Just a day after opening our new E-Trade account, we received an e-mail saying that our account was open and ready for business. Sure enough, when I logged in, I was greeted with this:
As you can see, we have a balance of $1.00 (the initial transfer), although that’s not available yet since the transfer hasn’t completed. Overall, the interface is very clean and easy to use, and it’s very straightforward to add things like a checking account or a linked brokerage account — just click the “Open Another Account” link on the right side, and you’ll be presented with a full list of options.
Oh, and remember when I mentioned that they didn’t require verification of our bank account? Well… As a commenter on my original post correctly pointed out, that was just for the initial transfer, which was limited to $100 max.
Before you can make additional transfers, you have to click the “Verify External Accounts” link in the bottom right. You’ll then be presented with two options: (1) verify online, or (2) use trial deposits. I opted for online verification, and I had everything up and running in just a few seconds.
While we’re looking at the bottom of the graphic, notice the nice “Quick Transfer” interface that they have. This is a huge improvement over what most banks offer. No more click, click, clicking to transfer money. Simply scroll down, enter the details, and click the “Transfer” button. Easy peesy, lemon squeezy.
Since I don’t have available funds in the account, I haven’t executed any online trades. I am, however, looking forward to trying this out, as E-Trade was recently rated the best online broker by Smart Money. I should also note that they offer 100 free trades during your first thirty days, which is a nice little bonus.