ELoan Adds Promotion on 18 month and 5 year CDs through September 2008

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ELoan has raised their CD rates and added an interesting promotion.

E-Loan today announced that they are raising their CD rates.  In all rate comparisons from 3 month to 5 years, the bank now offers one of the best CD rates available (although in no category do the offer the leading rate.)

The bank, however, has also started a new promotion, on 18 month and 5 year CDs, which when taken into account cause it to be the best CD rate in those two categories.  The promotion offers an additional $250 on an 18 month CD with a deposit of over $50,000 and an additional $500 on a 5 year CD with a deposit over $50,000.  The promotion expires on September 30, 2008.

The promotion is applied in terms of an interest bump-up so that $50,000 deposited in 18-month CD would yield approximately 4.70% and a 5 year CD approximately 5.30%.  One cautionary tale here is that the language is deliberately unclear whether the interest bump up would apply to the full amount deposited if over $50,000, and customer service was unable to answer the question when I called them.

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Today's Highest Online CD Rates

Bank Product Term Interest Rate (APY)
Bank5 Connect 1-Year 2.85% APY with $500 minimum
M.Y. Safra Bank 1-Year 2.51% APY with $500 minimum
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Connexus 3-Year 3.26% APY with $5,000 minimum
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Bank5 Connect 3-Year 3.20% APY with $500 minimum
Bread Savings, a division of Comenity Capital Bank 5-Year 3.65% APY with $1,500 minimum
Popular Direct 5-Year 3.40% APY with $10,000 minimum
M.Y. Safra Bank 5-Year 3.26% APY with $500 minimum

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