Eloan.com has Online Savings account and CD rate with 5 year maturity terms.
Eary withdrawal penalty: 3 months interest for 1 year or shorter term and 6 months for over 1 year term
Grace period: 10 calendar days
No interest is paid past the maturity date on accounts closed during the grace period
Interest is compounded daily and credited monthly
Linked account can be your E-LOAN savings account
Option is available to transfer interest monthly by ACH from CD to linked account
At maturity, you can instruct E-LOAN via the secure message system to close the CD and transfer money back to your linked account
All deposit products offered through E-LOAN will be opened through Banco Popular North America (BPNA), a New York state chartered bank insured by the FDIC that is the direct parent company of E-LOAN. For more information call 888-533-5333.
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Internet Banks or Virtual Online banks are banks without bricks; from the customer's perspective, they exist entirely on the Internet, where they offer pretty much the same range of services and adhere to the same federal regulations as your corner bank. Online banks pass the money they save on overhead like buildings and tellers along to you in the form of higher yields, lower fees and more generous account thresholds.