bank rates

E-Loan Boots 3 Top CD Rates Even Higher

Nationally available bank CDs have delivered more than a weekend’s worth of fireworks this July.

In a third surprisingly substantial update to its rate sheet this month, E-Loan has boosted its returns on three CDs to some of the highest levels we’ve seen since the summer of 2011.

The online bank now enjoys top billing across four terms on our CD Rates Leaderboard, and by much bigger margins than the razor-thin leads we’ve been seeing recently.

Today’s increases include the following, for a $10,000 minimum deposit:

  • 12-month yield raised from 1.25% to 1.30% APY.
  • 36-month yield raised from 1.65% to 1.85% APY.
  • 60-month yield raised from 2.31% to 2.45% APY.

In all three cases, the new leads return us to the best yields savers have seen since July and August 2011, aside from brief spikes in each of the terms.

Over the last four years, the top 12-month rate reached 1.30% for just 10 days in February and then briefly climbed to 1.35% for five weeks in May, before sliding back to 1.25% APY for the last two months.

Similarly, 36-month rates have reached 1.85% only once since 2011, and that was for a mere 12 days back in early 2013. As of yesterday, the leading 3-year yield was 1.66% APY.

The improvement in the top 60-month rate – from 2.31% to 2.45% – also represents the best return since August 2011, with the exception of a four-day spike to 2.50% APY this past winter.

These are significant upward movements for national CD rates, especially in comparison to the flurry of minuscule increases we’ve been reporting on for the last seven weeks, where a handful of banks – primarily E-Loan, EverBank and Silvergate Bank – have been vying for top-dog status while increasing rates as little as possible.

It’s also a big strategy shift for E-Loan, which hadn’t appeared in even the bottom rungs of our certificate of deposit rankings since last October.

With robust increases on July 13, July 24 and now today, the online bank leads the 1-, 2-, 3- and 5-year terms by rates that are 0.45% to 0.94% higher than it was paying just three weeks ago.

E-Loan is owned by Banco Popular North America, the mainland division of Puerto Rico’s Banco Popular. It operates nearly 50 branches in Florida, New York and New Jersey under the name Popular Community Banks, as well as the E-Loan website.

Banco Popular NA earns four out of five stars from Bankrate’s Safe & Sound ratings system and is insured by the FDIC (as are all the banks we write about on Bankaholic).

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