ARLINGTON, Va. - E-Trade Bank has unveiled a money market account that offers Federal Deposit Insurance Corp. insurance and high rates without restricting access to funds.
Money Market Plus, which was announced Monday by the Internet bank, yields 6.25% on a minimum balance of $15,000, versus the national average of 5.60% for one-year certificates of deposit.
Customers will have access to funds in the money market account at 9,600 automated teller machines. They will also be able to write up to three checks on the account per month and will get free printed checks for the life of the account.
E-Trade Bank, a subsidiary of E-Trade Group Inc., has assets of $7.4 billion.