E-Loan APYs Plummet, They Don't Tell Anyone

10.17.08 | Online Savings Accounts | 3 Comments | by junger

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E-Loan, who burst onto the online savings scene with a 5.50% APY account, has dropped its rates dramatically — and didn't tell anyone about it.

The regular online savings account, which had been at 3.01% APY, is now down to 2.76% for balances above $10,000. Accounts with $5,000 to $9,999 will be receiving a 2.51% APY.

The worst of all? Accounts under $5,000 will be getting a 1.00% APY.

With that kind of crappy rate, you should definitely be moving your money if you're just starting out.

Why Can't They Let Us Know?

One of my biggest gripes with online banks — and especially E-Loan — is that they don't bother to tell you when the rates go down (they've done it before).

When the rates are rising, they'll certainly let you know. But when they're dropping, you need to constantly be looking out for changes.

It looks 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 communication).

On 9/17, we blogged about E-Loan's new Savings Plus account and the online savings account was still at 3.01% APY.

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