E-loan savings

[pyotr]

Re: E-loan savings

I see you rate ho's be at it again. I was initially tempted to try e-loans too from all yall's ho'ing about it, but after looking them up on bauer financial, fed reserve financial systems, and bankrate, as well as perusing e-loans site and reading up on the very unimpressive list of executives running the joint - I'm very much NOT going to try this one. It looks like they are running the money through their Carribbean offices to avoid various tax implications, thus able to offer the better rate. In any case, I don't trust them worth a g*d*m.

[Broken Arrow]

Re: E-loan savings

Rate ho? Why pyotr, I never knew you cared.

I'm not much of a rate chaser. Never having been. In fact, I've even warned against such practice on this board.

However, I will take your "warnings" under advisement.

[pyotr]

Re: E-loan savings

In case you didn't know my history, I'm proud to say I'm a rate ho.
I've clicked my 50k emergency savings from ING, to emigrant, back to ING, then to HSBC all within the past year. You guys keep investigating all the new places - I'm definitely not telling you not to do it; just stating why I've not ho'ed in on this one yet.

[buzz]

Re: E-loan savings

Correct me if I'm wrong, but if you transfer for a .5% difference in rate, and it takes 5 days to go thru, does it take about 50 days (at 5%) to recoup the lost interest?

[sweeps]

Re: E-loan savings

I see you rate ho's be at it again. I was initially tempted to try e-loans too from all yall's ho'ing about it, but after looking them up on bauer financial, fed reserve financial systems, and bankrate, as well as perusing e-loans site and reading up on the very unimpressive list of executives running the joint - I'm very much NOT going to try this one. It looks like they are running the money through their Carribbean offices to avoid various tax implications, thus able to offer the better rate. In any case, I don't trust them worth a g*d*m.

Correct me if I'm wrong, but if you transfer for a .5% difference in rate, and it takes 5 days to go thru, does it take about 50 days (at 5%) to recoup the lost interest?

Would you guys do me a favor and post these comments on lots of other sites too? This'll help keep the number of deposits down at E-LOAN, helping to ensure they'll keep my interest rate nice and high.

[pyotr]

Re: E-loan savings

Sweeps I can tell you're trying to tempt me, but I'm not that ho.

[BTC]

Re: E-loan savings

My E-Loan transfer times appear to be just about as fast as what I experienced with Emigrant Direct. Although, aside from my initial funding deposit, there has only been one transfer.

On the other hand, I initiated a transaction to draw down my HSBC account last Thursday and it still hasn't posted to my checking account. That's one way to make it not worth your while to leave HSBC in favor of a higher yielding account.

[sweeps]

Re: E-loan savings

On the other hand, I initiated a transaction to draw down my HSBC account last Thursday and it still hasn't posted to my checking account. That's one way to make it not worth your while to leave HSBC in favor of a higher yielding account.

I set up a direct link from HSBC to E-LOAN to do my transfer. Avoided the middleman. Later I will probably change my E-LOAN linked account to checking (or possibly GMAC since transfer times are fast).

I was able to overlook HSBC's slow transfer times while their rate was at the top, but now I see little reason to keep more than $1 in that account. At least until they speed up their transfers and/or increase their APY.

Sweepsplayer
Official Rate Ho

[wyett3]

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?

Correct me if I'm wrong, but if you transfer for a .5% difference in rate, and it takes 5 days to go thru, does it take about 50 days (at 5%) to recoup the lost interest?

I set up a direct link from HSBC to E-LOAN to do my transfer. Avoided the middleman. Later I will probably change my E-LOAN linked account to checking (or possibly GMAC since transfer times are fast).

I never thought of linking an online account to my savings account until reading these posts as I have to move the money to a checking account before writing a check or sending a billpay out; but E-loan says they can.

ED always gave me 2 day withdrawals to my checking account, 5 days for deposits and paid interest while the funds were clearing (it even appeared that money was sitting in both accounts for the first day although the checking paid neglible interest -until I found Presidential's checking).

I had tried HSBC but they didn't seem to even keep a link to my funding account; fortunately I had an HSBC credit card to dump the funds on.

Anyway, is E-loan's 5K a minimum to earn the 5.5% interest?

[BTC]

Re: E-loan savings

I think E-Loan's 5K deposit requirement is just a minimum to open the account. If their online documentation is accurate, you earn 5.5% APY even if your balance is just a dollar.

I never thought of trying to link my HSBC account directly to E-Loan. I guess I didn't see the link that Sweeps posted. Anyway, I now have about 1 dollar in my HSBC account and may never use it again.

[Broken Arrow]

Re: E-loan savings

Sweeps I can tell you're trying to tempt me, but I'm not that ho.

Luke, join the Dark Side!

My E-Loan transfer times appear to be just about as fast as what I experienced with Emigrant Direct. Although, aside from my initial funding deposit, there has only been one transfer.

I've made a deposit a few days ago, but the website has goen down for me again, so it hasn't posted. It hasn't posted in my checking account either. Hearing your account is encouraging to me though.

[wyett3]

Re: E-loan savings

Egads!! It is a $5K min balance now: http://www.eloan.com/

Had to be a catch somewhere sometime; I stick with Amboy's 5.25%

[sweeps]

Re: E-loan savings

Egads!! It is a $5K min balance now

Had to be a catch somewhere sometime; I stick with Amboy's 5.25%

There has always been a $5000 minimum to open the account, but there is no minimum to avoid fees and earn 5.5%.

[wyett3]

Re: E-loan savings

Egads!! It is a $5K min balance now: http://www.eloan.com/

Had to be a catch somewhere sometime; I stick with Amboy's 5.25%

Shot myself in the foot again; it seems I posted a forbidden link; the URL was cut off. Let my try that last post again. It seems that E-loan has had a change of heart and is now requiring the $5000 as a minimum to recieve the 5.5% rate. The fine print on the (sample?) login page I found by Googling for eloan savings says "Annual Percentage Yield (APY) is for a $5,000.00 minimum balance as of today."

[sweeps]

Re: E-loan savings

Shot myself in the foot again; it seems I posted a forbidden link; the URL was cut off. Let my try that last post again. It seems that E-loan has had a change of heart and is now requiring the $5000 as a minimum to recieve the 5.5% rate. The fine print on the (sample?) login page I found by Googling for eloan savings says "Annual Percentage Yield (APY) is for a $5,000.00 minimum balance as of today."

I'm not sure where you're seeing that, but if you go to their Online Savings & CD Rates page, you'll see that deposits from $0.00 - $4,999.99 earn 5.50% APY.

Further, if you go to their Terms & Conditions page and scroll down near the bottom, it says: You will be expected to maintain a balance of at least $500.00 in your Savings Account. If your balance is less than $500.00 for ninety (90) calendar days or more during any 12-month period, your Account may be closed. If we decide to close your Account, we will either return any funds in that Account (along with any accrued interest) to your External Account or send to you a check for that total amount. Therefore, there is no requirement to keep a $5,000 balance in your account.

But regardless of how low your balance goes, they don't charge any fees. Scroll up to the section about Fees: We will not assess or charge any fees in connection with your E-LOAN Account(s).