E-loan savings

[BTC]

Re: E-loan savings

Which banks allow external transfers from your savings account? I'm guessing any account characterized as an MMA as opposed to a Savings Account?

[Broken Arrow]

Re: E-loan savings

Actually, my old one is with my brick & mortar credit union. If e-loan ever decide to drop their competitive edge, I would think that swapping to another online MMA like ED would be the way to go. Hence, I'm thinking that maybe I should just go ahead and close it.

As for speculating on how long e-loan can maintain this rate, well, I guess I'm a bit optimistic in that regard. E-loan's requirement for that 5.5% rate is with a minimum balance of 5k. Of course, I don't know this for sure, but there's a good chance that many if not most of the people who do sign up will do so with no less than 5k each.

However, should e-loan ever reduce their competitive edge too far, let's say 1% or maybe even 0.5%, then what are we all going to do? Reduce our balances to $1 when we jump ship, right? Well, those are sizeable chunks to be losing all at once! How fast you can climb is exactly how fast you can fall back down.

Anyway, I don't think that they will drop their rate anytime soon... especially if they are also experiencing a severe cash shortage for some reason (and hence, would explain why they've set up the rate structure the way they did. After all, they didn't have to offer it with a minimum balance).

Even if they do go down, we'll just go somewhere else, that's all.

[jmjj215]

Re: E-loan savings

Even if they do go down, we'll just go somewhere else, that's all.

And that's the beauty of this whole online banking thing. More purchasing power.

[Bookie]

Re: E-loan savings

Actually, my old one is with my brick & mortar credit union. If e-loan ever decide to drop their competitive edge, I would think that swapping to another online MMA like ED would be the way to go. Hence, I'm thinking that maybe I should just go ahead and close it..

Credit unions are among the most reasonable and accommodating places from which to borrow money. A credit union account is not something that should be casually discarded IMO.

I maintain both checking and savings accounts with my credit union. The checking costs me nothing and is handy on those rare occasions when I want to write one. Local merchants like to have checks drawn on local institutions. I also have a savings account at the CU. It pays little by way of interest, but I can access the money in literally minutes if I need immediate cash.

The CU is a useful component in my money management arsenal. Internet banks pay me better interest, but they lack the immediacy and utility of my credit union accounts.

[Broken Arrow]

Re: E-loan savings

That's true. My credit union has served me well over the years.

That's the reason why I don't intend to pull out my checking.

[BTC]

Re: E-loan savings

I opened my E-Loan account on Monday evening and the trial deposits had posted to my checking account this morning. That's pretty quick. Assuming my application wasn't processed until Tuesday evening, that would be next day. E-Loan also says I have an available balance of 5,000, but that withdrawal is not yet reflected in my checking account.

[krayziebone33]

Re: E-loan savings

My E-LOAN account has been funded today too (opened it on Sunday night). Going to move another large chunk of money over from HSBC this week.

BA, I wouldn't close your (ED I assume?) savings account just yet. I'm pulling for E-LOAN to maintain this high yield, but I just don't see how they can maintain a 1/2 percentage point lead over the other major contenders.

I know HSBC charges a $3 fee for moving funds to another bank. Do you, or anyone else, know if ED does the same thing? I've read their policies but fail to find any information in regards to them charging for bank-to-bank transfers when they are sending money, not receiving it from another bank. Can anyone shed some light on this for me?

[BTC]

Re: E-loan savings

I'm pretty sure the $3.00 HSBC fee does not apply to their online savings account. I've never encountered any fees when transferring funds out of my ED account.

[sweeps]

Re: E-loan savings

HSBC does not charge a fee to transfer funds in and out of their online savings account. If they did, I would close my account with them and never look back.

[sweeps]

Re: E-loan savings

Interesting note from The Banking Guy: Setting Up Multiple Links at Your E-LOAN Savings Account

[Bluezy]

Re: E-loan savings

I hope you guys don't mind if I start a separate topic on opening e-Loan.

Broken - Isn't it nice to be able to come to a post friendly forum?


Now back to the subject....

I've not investigated advantages to the E-Loan high initial funding deposit of $5k, but will sit tight and watch as other users post their experiences. As previously posted in another thread, I'm leery to place such a high initial deposit in a new online savings vehicle. I hope there are no problems with their website or hidden bugs.

[BTC]

Re: E-loan savings

I initiated a fairly large, large being relative, transfer into my new E-Loan account this morning. I'll post my experience. My initial 5K funding deposit took about 2 business days to clear my checking account, which isn't bad.

[sweeps]

Re: E-loan savings

I have found an odd bug in the E-LOAN site. I've made 2 deposits there, the opening deposit and a 2nd deposit. (Pretty fast transfers by the way, that's cool.) Anyway, my overall balance is correct. However, under the transaction history section, one shows as a Credit, the other as a Debit. Because of that debit, it shows a $0 balance in the transaction history. Actually I remember after the first deposit, it showed a debit as well, but since has changed to a credit.

Doesn't seem like a big problem, but I'll have to make sure I am properly credited at interest time.

[BTC]

Re: E-loan savings

I have found an odd bug in the E-LOAN site. I've made 2 deposits there, the opening deposit and a 2nd deposit. (Pretty fast transfers by the way, that's cool.) Anyway, my overall balance is correct. However, under the transaction history section, one shows as a Credit, the other as a Debit. Because of that debit, it shows a $0 balance in the transaction history. Actually I remember after the first deposit, it showed a debit as well, but since has changed to a credit.

Doesn't seem like a big problem, but I'll have to make sure I am properly credited at interest time.

I noticed the same thing with my initial funding deposit. It was a little confusing and I thought about calling, but the debit had changed to a credit this morning.

[Broken Arrow]

Re: E-loan savings

Yes, I noticed that as well. First, my deposit was shown as a debit of -dollars? But now it shows it as a credit of +dollars. Very strange. However, my balance did not change, so I thought it might have been just a fluke.