2.0 stars across
2 reviews
Write a Review of This Bank
Too restrictive on moving money
This review is for: Standard Savings
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
The tyrant of online banking
This review is for: Savings Plus
E-Loan's Savings Plus account (as well as their Standard Savings account, check my other review there) is a relative strong offering in the online banking space...as long as you stay within the strict lines of E-Loan's playing field.
To start, in order to get the higher rate on the Savings Plus (as compared to the rates on the Standard Savings account) it's necessary to make monthly deposits of at least $100 into the account. Not sure if manual deposits count, but direct deposits do.
And although E-Loan is happy to have external banks deposit money with them, they prevent external banks from initiating withdrawals. According to one of their customer service reps, "this is for my protection"....riiiiight, sure it is. On the plus side, their ACH system is strong, with really high limits - $999k/day - although the downside is that they only allow for 1 external linked account, and that account *cannot* be changed during the first 60 days after opening the account.
Now assuming their transfer times were good and I had only a single external account I needed to access, this account might work. However, their rep also mentioned that if my balance were to fall below the minimum ($500) for 90 days or more during any 12 month period, they may shut down my account. What!? This may be an empty threat, and they'd probably just follow up with a phone call, but frankly you never know.
At the end of the day, not sure E-Loan's rates justify subjecting myself to so many restrictions. E-Loan needs to play a little nicer, and I'd consider them.
Posted by cheesehead -- March 21, 2009
Rates and accounts may differ by geography so enter your zip code for better information.