At the end of last week, E-LOAN increased the rates on its 2-year CD (1.60% APY) and 3-year CD (1.75% APY). The minimum opening deposit for any E-LOAN CD is $10K, with no maximum balance cap.
This is the highest APY for the 2-year CD in more than six years, during which there were 16 rate changes. The 3-year CD has seen 15 rate changes since October 2010, with the majority of those below 1.50% APY.
As stated on E-Loan’s Terms and Conditions page, the Early Withdrawal Penalty reads as follows:
Original term of 12 months up to 36 months: 270 days simple interest
Original term of 36 months up to 60 months: 365 days simple interest
Located in New York City, E-LOAN is a wholly-owned subsidiary of Banco Popular North America (BPNA) and all deposit products offered through E-Loan will be opened through BPNA (FDIC Certificate # 34967). U.S. Citizens and U.S. Resident Aliens with a valid Social Security Number are eligible to open an account with E-LOAN. Opening any type of account with E-LOAN must be done online.
E-LOAN (FDIC Certificate # 34967) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 5.41% (excellent), based on December 31, 2015 data. In the past year, E-LOAN has increased its total deposits by $1.83 billion, an excellent annual growth rate of 52.77%. Please refer to our financial overview of E-LOAN for more details.
E-LOAN is a wholly-owned subsidiary of Banco Popular North America, a New York State-chartered bank, which in turn is a wholly-owned subsidiary of Popular, Inc., a full service financial services provider with operations in Puerto Rico, the United States, the Caribbean and Latin America. The E-LOAN deposit products are insured with the FDIC through Banco Popular North America.
For anyone who may have concerns about opening an account at E-LOAN, I suggest reading my August 2015 blog post, which answers many questions about E-LOAN.
How the CDs Compare
When compared to the 134 similar length-of-term CDs currently tracked by DepositAccounts.com that are available nationwide, E-Loan's 2-year CD currently ranks second, regardless of minimum deposit requirements.
When compared to the 135 similar length-of-term CDs currently tracked by DepositAccounts.com that are available nationwide, E-Loan's 3-year CD currently ranks second, regardless of minimum deposit requirements.
The above rates are accurate as of 5/22/2016.