Dedicated to Deposits: Deals, Data, and Discussion

New E-LOAN Savings Plus Account With Yields Up To 3.85%

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E-LOAN.com
E-LOAN has started a new savings account called Savings Plus. It offers higher yields for larger balances and when you make regular monthly deposits into their savings account of at least $100. Customers with a $50K balance can now earn 3.75% APY which is competitive. Below are the current rate tiers:

Savings Plus Yields as of 9/09/2008

Balance APY
$100,000 or Greater 3.85%
$50,000 to $99,999.99 3.75%
$25,000 to $49,9999.99 3.51%
$10,000 to $24,999.99 3.35%
$5,000 to 9,999.99 3.01%

The current standard savings account yield is 3.01% APY, so the new account provides a nice bump up for those with at least $10K balance.

According to the small print, any Savings Plus account that does not have a minimum of $100 per month deposit for over 60 days will be converted back to a standard savings account and the rates in effect for a standard savings account will apply. Other account features seem to be the same as the standard savings account. The minimum opening deposit is $5,000, and it has the a six withdrawal limit per month (like any savings account).

One thing I'm not sure about is the Savings Plus yield for balances under $5,000. The small print states that there is a $5,000 minimum opening account deposit and balance requirement. However, this note refers to both the Savings Plus account and the Standard Savings Account. The Standard Savings Account yields the same amount (currently 3.01% APY) for all balances over $0. However, the minimum initial deposit is $5,000, and if the balance falls below $500, E-LOAN may cancel the account.

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

Update 9/10/08: I sent a secure email to E-LOAN about this Savings Plus Account. I confirmed what a commenter reported. Existing savings account customers don't need to open a new account. You can just set up recurring deposits. Below is the message I received:
There are no fees associated with the Savings Plus Account.

If your account balance falls below $5,000 you will earn the
rate that is advertised for that tier.

To convert your standard Savings Account to a Savings Plus
please log into your account and set up a recurring
deposit and enter the promotion code RREC08. To qualify
for the Savings Plus, you must deposit at least $100 per
month to your account.

The promotion code box will appear in the transfer page when you select recurring deposits. It's nice to see a bank allowing existing customers to receive higher rates without having to open a new account. I also asked about fees and minimums. They appear to be the same as the standard savings account.

E-LOAN also offers competitive online CDs. Please see my August E-LOAN post for more CD details.

E-LOAN is a subsidiary of Banco Popular North America (BPNA), a New York state chartered bank. E-LOAN's deposit products are insured by the FDIC through BPNA (FDIC Certificate # 34967). BPNA has a 3 star rating (adequate) at BauerFinancial based on 3/31/08 data.
  Tags: savings account, E-LOAN.com

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Comments
9 comments.
Comment #1 by Anonymous posted on
Anonymous
I'm getting kind of sick of these banks offering multiple online accounts. What's with this? Instead of keeping their initial accounts competitive, they just start something different and slap another name on it. WTF?

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Comment #2 by Anonymous posted on
Anonymous
Banco Popular--E-Loan's owner--has an even better deal currently, which is guaranteed through 12/31/08. (The deal started 7/11/08.)

Their Customer Relationship MM account, which has limited check writing, pays 4.00% APY for balances above $25,000, and 3.50% APY for balances above $10,000.

The catch is that a Popular Investor Checking account is required with a collected balance of no less than $1,000--which pays 2.00% APY interest.

Basically, you have to always have $10,000 in the money market account and $1,000 in the checking account to make this work.

Banco Popular allows POD's on its money market accounts, so one can have full FDIC protection for far more than $100,000.

This is a good deal for those parking larger balances pending the occasional good offer elsewhere.

I did not find this offer on the website, but perhaps I did not look closely enough.

I agree with the sentiments of the first commenter about the shell game aspect of certain banks' business practices. There are upsides, however. Most banks don't like to lose large deposits, so you can occasionally negotiate great CD terms from the likes of Banco Popular. (They basically play a show me the money game, rather than advertising high rates on a fully publicized basis.)

1
Comment #3 by Anonymous posted on
Anonymous
I just spoke with an eloan CSR regarding the new savings account. I advised her that I have an existing savings account with them and want to fund the new account with my current savings account. She said I do not need to open another account. She said to set up a recurring monthly contribution of $100 and input the promotional code (rrec08) and my account will automatically receive the new interest rate structure.

I just finished doing this so I will know in a day or two if it works ... it will be nice if I don't have to go through the process of opening a second account with eloan.

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Comment #4 by gary (anonymous) posted on
gary
The website says that if the balance drops below $5K that the interest reverts to the Standard Savings level-- which currently is 3.01, the same as the interest for $5K+.

1
Comment #5 by Anonymous posted on
Anonymous
Gary (or anyone else),

I can't find anything in the terms or conditions on the web site about this account.

Where did you find your your info?
Can anyone post a link?

Thanks.

1
Comment #6 by Anonymous posted on
Anonymous
Just want to follow up on my earlier comment, after having set up my recurring monthly deposit of $100 and entering the promotional code, my account rates have been increased.

No need to go through the process of opening a new account! The CSR said it may take up to five business days for your account to reflect the new rates ... it took mine two bus. days.

1
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Anonymous
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