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.

Today's Highest Online CD Rates

Bank	Product Term	Interest Rate (APY)
Finworth, a division of InsBank	1-Year	4.55% APY with $50,000 minimum
TotalDirect, a division of City National Bank of Florida	1-Year	4.50% APY with $25,000 minimum
First Internet Bank of Indiana	1-Year	4.42% APY with $1,000 minimum
Merrick Bank	3-Year	4.15% APY with $25,000 minimum
Colorado Federal Savings Bank	3-Year	3.95% APY with $5,000 minimum
M.Y. Safra Bank	3-Year	3.90% APY with $500 minimum
Merrick Bank	5-Year	4.05% APY with $25,000 minimum
Synchrony Bank	5-Year	4.00% APY with no minimum
M.Y. Safra Bank	5-Year	3.90% APY with $500 minimum

Bank

Product Term

Interest Rate (APY)

Finworth, a division of InsBank

1-Year

4.55% APY with $50,000 minimum

TotalDirect, a division of City National Bank of Florida

1-Year

4.50% APY with $25,000 minimum

First Internet Bank of Indiana

1-Year

4.42% APY with $1,000 minimum