E-Loan is offering a 3.85% APY Savings account with a deposit of $100,000 and monthly deposits of $100.
E-Loan is offering a boost to their normal savings account with the E-Loan Savings Plus Account. The account provides a significant boost to their savings rates. For example:
Savings Plus Savings
$100,000 or greater 3.85% APY 3.01% APY
$50,000 - 99,999.99 3.75% APY 3.01% APY
$25,000 - 49,999.99 3.51% APY 3.01% APY
To quality for these boost rates, customers must make regular monthly deposits into their savings account of at least $100. Any Savings Plus account that does not have a minimum of $100 per month deposit for over 60 days will be converted back to a standard savings account and the rates in effect for a standard savings account will apply. Savings Plus is a Money Market Deposit Account that allows up to six withdrawals per month.
These boost rates are competitive compares to some of the top savings and money market rates although there are other accounts that provide a higher return with a much lower deposit minimum and without requiring customers to make regular deposits.
E-Loan has offered traditionally high CD rates. E-Loan is owned by Banco Popular North America and has a Bauer rating of 3 out of 5 stars. As with any bank, we advise you keep your deposit amount under FDIC limits.
Kerry Killinger, the now ex-CEO of Washington Mutual joins other CEOs from financial services companies in the unemployment line.
The WSJ is reporting that Kerry Killinger is gone as CEO of Washington Mutual. For the savings account and cd holders on BestCashCow, his tenure has been great. In the banks attempt to survive, they have boosted their online savings rate to one of the highest in the country.
But for stockholders, the last year has been horrid.
Wachovia Bank is offering an online-only competitive 3.5% APY money market in some parts of the country.
Wachovia recently joined the high rate fray by offering a top rate on their 2 year CD. In some locations, they are also offering a 3.5% APY money market account. The account has a minimum balance of $1,000. I called to inquire where the offer was avaiable and the CSR was unaware that it was even being offered. It looks like Wachovia needs to do a better job of communucating to their front line customer service reps.
To find out if you qualify for the offer, go to their savings and CD page. It will ask you to enter your zip code. Once you do, you'll either see the offer, or you won't.
This is all part of Wachovia's push to recapitalize itself via its deposit base. With billions in bad loans outstanding, and billions in floating-rate notes that need to be refinanced, look for Wachovia to continue to offer attractive rates.
There has been some speculation about Wachovia's financial health recently because of mortgage-related losses. Its stock has fallen from a 52-week high of 81 to around 20 today. Bauer financial gives it a 3-star rating out of 5. As with all banks, stay within FDIC limits to be sure your money is fully insured.
