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E-LOAN 5.50% APY Online Savings Account

Johns Wu Posted in Money Market Rates by Johns Wu
October 1, 2006 11:42 PM - 11 Comments

E-LOAN just launched a new online savings account that pays 5.50% APY. Based on E-LOAN’s FAQ, there are no monthly fees if the balance falls below $5K. Anyone have a E-LOAN bank review?
Important general points about the savings account:

  • E-LOAN is a subsidiary of Banco Popular North America (BPNA), a New York state chartered bank insured by the FDIC (E-LOAN mentioned in annual report)
  • Minimum opening balance for a Savings Account is $5,000
  • Absolutely no fees
  • No inactivity fee or small balance fees.
  • If balance falls below $500 for 90 days, they may close your account

In addition to savings accounts, E-LOAN is also offering high yield certificates of deposits. These have a minimum deposit requirement of $10K. The 6-month CD APY is 5.60%. The one-year APY is 5.70%. All longer term CDs have an APY of 5.75%.

Bankrate gives Banco Popular 3 out of 5 stars for its safe and sound rating (performing). It is a major bank with over $12 billion in total assets.

Even if E-LOAN doesn’t stay on top it’s nice to see a new major player in the online savings accounts. The more banks with high yield savings accounts, the better it will be for savers. It will put pressure on others to raise their rates and is worth opening a new savings account that is easy to set up and easy to move your money. If we want to see rates staying competitive, we have to be willing to move.

Eloan bank offers an array of financial services and is a mortgage broker and lender. Eloan Bank supplies personal loans, educational loans, home equity loans, auto loans, credit cards, auto refinancing opportunities, home refinancing options, savings accounts, certificate of deposits, and access to free credit reports. Arms mortgages, unsecured personal loans, debt consolidation, commercial loans, business loans, bad credit auto loans, ATV and Jet Ski loans, and small business loans are also available at Eloan bank. Eloan Bank is an equal housing lender, has lending officers available in the evening and on weekends and offers an array of financial tools for customers to utilize.

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Comments (11)
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  1. mary viola said:
    on November 1st at 06:14 pm

    i want to open a money market account 250000 dollars i need info what is the interest rate are there any fees and a phone number would be great

  2. Bankaholic.com said:
    on November 14th at 12:09 pm

    e loan bank review?

  3. Bankaholic.com said:
    on November 19th at 10:10 am

    e-loan banking review money market

  4. e-loan is terrible!!! said:
    on December 7th at 06:42 pm

    if you dont wanna lose your money, you had better not to do anything with e-loan, i put some money in it two weeks ago, and they closed my account as soon as i withdrawed it, and i still havent got my money back untill today

  5. james said:
    on December 14th at 07:43 am

    e-loan is great. No problem moving money into or out of the accnt. Branch of banco popular of Puerto Rico.

  6. dj said:
    on December 26th at 07:35 pm

    E-loan’s rate seems to be lower, I opened an account at 5.5 but it has fallen some

  7. EM said:
    on January 6th at 02:38 pm

    Yes lowered from 5.50% APY to 5.38% APY. Mean while Countrywide went from 5.25% to 5.40% APY. I am glad I did not switch accounts. While none of these rates are locked, this does seem a bit like bate and switch to me.

  8. George said:
    on January 8th at 03:33 pm

    I switched from ING to Eloan because of the 5.50%. From the start i had issues with Eloan. Moneytransfers that don’t show up; I deposit money on Monday, it takes Eloan more then 7 days to show it in your account (next tuesday). When i call i get a shady answer. Im switching back to ING. never had problems with them.. and ING just announced they have ING Checking accounts!

  9. Brian said:
    on August 23rd at 07:49 am

    E-loan has absolutely the worst web maintenance ever. Their site is consistently down for “regular scheduled maintenance” 3-6 hours a DAY, every day No other major bank site is ever down. And the responses you get are nothing short of lies. I’ve been told the site is down 1 hour a night at 12am EDT. Then that maybe it is my browser. Nope, same result, 3 different computers, 2 browsers on each (firefox and IE). So, basically, you do not have access to your funds for days at a time if you happen to get some “maintenance” issues. They are holding your funds hostage to pay off all the home loans they have in default. They cannot come close to covering deposits currently with the mortgage crisis. My only concern is how long it will take the FDIC to cover my insured deposits. When a rate sounds too good to be true it is. They need the funds so desperately, they take the risk that people won’t call on them b/c the rate is so good.

  10. allen stone said:
    on January 16th at 06:54 pm

    E-Trade is Terrible.
    Early Dec 2007 I aplied for C.D. online. Was accepted & they gVE ME ACCOUINT NUMBER & PASSWORD.I mailed check that they received as I got return receipt.They have had my money over a month.I recently received my check back. Called several people who said they would find out what happened - none of which have called me back!I have lost over $300 in interest. Have invested elsewhere. I advise you to do the same. BEWARE!

  11. Mike said:
    on March 10th at 08:37 pm

    I’ve had a pretty good experience with ELOAN. Good website, fairly fast transactions, haven’t run across any nickel and diming me type practices. I’m pretty sure e-trade (mentioned above) is a completely different company.

    My only gripe is that I opened an account with 5.25% interest and over the past 12 months I’ve been lowered to 3.5% APY. I guess that’s just how it works and it’s in their contracts that they can change it around however they want, but still kind of annoying.

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