bank rates

E-Loan Improves Best 3- And 5-Year CDs

Add E-Loan to the list of contenders jockeying for the best nationally available bank CDs.

With dramatic improvements to its rate sheet this weekend, the online bank – which has not appeared in even the lowest rungs of our rankings since October – has catapulted to the top spot in both 3- and 5-year yields on our CD Rates Leaderboard.

Raising its 3-year return more than a half of a percentage point, E-Loan is now paying 1.65% APY, boosting the national lead above the 1.60% offered by Gulf Coast Bank & Trust Company and Sallie Mae Bank.

In an even bigger jump, E-Loan’s 5-year yield increased from 1.51% to 2.31% APY. As of Friday, the top return was 2.25% APY, offered by Capital One 360 and Synchrony Bank.

It’s especially encouraging news for the top 3-year yield, which has now seen its fifth consecutive improvement in a month, after being stuck at 1.50% APY for most of the winter and spring.

But we’re still a step below the 1.70% APY we saw at the beginning of the year.

Among 5-year returns, today’s increase represents a small nudge upward in the same yo-yo pattern between 2.25% and 2.35% APY that we’ve seen for the last 14 months.

E-Loan is an online subsidiary of Banco Popular North America, the mainland operation of Puerto Rico’s largest bank, and requires a $10,000 minimum on its certificates of deposit.

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