How to Open Your New E-LOAN 5.50% APY Savings Account, Part 3
Author: Nick
Category: Money
Topics: banking, internet, savings
Those two test deposits from E-LOAN hit my Bank of America checking account yesterday. (And as they promised, E-LOAN didn’t let me keep those 40-some cents.) I also confirmed that my opening deposit was transferred. I logged into the E-LOAN savings website, verified them, and that’s it!
For those of you opening new E-LOAN accounts, write down the answer to your security question. You might think that, as long as you remember your password, you’ll never need to provide the answer to your security question. That’s not the case! Instead, you’ll be answering your security question each time you want to make a transfer into and out of your E-LOAN savings account. So be sure to jot down that pet’s name, car model, or ex-girlfriend’s favorite soft drink for future reference.
As we speak, my HSBC savings account is being drained into my Bank of America checking account. Once that’s complete, the vast majority of my savings will be with E-LOAN.
My final initial thoughts on E-LOAN: Simple, easy, awesome.
Unless something big happens, this will be the last post in the series. Feel free to ask questions about the E-LOAN savings account here and I’ll answer them as best as I can.
(And yes, I said “final initial.” I’m an oxymoron!)
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8 Responses »
1.
Kelly
September 30th, 2006 at 6:46 pm
Thanks for your 3 articles on e-loan. Does e-loan offer you some kind of referral incentive? Like, ING will give you $10 if you refer someone to ING and give that person $25. Thanks again.
2.
Nick
September 30th, 2006 at 8:45 pm
Sorry, Kelly. E-LOAN doesn’t have a referral program yet. But I sent them a note a couple days ago requesting that they implement one. If they decide to, I’ll be sure to let everyone know.
3.
Kelly
September 30th, 2006 at 9:52 pm
Darn. I was going to ask you to send me one. Thanks again.
P.S. If you’ve tried prosper.com I’d like to read your take on it. It was started by the same guy as e-loan.
4.
Ralph
October 1st, 2006 at 9:03 pm
Is E-loan the same security as an online account offered by a bank? (eg. FDIC guarantee)? Here in Oz the banks have online accounts, and so do “other lenders” - who offer slightly higher rates, but with less security. Most people don’t worry about this until the company hits the skids and they either lose their money, or it is “frozen” while things get worked out.
Even if it is same security, you will have greater risk of the account being closed, rates cut etc. Here in Oz one of the “better” (higher interest rate) online accounts was run by Esanda (a bank-owned finance company, mainly doing car loans etc). It suddenly decided to get out of the online banking business at short notice - we didn’t lose any of our money or interest, but it was annoying!
Regards
http://enoughwealth.blogspot.com
5.
Nick
October 1st, 2006 at 10:10 pm
E-LOAN is FDIC insured. I wouldn’t say they’re more or less risky than any of the internet banks that have been around longer.
6.
Jonathan
October 22nd, 2006 at 4:37 am
Our experiences are pretty much similar. Have you tried to deposit some money into the E-loan account anyways? I keep forgetting to try, just for the heck of it. I probably misplaced the routing number too…
7.
Nick
October 22nd, 2006 at 1:37 pm
Jonathan, I’ve moved most of my savings to E-LOAN as of now. The process went completely fine, and you can’t beat 5.50%… yet.
8.
Jonathan
October 22nd, 2006 at 9:35 pm
Sorry, I meant deposit from an external non-linked account. They say they block it, but people have reported success anyways. Just idle curiosity
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