ELoan Adds Promotion on 18 month and 5 year CDs through September 2008

E-Loan today announced that they are raising their CD rates. In all rate comparisons from 3 month to 5 years, the bank now offers one of the best CD rates available (although in no category do the offer the leading rate.)

The bank, however, has also started a new promotion, on 18 month and 5 year CDs, which when taken into account cause it to be the best CD rate in those two categories. The promotion offers an additional $250 on an 18 month CD with a deposit of over $50,000 and an additional $500 on a 5 year CD with a deposit over $50,000. The promotion expires on September 30, 2008.

The promotion is applied in terms of an interest bump-up so that $50,000 deposited in 18-month CD would yield approximately 4.70% and a 5 year CD approximately 5.30%. One cautionary tale here is that the language is deliberately unclear whether the interest bump up would apply to the full amount deposited if over $50,000, and customer service was unable to answer the question when I called them.