At E-LOAN we are constantly striving to improve your internet banking experience. That is why we have increased the number of times you may change your external linked account.
Before this enhancement, you could only change your external linked account four (4) times a year. Now, you may change it once every thirty (30) days. This allows you to change your external account up to twelve (12) times a year. We hope this feature makes your banking experience with E-LOAN even more convenient!
Please take a moment to review this change to the Savings & CDs: Terms and Conditions, available here: www.eloan.com/s/show/deposits_terms.
This a slight improvement, but now you'll have to wait 30 days between link changes. This could make things worse in some situations. Seems like there's a lot more they could do if they're serious about constantly striving to improve our internet banking experience. First of all, why not allow more than one external link? It would also be nice if they allowed ACH withdrawals initiated from an outside account. Although, I know a few people who prefer this restriction for security reasons.
Looking back at E-LOAN's history, it has been somewhat of a disappointment. I think I prefer what FNBO Direct did by giving us an end-date for the promotional rate. There's no false hopes. When E-LOAN came out with their 5.50% yield (9/26/06), there was hope that this could last for the long term. Instead, it dropped to 5.38% in just over 2 months (12/06/06). Then it dropped again in a little over a month (1/16/07) to its current yield of 5.25%.
For more info on E-LOAN's savings account, please see my E-LOAN savings account review.