ThursdaysChild said: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.
The question was about earning interest while the funds are on hold, Not collected. I have many accounts and have never had one not pay interest during the hold period. Also opened an account with AmTrustDirect last week, They started paying me interest from the day I opened while they did not pull funds for 2 more days. So got some overlapping

kapilbansal said:If you initiate a ACH withdrawal to my e-loan account before 5pm EST today, when is the money pulled out from my other checking account. If i initiate the withdrawal today, will I see funds in E-Loan account tomm or will it take longer? I have a Citi checking and savings, so want to minimize the time the money sits in the checking before E-loan pulls it out.
I applied on the 26th and money was pulled on the 28th. With the weekend coming up I would wait till Monday. This is why I always pull from my high yield checking so is never a problem

The initial deposit into your E-loans account also counts as a withdraw so you may end up with only 3 of your 6 maximum monthly withdraws from your linked savings account.

Well if you do it today, it won't get deducted until Oct 2nd. Also depends on when your statement closes. I know for GMAC it's actually 6 transactions per statement (not per calendar month). Mine resets on the 25th of each month.

The no external withdrawls could make this the BEST paypal account ever. Never have to worry about your account being hacked and having funds moved on you... disputes, etc. Going to sign up for it just for that purpose.

scurve86 said:the most obvious place for a login button I've ever seen

I didn't have any problem logging in immediately after I opened my account.
It accepted my id and pw but the detail does not give complete account number.

I also received an email informing that my account was open.

Google has E-Loan ads that give it a unique ID/code.

I'll wait because I have other options for now (Dime 6%) but this looks very promising.

E-Loan Inc., an online lender owned by the Puerto Rican banking company Popular Inc., is expected to announce today that it is launching an online savings account paying 5.5% and certificates of deposit yielding between 5.6% and 5.75%. The company says it's offering higher rates because it doesn't have the expenses of operating branches.


Funny that if you live in Puerto Rico you cannot open an account...

It took a day for them to transfer my funds but it didn't show up in my e-loan account until after midnight today(2 days after). I was wondering the difference between the rate which is 5.36% and the APY which is 5.5, which one am I getting paid for? Do I have to keep the money there for a whole year to get the 5.5%???

The site is nice, easy to use and very simple once you log in. E-Loan is a big company so I wouldnt be suprised if others come out with higher rates to compete for our money. That is why I am not going to verify my account until day number 29 just in case I see something better. I guess it doesn't matter that way, if I don't like it on day 25 I can easily verfiy and pull my funds.

Anyone with the difference between Rate and APY please post.

kapilbansal said:If you initiate a ACH withdrawal to my e-loan account before 5pm EST today, when is the money pulled out from my other checking account. If i initiate the withdrawal today, will I see funds in E-Loan account tomm or will it take longer? I have a Citi checking and savings, so want to minimize the time the money sits in the checking before E-loan pulls it out.


I just wanted to make sure that you are aware that you can link your Citibank savings account directly to the E-Loan account. You might consider this if you are concerned about loss of interest in and out of the E-Loan account. When you want to withdraw from E-Loan back to the Citi savings account the funds should be available the same business day it's received at Citi since it's an electronic transfer. Then you can do an internal transfer to your Citi checking account if you want. But remember that E-Loan only allows one linked account so consider your options carefully to avoid having to make too many changes (only 4 changes allowed per year).

BTW, in case you didn't know, you can withdraw directly from your Citi savings account without transferring into your checking account. Meaning, you can go to any branch, fill out the withdrawal form with the savings account number and get cash out. Just be sure you don't exceed the 6 withdrawals per month limit - plan ahead.