E-Loan Online Savings 5.50% APY
Posted by Cap on September 26, 2006 |I generally don’t mention online savings that require a minimum balance, but E-Loan’s Online Savings of 5.50% APY is a pretty hot deal. For people with more than $5,000, this account easily beats out any other current high-yield online savings offerings.
One caveat: You’re not allow to ACH pull from outside sources. So the only way to withdrawal your funds are via E-Loan’s site.
3 Comments to “E-Loan Online Savings 5.50% APY”
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September 26th, 2006 at 8:35 am
There are moments when an APY is not everything.
The headache for the extra $25 per $5000 is simply not worth it. This is one of the reasons I’ll keep my 5% APY GMAC Bank account.
September 26th, 2006 at 11:20 am
what do you think about 10k minimum cd with 5.70% apy.
September 27th, 2006 at 8:41 am
Ervin: definitely, I wouldn’t be moving my money from Amboy Direct too, as the interest lost from the transfer time will be difficult to make up with the .25% difference.
It’s just a good option for people who haven’t open an online savings yet and are considering their choices.
Jack: The 10K minimum for the 5.7% CD is okay.. though for an extra 0.20%, it doesn’t seem to be worth it to put a set of money away for a 1 year period. The rate is pretty good for the minimum requirements too, there are a few other 5.7-5.8% CDs out there, but they generally require 50K+ deposits. Check out the list of CDs at fatwallet if you’re interested in CDs. Consider laddering the CDs so you won’t stuck all your money into one rate.