Would be great if E-loan actually honored their advertised rate of 5.50%. Just logged-in to new account only to discover that I am only earning 5.25% on a balance that qualifies for the higher rate. I sent off email to customer service to see if they will correct.

Yeah mine only shows 5.25% too, and I'm sure it's because the funds haven't been pulled yet and the balance is 0.

I do have a problem with the fact that it took me about 5 minutes to figure out how to login, they don't seem to have a login area on the homepage... weird!

ajulius said:$0.00 to $4,999.99 - 5.25% NOT 5.50%

The initial posting DID NOT SAY UP TO and should be changed. Till the account has $5,000, it will say 5.25% and will be 5.25% if LESS THAN 5k is in the account.

Now for those posters who have put in 5k or more, we shall see if they get the high rate. I am glad I didn't sign up yet.

Will wait for the quirks to be worked out and to see what happens.
What quirks? Click the OP link and the account is very clear. And you think they are lying to us about giving 5.50% for over $5k? Not sure why the $5k min is such a big deal, If your not going to put at least that much in why would you even move money here

sfchris said:One thing you guys need to keep in mind is how fast these ACH transfers are and if this is just a promoitional rate... if you lose 4 days of interest in the transfer process like you do with HSBC, and they lower the promotional rate in 30 days, you may well end up losing money.
Unless you have no clue on how to do ACH transfers you will never lose 4 days. The most it can take is 3 business days, So always do on Monday or Tuesdays.

HSBC is NOT AN EVIL BANK for local linked to checking and then linked to another bank for ACH. 4 days interest is only around $60 lost interest on a 100k account. $10k would come out to a measly $6. It is NOT a big deal nor done this way for profit. It just has to do with how the system is setup. If you have HSBC for local and then use the other banks ACH, you get the best of both worlds.

HSBC is building a new data center and will upgrade their banking facilities so it will be interesting to see what upgrades will occur. HSBC said there will be future upgrades but never specifically said what they will be. They only just did the 2 step authentication process so far.

Is it correct that this account has no checkwritting privaledges? AmtrustDirect is 5.26 but allows billpayment. Rates like these usually are teaser rates because the whole banking system is a round robin. One bank is rate leader for one year, another the next, etc... One can never maximize their savings rate. I have moved my savings probably around 5 times already with online banks.

I actually decided against using E-loan's account and will keep funds at the other banks. We will see what happens. Others may decide to raise rates to stay competitive.

AmTrustDirect Raises e-Money Market Account Rate to 5.30%

Looks like its already starting to happen. AmTrustDirect raised. 5.30% is not bad.

ajulius said:HSBC is NOT AN EVIL BANK for local linked to checking and then linked to another bank for ACH. 4 days interest is only around $60 lost interest on a 100k account. $10k would come out to a measly $6. It is NOT a big deal nor done this way for profit.

Of course HSBC is evil. Typical banks have wire fees that are $15-$30 and you can pay by check and your account opens same day. So you have one wire fee, plus YOU win on the float. $60 lost due to ACH is just too much (and it can be a LOT more if a newbie decides to transfer to HSBC on a Thursday).

Considering that this thread just showed up yesterday, it's very interesting that you already have $5k in your account. Did you know about this deal before it was posted here?
I read about it on here a few hours after it was posted. I applied for the account immediately.

When did you request the transfer? When was it credited to your account? When was it debited from your external account? Many people are wondering about the speed of these transactions.
I requested the transfer as part of the signup process. My account was credited today, the same day my external account was debited. I also received the test deposits to my external account today. Interestingly enough, they immediately debited the test deposits. No free chump change.

If the money just showed up today, relax. Things like interest rates are seldom updated in real time on online web banking screens. At least give them overnight.
You're probably right, I am overreacting. I'll post if/when the interest rate is updated.

Overall, very impressed with E-loan so far; same day debit/deposit, immediate access to account, less than two business days from signup for the deposit to show up.

Beck446 said:does anyone know if you start earning interest even when savings accounts like these have holds on your funds? As I understand it, when you transfer funds in, it might take a day or two for the transfer to go through (during which period you will not earn interest) in addition to the hold period (during which period you will earn interest). Is this correct? Thanks!The term to look for in the fine print is "the interest rate is based on collected funds." While you are waiting for the deposit to be credited, the funds are not "collected" so the bank will not pay interest on them. It seems that E-LOAN will be collecting practically simultaneously with opening the account so this might not be an issue. But it does explain why the initial interest rate you see on your first statement is sometimes lower than promised -- because the funds were not "collected" for the full month.