Thanks to the daily dose of mymoneyblog, I have found the new hot new financial treasure on the market. For those of you that are ultra conservative and avoid equity market at all cost, the good news is that E-Loan offers online saving rate of 5.5% APY with a minimum opening amount of $5000 (after that you need to maintain a minimum of $500 or you account will be closed!). For the CD affectionados, the 6 month CD rate is 5.6% APY, 1 year rate 5.7% APY and 18 months rate 5.75% APY!!
This totally knocks out the previous gems like Virtual Bank, ING Direct and Emigrant Direct! And ofcourse, E-Loan is FDIC insured. Too bad it does not offer referral rewards, if not you guys can join via me and we can share the fortune, muahahaha.....
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