E-Loan - Standard Savings

Average Score:

•   Too restrictive on moving money

  The Standard Savings account is E-Loan's "original" savings account (as compared to the Savings Plus account which is relatively new). In general, I think the the only reason to go with the Standard Savings account over the Savings Plus is if you're unable/unwilling to make a regular $100 monthly deposit to the account (that's the requirement to maintain the Savings Plus account, which will otherwise convert into a Standard Savings account).

  Regardless of the account, they're restrictive - E-Loan's ACH system has very high limits, but they only allow for 1 linked account which can't be changed for the first 60 days, and they don't allow externally initiated withdrawals. I try to be forward thinking with my money about when/how I'll need it, but this is just a little too limiting for me given the below average interest rates.

  Posted by cheesehead -- March 21, 2009