E-LOAN has come out with two $25 bonuses for new customers who open either the Savings Plus Account or a 1-year CD. The promotion pages along with the promotion codes are listed below:
The small print of both promotions state that the $25 bonus will be posted as an interest credit to the account within 90 days of account opening. The savings account must maintain at least the original balance for 60 days to qualify for the promotion. To qualify for the Savings Plus account, you must make regular monthly deposits into the account of at least $100. If this is not done within 60 days, the account is converted into the standard savings account. CD's closed prior to maturity will not receive the bonus.
E-LOAN's CDs require a minimum deposit of $10,000. So for a $10K deposit, a $25 bonus adds 25 basis points to the rate. E-LOAN's current standard 12-month CD yield is 4.36% APY (as of 10/31/08), so the effective yield with this bonus for a $10K deposit would be around 4.61% APY. This exceeds the best nationally available 1-year CD yield (4.45% APY at Corus Bank or VirtualBank).
E-LOAN's Savings Plus Account isn't as competitive as the 1-year CD for balances under $25K. Below are the standard yields and the equivalent yields when the $25 bonus is factored in for the different balance tiers. APY is only for the first 60 days. The APY w/Bonus is only approximate and assumes no change in the standard rates during the first 60 days.
Deposit Savings Plus Savings Plus
Amount APY as of 10/31 APY w/Bonus
5,000 2.76% 5.80%
$10,000 3.35% 4.87%
$25,000 3.51% 4.12%
$50,000 3.75% 4.05%
$100,000 3.85% 4.00%
I've been disappointed with my E-LOAN standard savings account since it now only pays 1% APY on balances under $5,000. Even for larger balances, the standard savings account's yield is low: 2.51% APY for $5K to under $10K and 2.76% APY for balances of $10K and above.
For more details of these accounts, please refer to:
FDIC Certificate # 34967). BPNA has a 3 star rating (adequate) at BauerFinancial and a 2 star rating (below peer group) at Bankrate.com . Both ratings are based on 6/30/08 data.
Credit for this find goes to salilshah who posted it at this FW thread.