Dedicated to Deposits: Deals, Data, and Discussion

E-LOAN's 3.75% Savings Account Promotion and Higher CD Rates

E-LOAN introduced a new savings account promotion today. New savings accounts can receive 3.75% APY guaranteed until 7/31/08. The minimum initial deposit is $5,000. Unfortunately, current savings accounts are stuck with the standard yield of 3.01% APY.

The website states that this rate is "for new savings customers only." I called E-LOAN today, and I was told by the CSR that anyone can qualify for this by opening a new savings account and funding it with money from another bank. This includes customers who already have an E-LOAN CD or an E-LOAN savings account. You may want to confirm this yourself (CSRs are not always 100% correct).

I described the process and issues of opening two E-LOAN savings account in this 2006 post. I believe it's essentially the same today.

E-LOAN's savings account has been a little disappointing in terms of yield. When E-LOAN launched this savings account with a very high 5.50% APY, I had hopes that they would remain near the top of online savings account rate leaders. Now they're about average. Even though the rates have been disappointing, I haven't had any problems with my accounts. The ACH transfer system works well, but it's less flexible than others.

For more savings account details, please refer to my E-LOAN savings account overview post or my E-LOAN savings account opening post.

3.95% 12-Month / 4.75% 60-Month CDs

E-LOAN also raised its CD rates today. The top yield is 4.75% APY for the 60-month term. The two largest rate increases were on the 12-month and 48-month terms. The 12-month CD yield is now a very competitive 3.95% APY.

Below is the full list of E-LOAN's new CD yields. I also included the old yields so you can see how things have changed.

New and old certificate of deposit yields as of 5/09/08

3 month 3.30% 3.51% +0.21
6 month 3.50% 3.66% +0.16
12 month 3.65% 3.95% +0.30
18 month 3.75% 3.75% -
24 month 3.81% 3.88% +0.07
36 month 4.10% 4.14% +0.04
48 month 4.25% 4.55% +0.30
60 month 4.60% 4.75% +0.15

For more details about E-LOAN's CDs, please refer to my April 30th E-LOAN CD post.

Thanks to the reader who mentioned these new rates in the comments. If you find some good bank deals or have other interesting banking news, please leave a comment in my finding-the-best-deals post.

  Tags: CD rates, savings account,

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Comment #1 by Nick (anonymous) posted on
I had one myself (wife as beneficiary), but my wife just opened one of her own (myself as beneficiary) and it went through fine, even linking to the same external account my E-LOAN account uses.

Comment #2 by Anonymous posted on
Is there a link for this promotion? I can't find it at E-Loan website.

Comment #3 by ShraZZy (anonymous) posted on
It's on the page itself

code: SAVE375

Comment #4 by Sudipta Das (anonymous) posted on
Sudipta Das
I'm a 22years old student with two loans co-signed by my mother. I've been having a lot of personal problems at home which have caused me to miss a lot of school. I go whenever I can and my professors understand my situation, but I spoke with the financial aid office and they told me that my attendance is so low that I may loose my financial aid. Will I have to pay it back? Will I have to apply again? Has this happened to anyone else?
minority grants

Comment #5 by VC (anonymous) posted on
guess the rates changed..
$100,000 or Greater 3.55% 3.61%
$50,000 to $99,999.99 3.55% 3.61%
$10,000 to $49,999.99 3.55% 3.61%