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
CD TERM OLD APY NEW APY CHANGE
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.