E-LOAN Raises CD Rates, Update on Savings Account

E-LOAN raised its CD rates on several terms. Some of the most competitive rates include 4.15% APY for 6 months, 4.20% APY for 9 months and 4.40% APY for 12 months.

Another important change to note regarding E-LOAN is the savings account rate for balances under $5,000. It's now just 1.00% APY. The yield for balances of $5,000 and over continues to be 3.01% APY. Higher yields for higher balances are available in E-LOAN's new Savings Plus account. This requires the customer make automatic monthly deposits into their savings account of at least $100. The top rate tiers for this Savings Plus account include a 3.75% APY for $50K to $100K and 3.85% APY for $100K and above. I have more details about this Savings Plus account in this post.

Below is the full list of E-LOAN's new CD yields and the old ones so you can see how rates have been changing.

New and old certificate of deposit yields as of 10/02/2008

CD TERM     OLD APY     NEW APY    CHANGE
            9/26/08     10/2/08
3 month      3.45%       3.51%    +0.06
6 month      4.02%       4.15%    +0.13
9 month      4.06%       4.20%    +0.14
12 month     4.35%       4.40%    +0.05
18 month     4.36%       4.45%    +0.09
24 month     4.42%       4.51%    +0.09
36 month     4.60%       4.71%    +0.11
48 month     4.91%       4.91%    -
60 month     5.10%       5.25%    +0.15
72 month     5.15%       5.25%    +0.10

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

E-LOAN also has 1 and 2-month CDs, but I don't know why anyone would want these. The yields are lower than the savings account yield.

For more details about E-LOAN's savings account, please refer to this post.

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 6/30/08 data.

Tags: CD rates, E-LOAN.com