Below you’ll find my understanding of the E-Loan savings account. I won’t quote rates because they constantly change. You should visit the E-Loan savings website and read all the fine print if you’re thinking of using their services.
The E-Loan Savings Account Offer
The E-Loan Savings account is a no-frills offer with a competitive rate. The main attraction is the APY (Annual Percentage Yield). The company advertises “Absolutely no fees” on balances. You get access to your money (and fund the account) through an externally linked account.
Highlights of the E-Loan Savings Account
- $5000 minimum to open, but your balance may fall lower after that
- 6 withdrawals per calendar month limit
- FDIC Insured up to $100,000
- No deposits allowed via mail
- Interest compounds daily
Is E-Loan Bank Any Good?
I personally haven’t used the product. However, I’ve read a number of customer testimonials. The majority of customers had a great experience, but there are some inevitable bad experiences reported. Some of the reviewers were impressed with the following:
- Very fast setup
- Ability to designate a beneficiary on the account
- No hard credit inquiry to open the account
E-Loan Bank Pitfalls
You may not think it’s a bad thing, but E-Loan bank is careful about your security. As a result, the account does not offer as much flexibility as some other accounts. For example, you cannot have money taken from the account except through your linked account (you can’t have your insurance premiums debited from the account, in other words). In addition, you can only change your linked account 4 times per year.
Share Your E-Loan Bank Story
If you have used this product, please share your story so that everybody out there knows what to expect. You can post your own review in our banking forums.
