E-LOAN Raises Rates On 2- And 3-Year CDs

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Availability: Nationwide

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.60*%$10k-E-LOAN.com3 Year CD
1.55*%$10k-E-LOAN.com2 Year CD
Accounts mentioned in this post. Rates as of September 27, 2016.

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

Availability

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.

Bank Overview

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.

To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table, or our new Rates Map page.

Comments
dlweiss0622
dlweiss0622   |     |   Comment #1
Opened the 24 month CD online in 20 minutes.  Unlike many credit unions, Eloan's application process does not require a copy of your drivers license or utility bill.  Per the online application process, initial funding must be via ACH (no checks or wires accepted).  Initial deposit is pulled from your designated account (you provide routing number and account number) before you validate the transfer capability with the usual posting of two small deposits. 

Easiest opening process I have found
#2 - This comment has been removed for violating our comment policy.
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