I opened my online E-Trade account this evening and made sure that my initial $25 deposit was heading in the new accounts direction. I had been planning on waiting until I got paid on Friday but I thought it was ok to open the account and make the deposit just a few days early.
The first thing I noticed is that the rate the savings account pays has dropped from 5.05% APY to 4.40% APY. Darn Ben Bernanke and the Fed!
My experience was ok. It was not quite as user friendly as I would have liked. When I clicked on, "Open an Account" it took me to an area to enter my personal information and set to get my user name and password completed.
Then, onto a page that led basically to nowhere. It took me a couple of false starts to actually get to where I was to determine what kind of account I wanted to open with E-Trade. I had to enter all the same personal information (pretty frustrating) and additional information such as social security and other tax relevant information.
Then I could finally enter my external account and get the account officially opened. Once on the confirmation page E-Trade gave me a timeline including that I should be getting some kind of "kit" in the mail in the next 5-7 business days.
I'll keep you updated and see how the experience is once everything is up and running.
My initial reponse, on a 5 star scale, would be about 2.25 stars. Not overly impressive and I lost some of my excitement because I became frustrated with the site.
Hopefully, the future looks brighter than today!
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