How to Open Your New E-LOAN 5.50% APY Savings Account, Part 1
Author: Nick
Category: Money
Topics: banking, internet, savings
My wife: Nick, are you feeling all right?
Me: Of course. Why do you ask?
My wife: It’s just that you haven’t opened a new online savings account in a couple months, and the last time that happened you came down with a mysterious illness that caused you to uncontrollably impersonate 1970s sitcom actors.
Me: What you talkin’ ’bout, Willis?
Yeehaw! It’s that time again. Let’s open yet another online savings account together!
This time, we’ll be doing some banking business with the fine folks at E-LOAN, the internet mortgage lender. As found on the Bank Deals website, they now have a 5.50% APY online savings account similar to those of HSBC (currently 5.05% APY) and Emigrant Direct (currently 5.15% APY). The only caveat with E-LOAN’s savings account is that you need a $5,000 opening balance. Also note that E-LOAN’s rate chart indicates that balances dropping below $5,000 only earn a 5.25% APY–still higher than either HSBC or Emigrant Direct. It appears there are absolutely no fees associated with the E-LOAN savings account.
Enough talk. Let’s get bankin’!
Opening An E-LOAN Savings Account
It’s really, really simple.
- Pick your type of account. Go to the application start page. You want a “Savings Account” opened with “5000″ (or more). Pick your ownership; I went with individual because there’s an option to add a beneficiary in the next step.
- Fill out the application. As usual with internet savings account, you’ll need to fill out an application online that asks for a good amount of personal details. Hopefully you know your name, address, and the like. If not, maybe you should let me hold onto your $5,000.
- Supply your other bank account information. Like HSBC and Emigrant Direct, you’ll need an account with another bank that will be linked to your E-LOAN savings account. It’s through that account that you get money to and from your new E-LOAN account. Make sure this account has enough money in it to fund your opening deposit!
- Verify that you’ve read the Terms. Just check the first box. Only check the second if the IRS told you to do so.
- Double-check and submit! Make sure your information appears correct on the final page. Then hit the big button at the bottom and you’re done with the application!
- Verify two small deposits. Also like other internet savings accounts, E-LOAN verifies your external banking account by sending it two small test deposits. After a couple of days, you’ll see those amounts in your external account. Log in to the E-LOAN savings account website with your username, select a security image, provide your password, enter the amounts of those two deposits, and your account is ready for action… well, as much action as money just sitting there gets.
Once my account is open and funded, I’ll write another article detailing anything else that might come up during the account opening process. But so far, this was the easiest time I’ve had opening a savings account online. And at 5.50% APY, E-LOAN has taken the lead from Emigrant Direct in the online savings rate wars.
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49 Responses
1.
Lee
September 26th, 2006 at 7:43 pm
Can I link this with my Emigrant Direct Account?
2.
Nick
September 26th, 2006 at 10:40 pm
Lee, I don’t see why not. You’ll just need to provide your Emigrant Direct account number and ED’s routing number which is 226070319.
3.
sssea
September 28th, 2006 at 12:22 am
Can I link this with my CountryWide Bank savings link acount?
4.
Nick
September 29th, 2006 at 12:11 pm
sssea, I suppose you can, assuming CountryWide Bank is compatible with ACH transfers. If your CountryWide account is hooked up to another internet bank like HSBC or Emigrant Direct, it should work just fine with E-LOAN, too.
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May 17th, 2008 at 7:41 am
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E-LOAN has taken the lead from Emigrant Direct in the online savings rate wars.
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November 24th, 2010 at 8:09 am
Also like other internet savings accounts, E-LOAN verifies your external banking account by sending it two small test deposits.
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March 10th, 2011 at 12:10 am
1. You fill out the account application, pretty standard stuff. Two things to note:
(i) Be sure to notice the privacy opt-out form that you have to click on and open a extra window to get to. Hopefully by filling this out I’ll avoid being bombarded by mortgage refinance requests from E-Loan’s other divisions.
(ii) Unless it applies to you, do not tick the ‘I am subject to backup withholding’ box at the end. It’s right next to the ‘I agree to the Terms and Conditions’ box and may trip some people up.
2. You will have to open with at least $5,000, so you’ll need the routing and account number of your chosen external account. It will be withdrawn electronically via ACH. You cannot make deposits by mail or by wire, ever.
3. After your application is sent, you will get an e-mail with further instructions. You can actually log into your account already, but you can’t do any account changes until after verification.
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1. You fill out the account application, pretty standard stuff. Two things to note:
(i) Be sure to notice the privacy opt-out form that you have to click on and open a extra window to get to. Hopefully by filling this out I’ll avoid being bombarded by mortgage refinance requests from E-Loan’s other divisions.
(ii) Unless it applies to you, do not tick the ‘I am subject to backup withholding’ box at the end. It’s right next to the ‘I agree to the Terms and Conditions’ box and may trip some people up.
2. You will have to open with at least $5,000, so you’ll need the routing and account number of your chosen external account. It will be withdrawn electronically via ACH. You cannot make deposits by mail or by wire, ever.
3. After your application is sent, you will get an e-mail with further
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Trackbacks & Pingbacks
[...] Update 9/26/06, 11:20AM ET: Nick over at Punny Money has a nice writeup on opening an account at E-Loan. « Carnivals This Week | [...]
Pingback by E-Loan Offers 5.5% APY Online Savings Account » Getting To Enough — September 26, 2006 @ 10:27 am
[...] Right now, if I was going to open an online account I’d go with E-Loan. Check out Bank Deals for information on the details of the E-Loan offering and Punny Money for real life anecdote on how to open an E-Loan savings account. [...]
Pingback by » Emigrant Direct LOWERS Rate to 5.05% on Blueprint for Financial Prosperity — September 29, 2006 @ 12:19 pm
[...] And Punny wrote an article so nice I linked to it twice (here and in the post about ED’s rate drop): how to open up an E-Loan online savings account. [...]
Pingback by » Two Giveaways, Two Gift Ideas, and some other Weekly Goodness! on Blueprint for Financial Prosperity — September 30, 2006 @ 3:07 pm
[...] Put whatever money you can in savings. Put $100 a month in a 5% APY savings account and you’ll have over $15,000 in just 10 years. Do it for 20 years and you’ll have over $40,000. Invest in stocks and you’ll likely earn even more. [...]
Pingback by Five Easy Ways to Never Be Poor Again | Punny Money — January 28, 2007 @ 11:30 pm