By Mr. B(Rates may be out-dated. Please see the Current APY Wiki for updates)
This is just a quick “heads up” for those of you with E-Loan savings accounts. If your account has a balance under $5,000, your rate has suddenly dropped down to a measly 1%. That’s ONE PERCENT!
Take a look:
Did E-Loan bother to e-mail customers to mention this rate change? Nope. I didn’t get one, anyway. Imagine my surprise when I logged in and saw how little my savings meant to them. Though I didn’t have much money there (especially since their rates have languished in comparison to almost every other online bank), I immediately withdrew the entire amount.
E-Loan was the first online savings account I ever opened (back when they were offering 5.5% APY). Oh, those were the days.
If you use E-Loan for savings, just make sure you stay over 5 grand. There are many better options out there for lesser amounts.
[...] like E-Loan adjusted their rates sometime between Sept. 17 and Sept. 20. On 9/20, Interesting Money first reported the rate drop (and also expressed annoyance at E-Loan's lack of [...]
[...] the final blow came when you started sneaking around behind my back. When you surreptitiously dropped your rate to a shocking 1% without telling me, I knew we were [...]