Tuesday, September 26, 2006

Another Online Bank Joins The Race With 5.50% APY

Forget about ING DIRECT (seriously), and the likes of Citibank, HSBC etc because a new online savings account is in town! Its the new "Free High Yield Online Savings Account" by E-LOAN.
Here is some information from their FAQ's:

  • Minimum to open: $5000
  • Withdraw/Deposit Money via ACH transfer through E-loan. You can only withdraw money using E-loans withdraw money, no outside debits are allowed.
  • You can link only one account and change it only four times a year. (Need more clarification - Emailed)
  • Statements issued Quarterly electronically.
  • Interest is compounded daily and credited monthly. (Good!)
  • For balances under $5000 the rate is 5.25% (Confirmation needed)

I have emailed their customer service with many questions. As soon as I get the details I will post them here. One important question I asked them is whether they perform a hard credit pull or not. I have to say this is a very attractive offer and I might open the account, depending on their response. I want to make sure there are no fees, minimum balances etc.

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