the policy was changed a few months ago that incoming funds are not available for online trading until after the 5th business day. If you are paranoid like me, you also be annoyed by the fact that your total asset count is not updated while the money is in transit during the 5 business days. Let me tell you that I have found a work-around by accident to cut down the 5 business day rule to 3!
As you know, Etrade offers an online savings account. Let me tell you that by itself, the online savings account is not bad at paying you 5.05% APY. However, the reason I’m recommended all Etrade owners get one is because if you transfer money into your online savings account, the money will be available after the 3rd business day. Once it is available in your savings account, you can transfer the amount to your brokerage account, and immediately, it will be available for you to do online trading!
The other benefit I found is that I can move all the cash into the online savings account when I don’t have it in stocks, which is posted immediately to the online savings account. This is great because it will be earning the 5.05% APY of the online savings account rather than the 2% cash fund rate that the brokerage account will be. Once I need the funds to buy stocks I like, I can transfer it back, and use it right away!
I must say that I stumbled onto these benefits after I joined the online account, but boy am I glad I did. If you really have an E-trade brokerage account, open an online savings account now for added flexibility!
Related Posts
- Error in my Etrade account!
- TD Ameritrade internal transfer service sucks
- Fine print on IRA offers cost me $29.97
- Why ETrade is Still My Brokerage
- Trade King as a ETrade Alternative
Loading ...
{ 1 comment… read it below or add one }
may i get the further information as the advantages of having Etrade brokerage account.