Big Drops in E-LOAN CD Rates

Nov 22, 2006 - 9:01 AM by Ken Tumin

For the third week in a row, E-LOAN dropped its CD rates. The savings account rate remains the same at 5.50% APY. This rate is now much higher than the rates of any of their CD's. The highest CD rate is now the 5.20% APY on the 6 and 12-month CD for deposits between $10K and $50K. The 3-to-5 year CD's now only have a rate of 5.10% APY. For deposits over $50K, the yields are 0.10% higher. The following table shows how the CD rates have changed over the last two weeks.


E-LOAN Certificate of Deposit Rate Changes

Term      pre 11/8    pre 11/15   pre 11/22    11/22
          All Tiers  $10K-$50K   $10K-$50K   $10K-$50K
6-month     5.60%       5.50%      5.45%      5.20%
12-month    5.70%       5.55%      5.50%      5.20%
18-month    5.75%       5.60%      5.45%      5.15%
2-year      5.75%       5.60%      5.40%      5.15%
3-year      5.75%       5.35%      5.30%      5.10%
4-year      5.75%       5.35%      5.30%      5.10%
5-year      5.75%       5.35%      5.30%      5.10%

Please refer to my previous E-LOAN CD post for more information.

E-LOAN Password Problem

There may be another problem at E-LOAN other than the transfer glitches (see post). Be careful when you enter your E-LOAN password. I've heard from several people that E-LOAN will lock you out of your account when there are 3 cumulative invalid password attempts. Apparently, the invalid count doesn't get reset after you type the correct password. When you get locked out, you have to call E-LOAN. With all the latest problems at E-LOAN, many have had to wait hours to get through. Hopefully, they will fix this locking feature to reset the count once you enter a correct password. It's easy to occassionally mistype your password, so it would seem that E-LOAN would be overloaded due to just this feature.

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In order of date posted. - Sort by votes

Anonymous - #1, Wednesday, November 22, 2006 - 10:42 AM

All these problems, plus a drop in their rates?!? I applied yesterday in hopes to lock in at their 5.5% rate. But, after i entered info that had typos and clicked the next button, i realized the error; but, tried to go back, but wouldnt let me. and there was no way to edit the info. Very naive online application experience. Looks like their rates are now worse than some of the money market accounts and other cd's.

Anonymous - #2, Wednesday, November 22, 2006 - 11:30 AM

I was locked after the first wrong password. Maybe I've accumulated 3 wrong attempts over the last couple months - not sure... It took me 30 mins waiting on the phone to fix this problem. Pulled my money outof ELOAN using GMAC service ... got them posted to GMAC next morning... They dissappeared from ELOAN the day after... Keeping only $500 bucks in ELOAN to get my next interest and close...

Suggestion to those who transfer money... use GMAC ACH system to take money from ELOAN.. I was making transfer the day when ELOAN had problems and nothing happened to me because GAMC was processing it.. ELOAN actually does not stop outside institutions from taking money out of the account.

Michelle (anonymous) - #3, Wednesday, November 22, 2006 - 5:47 PM

Actually, it's 2 bad attempts. It happened to me, so I asked when I called to get it reset.

Anonymous - #4, Thursday, November 23, 2006 - 1:39 AM

I've had this happen to me twice, only one invalid attempt on both instances. Once it happened while setting up a second Eloan savings account.

Never had to stay on hold for more than 5 minutes. They verified who I was quickly and reset it and that was it.

Anonymous - #5, Monday, November 27, 2006 - 8:03 PM

What time did you call to not get put on long hold? I don't have an E-loan account yet, but I might try my luck.

Anonymous - #6, Thursday, January 18, 2007 - 7:29 PM

I haven't been able to access my online saving account for almost a month. I was told that when I did a change of address, I used "SE" short for southeast which had broke their system. The IT people are looking into it. I called and emailed many times. So far, no luck. I'm thinking about moving all my money out.

Anonymous - #7, Saturday, March 31, 2007 - 7:37 PM

Stay away from E-Loan. This is a terrible business. 6 Months ago, when I was shopping for where to put some money for a CD, I read the horror stories about E-Loan, but figured it must be an exception and they surely would have the mess fixed by the time my CD matured.

Wrong.

I told them to move my money at maturity back to an external account. After maturity, they deleted the on-line instruction I gave them and didn't transfer the amount, and so now everyday I working with these crooks I am losing money that I should be making.

Don't go with E-Loan for anything. These guys are the worse of the worse.

Big Drops in E-LOAN CD Rates

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