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Update on E-LOAN's CD Promotion


E-LOAN continues to offer a $25 bonus for a one-year CD. In addition, the promotion offers a yield of 4.36% APY. The promotion is scheduled to last through 12/18/08.

I first mentioned this bonus on October 31st. At that time the 4.36% APY was also the standard 12-month CD yield. Since that time, CD rates have fallen. E-LOAN's standard 12-month CD yield is now only 4.01% APY. An APY of 4.36% is a top yield for a 12-month term. Note, I haven't confirmed with E-LOAN if this 4.36% APY still applies to the promo CD. I would assume it does based on the promo page and the small print. You may want to contact E-LOAN to verify. Update 11/26/08: A reader has reported receiving this 4.36% APY through this promotion yesterday.

Before the last post I had checked with an E-LOAN CSR about this promotion. I was told that these are only available for new E-LOAN customers. Existing deposit customers are not eligible.

There's also a $25 bonus for the Savings Account Plus account. Refer to my previous post for details about this promo. Unlike the CD, there are no promo rates for the savings account. The top rate for the Savings Plus Account (which requires $100 minimum monthly deposit) is 3.50% APY for a $100K balance. The yield for balances from $10K to $25K is only 3.10% APY.

E-LOAN's savings account rates have gone down quite a bit, and they've gone down in sneaky ways. For example, balances under $5K only earn 1% APY. Also, the rates for balances between $5K and $10K are low: 2.51% APY for standard savings and 2.66% APY for the Savings Plus.

For more details of these bonuses and accounts, please refer to:
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 and a 2 star rating (below peer group) at Bankrate.com. Both ratings are based on 6/30/08 data.

Credit goes to BestCashCow for noting the continued 4.36% APY on the promo CD.

Related Pages: CD rates, E-LOAN.com, New York, Miami, Orlando, Chicago, Los Angeles

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Mitch (anonymous)   |     |   Comment #1
I think it is a disgrace that so many banks like E-LOAN reserve their best deals for individuals who are not existing depositors. Banks that treat their existing customers more shabbily than someone walking in off the street should be boycotted.
dan (anonymous)   |     |   Comment #2
Lately I have found Credit Unions a bit better than banks as far as promotional deals and rates go. A credit union called BECU is offering 7.25% interest on deposits up to $500.00. Pretty good for youngsters or new investors.

here is the link: http://www.bankvibe.com
Anonymous   |     |   Comment #3
I was able to get 4.36% APY for a one year CD yesterday using the promotion code as mentioned in the post.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
Thanks for the info.
Anonymous   |     |   Comment #5
GMAC has the best all round rates and service. E-LOAN is in trouble too and need to raise rates, but for how long...could this be another teaser!!!
JCE (anonymous)   |     |   Comment #6
I just opened a 1 year CD using the special promotion which is good until 12/18/08. I signed up online, the process was pretty simple and standard, I put in my bank routing number for ACH transfer. I received an email confirmation right away. As per the instructions, within two days 2 small deposits and the initial funding transfer took place, I then logged in to my account and verified the 2 small deposits.
I am always a little wary of locking money up for a year but I believe that interest rates may be decreasing in the near future. I still have the bulk of my savings with DollarSavingsDirect which has been holding at 4.00 % APY.
As far as the comment above about banks offering the best deals for new depositors, the purpose is to bring in new money. If they raised rates for existing customers it would not bring in much new money and it would cost them more in interest payouts. The banks also count on some customers not bothering to move their accounts to other banks as soon as they drop interest rates. Banking is a business and there is no reason to feel loyal to any bank that doesn't maintain competitive rates, if the rates get too low I close my account and open an account with another bank that pays higher rates. I have been doing this for many years.
I want to thank Banking Guy, this website has been very helpful and informative in my research on banks.
spirit (anonymous)   |     |   Comment #7
I haven't been able to log on to Eloan to check on a CD I have with them. Anyone else having problems? www.eloan.com