E-Loan Savings Plus Offers 3.85% APY
Article Submitted By: BankMan
E-Loan is offering a 3.85% APY Savings account with a deposit of $100,000 and monthly deposits of $100.
E-Loan is offering a boost to their normal savings account with the E-Loan Savings Plus Account. The account provides a significant boost to their savings rates. For example:
Savings Plus Savings
$100,000 or greater 3.85% APY 3.01% APY
$50,000 - 99,999.99 3.75% APY 3.01% APY
$25,000 - 49,999.99 3.51% APY 3.01% APY
To quality for these boost rates, customers must make regular monthly deposits into their savings account of at least $100. Any Savings Plus account that does not have a minimum of $100 per month deposit for over 60 days will be converted back to a standard savings account and the rates in effect for a standard savings account will apply. Savings Plus is a Money Market Deposit Account that allows up to six withdrawals per month.
These boost rates are competitive compares to some of the top savings and money market rates although there are other accounts that provide a higher return with a much lower deposit minimum and without requiring customers to make regular deposits.
E-Loan has offered traditionally high CD rates. E-Loan is owned by Banco Popular North America and has a Bauer rating of 3 out of 5 stars. As with any bank, we advise you keep your deposit amount under FDIC limits.
Comments
John, December 31, 2008
I have been using eloan for over a year. One major drawback to this bank: When you transfer money, it takes many days (>5days) for them to deposit your money and for you to start earning interest on it. The money is withdrawn from your account but does not appear in your e-loan account for days. And when it comes time to transfer your money out, it takes just as long if not longer. However, your balance is debited from your e-loan account that same day the transfer out is initiated. They hold your money going in and out, dont pay you interest while they hold it yet they are making money on your money during this time.
