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Rates and Account Review
Last Update: October 13, 2008
E-LOAN introduced the Online Savings account in September of 2006 with a competition beating yield of 5.50% annual percentage yield (apy). The yield has come down a bit since then, but the Online Savings account still remains a popular choice for high-yield savers.
Deposits for the Online Savings account will actually be opened through and processed by Banco Popular North America, the parent company of E-LOAN.
| | Balance | APY | Interest Rate | $0 - $4,999 | 1.00% | 1.00% | $5,000 - $9,999 | 2.51% | 2.48% | $10,000+ | 2.76% | 2.72% |
| www.eloan.com
(866) 576-7283
>> Reader Reviews |
Minimum Deposit
$5,000 | Monthly Fee
None | Minimum Balance
$1 | Compounding
Daily |
The Online Savings account comes with many familiar features that are offered by competitors. The account is linked to one of your existing checking or savings accounts at a U.S. institution during the account opening process. Funding for your initial deposit will be done through this linked account as well as all subsequent transfers in and out of the account. You can change your linked account only every 30 days. (Originally, customers were limited to changing links a maximum of four times a year.)
You can't use checks, wires, or cash to add funds to your account and the account does not have check writing ability.
The minimum opening balance is $5,000. There are no monthly fees charged for low balances, but if your account falls below $500 for 90 days, your account may be closed. You should be contacted by E-loan before this would occur.
Like most savings accounts, withdrawals are limited to six per calendar month.
All deposits are insured by the FDIC for the maximum amount allowed. Please check with the bank's customer service representative for further details, fees, and restrictions before opening an account.
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