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
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.