E*Trade Bank's recently launched Money Market Plus account has banked more than a half billion dollars in customer deposits in less than 5 months.
Introduced in early November 2000, the Money Market Plus account offers a current annual percentage yield (APY) of 5.75% on a minimum balance of $15,000, as compared to the national average of 4.52 APY for 1-Year CDs, based on the APY National Index, as reported by Bankrate.com, for the week ending 03/09/01.
Customers are given unlimited ATM access to their funds, including free cash withdrawals through the E*Trade Access Network of more than 10,000 ATMs nationwide, as well as access to the Cirrus national ATM network. In addition, the account allows customers to write up to three cheques per month and includes free printed cheques for the lifetime of the account.
E*Trade Bank's Money Market Plus account is accompanied by FDIC insurance up to $100,000.