Eloan.com Offering 5.50% APY Online Savings Account

[SIXPAK GQ]

Not too bad........

anyone have an account with eloan.com?

[SIXPAK GQ]

who has an account with eloan?

[Swe3tGurlJazmine]

My cousin was one of the starting employees of Eloan and is now doing very damn well.

[SIXPAK GQ]

My cousin was one of the starting employees of Eloan and is now doing very damn well.

doing what?

[sachin_patel]

doing what?
doing a hot manager there :p

[reaz]

interesting.. apparently I am getting the same rate on my index funds. Well technically I am getting double on an annualised basis but that's not playing fair so I'll just say I am beating that number there.. The market has been fair to me for the last 2 months.. Gotten out of the red and into the green..

[SIXPAK GQ]

interesting.. apparently I am getting the same rate on my index funds. Well technically I am getting double on an annualised basis but that's not playing fair so I'll just say I am beating that number there.. The market has been fair to me for the last 2 months.. Gotten out of the red and into the green..


xfered my money from emigrantdirect to eloan.

[poetichustla]

fuck eloan.

[SIXPAK GQ]

fuck eloan.


works for me..good interest rate. i dont think any bank in USA can beat that right now

[Whizkid786]

That's 5.50% a year right

[SIXPAK GQ]

That's 5.50% a year right


it is calculated monthly. so every month you get paid.

[laal mia]

Not too bad........

anyone have an account with eloan.com?


dude never trust online.

its always good to have a real loan officer, who can ans your question.

like me :wavey:

[Whizkid786]

it is calculated monthly. so every month you get paid.
Wait, 5.50% every month?

[nayeemx33]

Wait, 5.50% every month?

No, it's annualy.

[SIXPAK GQ]

dude never trust online.

its always good to have a real loan officer, who can ans your question.

like me :wavey:


lol..ive been having a online savings for 3 years now. never any problem. it is actually more convenient and as safe as going to a live bank.

all FDIC approved up to 100K. so why do I need to worry?

loan officer for what?? to open a bank account online and xfer money. its a no brainer. its not like i am opening a loan there.

[mr ajnabi]

Not too bad........

anyone have an account with eloan.com?

:study:

[SIXPAK GQ]

Wait, 5.50% every month?
yes.........

[SIXPAK GQ]

you get paid every month

annual means monthly.

[reaz]

you get paid every month

annual means monthly.

No. Annual means yearly.

The rate for the year is 5.50%. You get paid monthly. That does not mean you earn 5.50% per month. I am sure you know that but you're saying something else.

What you actually earn per month is 5.50/12 %.

[reaz]

dude never trust online.

its always good to have a real loan officer, who can ans your question.

like me :wavey:

loan officers for a savings account? are you any good as a loan officer?

[reaz]

Wait, 5.50% every month?

The account has a 5.5% APY (annual percentage yield). The interest is calculated on a yearly basis but deposited on a monthly basis.

[SIXPAK GQ]

No. Annual means yearly.

The rate for the year is 5.50%. You get paid monthly. That does not mean you earn 5.50% per year. I am sure you know that but you're saying something else.

What you actually earn per month is 5.50/12 %.


yea...but u can the rate 5.50 as long the rate stays that way for the month and u get paid 5.36% interest. the interest rate changes. its not fixed.

[reaz]

yea...but u can the rate 5.50 as long the rate stays that way for the month and u get paid 5.36% interest. the interest rate changes. its not fixed.

Sorry. I meant you don't earn 5.5% per month.

[bigkid]

fix and flip

[SIXPAK GQ]

Sorry. I meant you don't earn 5.5% per month.


u do earn 5.50 apy...you are paid every month based on the balance on the account.

[nayeemx33]

u do earn 5.50 apy...you are paid every month based on the balance on the account.

You earn 5.50/12=.45 per month
:neutral:

[reaz]

u do earn 5.50 apy...you are paid every month based on the balance on the account.

5.50% apy means 5.50% per year. You just get paid monthly. I am not saying you don't get 5.50% apy. You just dont get 5.50% rate of return per month. You get 5.50%/12 per month.

[bender]

5.50% apy means 5.50% per year. You just get paid monthly. I am not saying you don't get 5.50% apy. You just dont get 5.50% rate of return per month. You get 5.50%/12 per month.

It's actually 5.36/12. 5.36% is the rate. 5.50 is the annual yield on the investment, which takes into effect compounding, if you keep your money in for the year.

5.36/12 = .447

APY = (1+0.00447)^12-1 = 5.50%

[SIXPAK GQ]

nevertheless this is a good rate......no one beats that.....

[reaz]

It's actually 5.36/12. 5.36% is the rate. 5.50 is the annual yield on the investment, which takes into effect compounding, if you keep your money in for the year.

5.36/12 = .447

APY = (1+0.00447)^12-1 = 5.50%

Ah yes. That's right. Thanks for providing the formula too.

[nayeemx33]

Why are you so dumb? :neutral:

[bender]

Ah yes. That's right. Thanks for providing the formula too.

Anytime my indian brother.

[BlueDukie]

...and bender has it.

My fave part of the thread was "annual means monthly"

[SIXPAK GQ]

i doubt they will keep this rate for a long time....feds have put a stop to highering the int rate......

[reaz]

...and bender has it.

My fave part of the thread was "annual means monthly"

yea. I've read a lot of misinformation from the guy. I just dismiss these kinds of remarks. There is no point in arguing and wasting time on a lost cause.

on a side note. my funds are now performing at over 7%. this is why i'd never invest in cash. in the long run the market returns an average of 10% per annum. letting your cash sit still in a moneymarket or savings accounts is for people who are going to buy a house or retiring shortly. people with short term investing goals.

[SIXPAK GQ]

yea. I've read a lot of misinformation from the guy. I just dismiss these kinds of remarks. There is no point in arguing and wasting time on a lost cause.

on a side note. my funds are now performing at over 7%. this is why i'd never invest in cash. in the long run the market returns an average of 10% per annum. letting your cash sit still in a moneymarket or savings accounts is for people who are going to buy a house or retiring shortly. people with short term investing goals.


but ur money is also tied for a long long time with that kind of return. you are sill taking a risk.

safe risks cannot hurt you. well i am buying a house shortly.

[bender]

but ur money is also tied for a long long time with that kind of return. you are sill taking a risk.

safe risks cannot hurt you. well i am buying a house shortly.

Time for long tied = I want higher returns to be compensated for that risk, if not look for something else. That's why riskier investments have higher returns i.e. junk bonds vs U.S. treasurys.

[SIXPAK GQ]

Time for long tied = I want higher returns to be compensated for that risk, if not look for something else. That's why riskier investments have higher returns i.e. junk bonds vs U.S. treasurys.
but you also have a tendency to lose money. its gambling.

[reaz]

but ur money is also tied for a long long time with that kind of return. you are sill taking a risk.

safe risks cannot hurt you. well i am buying a house shortly.


yes if you are planning to put down your hard earnt savings on the house then it's wiser for you to avoid risks.

in my case i have enough understanding and planning to allow for market downturns and what not. that's why i'll continue to invest in stocks. i also have enough savings put aside that i can use for emergencies. i plan to buy a house but that money will come from my savings and not my stock investments.

it's not foolish to be risky. in some cases it's wiser to be risky because you earn more.

[reaz]

but you also have a tendency to lose money. its gambling.

in the long run you gain. there is no argument to that. the market on average has provided a 10% year over year annualized gain. it's gambling if you try to make money in one year. or two. but if you keep your money in for 5-10 years you'll definitely make money. and if you can keep for 20-30 years you'll make loads.

[reaz]

speaking of risk.

when i get into my car i risk losing my life. but i know in the event that i dont die i will reach my destination quickly. that's why i take that risk. you gotta take risks in life some times. calculated risks are worth while.

[SIXPAK GQ]

yes if you are planning to put down your hard earnt savings on the house then it's wiser for you to avoid risks.

in my case i have enough understanding and planning to allow for market downturns and what not. that's why i'll continue to invest in stocks. i also have enough savings put aside that i can use for emergencies. i plan to buy a house but that money will come from my savings and not my stock investments.

it's not foolish to be risky. in some cases it's wiser to be risky because you earn more.

u sure earn more with risks! but its a risk..u can lose more too...so why not be safe..and go for safe investments even if its a small return?

[reaz]

u sure earn more with risks! but its a risk..u can lose more too...so why not be safe..and go for safe investments even if its a small return?

as i said more. you always earn more in the long run. which part of 10% year over year annualized didnt you understand?

if you look at the market or the indicies you'll see that if you invested in the market you would have earnt more.. not less.. the lines trend upwards not downwards even if the fluctuate in the the short term..

the gradient of the curve is positive not negative. however that's if you observe the line at a macroscopic level. if you zoom in there are ups and downs. why should i settle for less when i have time on my side.

i know if i keep my money in the market for 10+ years i'll have higher earnings. i dont need the money now anyway. remember, i earn 2x what you earn so i have excess money that i dont need to use now. so i'll invest now and reap later.

[SIXPAK GQ]

as i said more. you always earn more in the long run. which part of 10% year over year annualized didnt you understand?

if you look at the market or the indicies you'll see that if you invested in the market you would have earnt more.. not less.. the lines trend upwards not downwards even if the fluctuate in the the short term..

the gradient of the curve is positive not negative. however that's if you observe the line at a macroscopic level. if you zoom in there are ups and downs. why should i settle for less when i have time on my side.

i know if i keep my money in the market for 10+ years i'll have higher earnings. i dont need the money now anyway. remember, i earn 2x what you earn so i have excess money that i dont need to use now. so i'll invest now and reap later.


ok so u earn about 80K a year. ur financial situation is diffferent then mine. I may be better off from what I have been doing now. I am not sure how much save out of all that.

[reaz]

ok so u earn about 80K a year. ur financial situation is diffferent then mine. I may be better off from what I have been doing now. I am not sure how much save out of all that.

Well when I said 2x I was going on your earlier statement in a thread where you said you earnt $16 per hour. I earn $32 per hour. But I take it you earn overtime, etc.

Yea, it all depends on your investment time line more than anything else. If you know you wont use the money for 10 years or so it's better to invest in stocks. You WILL make money. But if your investment timeline is 3 years then stocks are not a good idea. It takes time for the stock market to rebound out of a recession. Usually 2 years or so. So if you invest and you are in the middle of a recession you may get your moneys worth but what if you invest and you're at the peak of the market. You WILL lose money if you pull out in 3 years. But if you stick around for 5 more years you WILL make money.

[SIXPAK GQ]

Well when I said 2x I was going on your earlier statement in a thread where you said you earnt $16 per hour. I earn $32 per hour. But I take it you earn overtime, etc.

Yea, it all depends on your investment time line more than anything else. If you know you wont use the money for 10 years or so it's better to invest in stocks. You WILL make money. But if your investment timeline is 3 years then stocks are not a good idea. It takes time for the stock market to rebound out of a recession. Usually 2 years or so. So if you invest and you are in the middle of a recession you may get your moneys worth but what if you invest and you're at the peak of the market. You WILL lose money if you pull out in 3 years. But if you stick around for 5 more years you WILL make money.


i have 3 jobs btw. yea i have overtime too. i earn in my early $40's.
what are the good short term investments?

[reaz]

i have 3 jobs btw. yea i have overtime too. i earn in my early $40's.
what are the good short term investments?


that's a tough life. 3 jobs and only $40k.

short term investments include bonds, CDs, money market accounts out of which bonds earn more than the rest.

[SIXPAK GQ]

that's a tough life. 3 jobs and only $40k.

short term investments include bonds, CDs, money market accounts out of which bonds earn more than the rest.
but u never asked me how many hours total i put into it. its hours not how many jobs u have.

Bonds are 100% safe?

[reaz]

but u never asked me how many hours total i put into it. its hours not how many jobs u have.

Bonds are 100% safe?

3 jobs .. i am assuming more hours.. are none of your jobs full time? i would have expected a college graduate like you to earn more.

bonds are not 100% safe unless they are government bonds. those are guaranteed.

[SIXPAK GQ]

3 jobs .. i am assuming more hours.. are none of your jobs full time? i would have expected a college graduate like you to earn more.

bonds are not 100% safe unless they are government bonds. those are guaranteed.


50 hours total.

my primary career job is full time. the other one is part-time and then the 3rd is 1099 employee.
not all college graduates earn more. and not all college graduates are lucky enough to get the job they want. i just have a BS in MIS. its a common degree. i dont have a high tech degree like you.

whats the catch on govt bonds? whats the return like,.

[reaz]

50 hours total.

my primary career job is full time. the other one is part-time and then the 3rd is 1099 employee.
not all college graduates earn more. and not all college graduates are lucky enough to get the job they want. i just have a BS in MIS. its a common degree. i dont have a high tech degree like you.

whats the catch on govt bonds? whats the return like,.

true. not all college graduates earn as much. that's why i was about to ask you what your major was.

full time is 40 hours. so i am guessing your part time and 1099 job is 10 hours in total? what's a 1099 job?

there is no catch on govt bonds. their return is a bit lower than corporate bonds. while corporate bonds give about 8-10% govt bonds give 6-8%.

[SIXPAK GQ]

true. not all college graduates earn as much. that's why i was about to ask you what your major was.

full time is 40 hours. so i am guessing your part time and 1099 job is 10 hours in total? what's a 1099 job?

there is no catch on govt bonds. their return is a bit lower than corporate bonds. while corporate bonds give about 8-10% govt bonds give 6-8%.

second job i put in 8 hours and my third job 2 hours

1099 is a independant contractor. its a tax form.

[SIXPAK GQ]

it would be nice to see Banks offer Bonds instead of just CD's

[reaz]

it would be nice to see Banks offer Bonds instead of just CD's

banks do offer government bonds. corporate bonds need to be taken from the corporation that issues it or from the institute that sells them. banks can sell corporate bonds but usually brokerages do.

you should verify all this information with a bank, etc. I could be wrong because I read many sources but I dont invest in bonds.

[SIXPAK GQ]

banks do offer government bonds. corporate bonds need to be taken from the corporation that issues it or from the institute that sells them. banks can sell corporate bonds but usually brokerages do.

you should verify all this information with a bank, etc. I could be wrong because I read many sources but I dont invest in bonds.

never seen a bank offer bonds. which bank does that?

[reaz]

never seen a bank offer bonds. which bank does that?


You have to go and ask at the bank. My credit union sells US bonds.

[SIXPAK GQ]

You have to go and ask at the bank. My credit union sells US bonds.

what is the term on it?

[SIXPAK GQ]

You have to go and ask at the bank. My credit union sells US bonds.
i wonder why they would not advertise it

[reaz]

i wonder why they would not advertise it

because they don't make money off of them?

[SIXPAK GQ]

because they don't make money off of them?

perhaps..........

[bender]

i wonder why they would not advertise it

Because they don't need to. Do banks advertise they offer IBM stock? If you want to buy bonds you have two choices: government bonds you can get directly from the government or you can open a brokerage account and buy bonds. Bonds trade on the market (not savings bonds) based on the value of the bond. So you can buy and sell bonds or hold it until it matures.

[SIXPAK GQ]

Because they don't need to. Do banks advertise they offer IBM stock? If you want to buy bonds you have two choices: government bonds you can get directly from the government or you can open a brokerage account and buy bonds. Bonds trade on the market (not savings bonds) based on the value of the bond. So you can buy and sell bonds or hold it until it matures.
so bonds are guaranteed profit?

[reaz]

I was just going through my bank statements when I realised something.

High Yield savings accounts such as the ones from ING, HSBC or Eloan are poor investment vehicles because of taxation.

If you hold a stock for over a year you have to pay a 15% on capital gains. However if you hold it for less than a year you will have to include it as a part of your income and will be taxed anywhere upwards of 25% on it.

The interest you earn from these high yield savings accounts falls under the second case where you are taxed on 25% of the yield. I have a coworker here who payed an exorbitant amount of taxes on the yield from his savings. I should have remembered his case when I was arguing against these accounts.

So yea.. that 5.5% becomes 4.125% after tax.. That's pretty bad compared to government bonds.

[reaz]

so bonds are guaranteed profit?

government bonds are usually guaranteed.

[SIXPAK GQ]

I was just going through my bank statements when I realised something.

High Yield savings accounts such as the ones from ING, HSBC or Eloan are poor investment vehicles because of taxation.

If you hold a stock for over a year you have to pay a 15% on capital gains. However if you hold it for less than a year you will have to include it as a part of your income and will be taxed anywhere upwards of 25% on it.

The interest you earn from these high yield savings accounts falls under the second case where you are taxed on 25% of the yield. I have a coworker here who payed an exorbitant amount of taxes on the yield from his savings. I should have remembered his case when I was arguing against these accounts.

So yea.. that 5.5% becomes 4.125% after tax.. That's pretty bad compared to government bonds.


even with taxes. you rather earn the bank interest then put that money under ur pillow. you still gain by doing nothing.

[SIXPAK GQ]

government bonds are usually guaranteed.


do u invest in these?

[reaz]

even with taxes. you rather earn the bank interest then put that money under ur pillow. you still gain by doing nothing.


I never put my under my pillow. It's always in a bank account or in my investments. so that option doesn't even come into play. for you perhaps it does. in that case sure these accounts are good. but for others, most probably not.

[reaz]

do u invest in these?

no, government bonds at best get you 6% rate of return. my goals are to bring in higher capital appreciation so I am heavily invested in index funds for now.

I am waiting to accumulate enough wealth that I can manage my own stock portfolio. I am currently running a few simulations and trying to study the pros and cons of each strategy to figure out what type of stock picking I'd be most comfortable with.

[SIXPAK GQ]

are you into penny stocks?
do you have a financial advisor?

[reaz]

are you into penny stocks?
do you have a financial advisor?

index funds.. do you know what those are?

they are funds that track indices. Mine track the s&P 500 and the s&p 400 midcap.

financial advisors are pretty useless atleast in my case.

[SIXPAK GQ]

yea they all involve risks.
what is your net gain so far in all ur investments?

my company matches $1 to $1 on 401K up to 10% and that I maximize that.

[reaz]

yea they all involve risks.
what is your net gain so far in all ur investments?

my company matches $1 to $1 on 401K up to 10% and that I maximize that.

I already gave you my opinion on "risk"

Everything in life has a risk associated with it. If I worried about risks I'd stay in doors and do nothing. But I know despite the risks if I get into a car I'll get to work eventually. Same goes with investments. There is a risk but if I stick with it long enough I'll gain.. atleast more than one would with a savings account.

I've only been in the workforce for a little over a year. Since I had to switch 401k firms in between I have records for the last 6 months and 10 months or so before that. Overall it appears I've gained around 10% so far. I must admit most of the growth came after I moved into index funds most probably because of the low expense ratios. Also I didnt switch funds in the last 6 months.

But I am not too bothered. I have another 30 years in me provided I live healthy and nothing misfortunate happens (i.e. I die or something).

I have $.67 per $1 upto 6% of my salary. I contribute 6% to that. 401k don't make much sense to me because I'll probably retire in a higher tax bracket. So I am in it for the matching.

[SIXPAK GQ]

I already gave you my opinion on "risk"

Everything in life has a risk associated with it. If I worried about risks I'd stay in doors and do nothing. But I know despite the risks if I get into a car I'll get to work eventually. Same goes with investments. There is a risk but if I stick with it long enough I'll gain.. atleast more than one would with a savings account.

I've only been in the workforce for a little over a year. Since I had to switch 401k firms in between I have records for the last 6 months and 10 months or so before that. Overall it appears I've gained around 10% so far. I must admit most of the growth came after I moved into index funds most probably because of the low expense ratios. Also I didnt switch funds in the last 6 months.

But I am not too bothered. I have another 30 years in me provided I live healthy and nothing misfortunate happens (i.e. I die or something).

I have $.67 per $1 upto 6% of my salary. I contribute 6% to that. 401k don't make much sense to me because I'll probably retire in a higher tax bracket. So I am in it for the matching.


you risk investments are also locked up for a long time too. savings account is liquid.
the money that you company matches is free money. might as well take it

[reaz]

you risk investments are also locked up for a long time too. savings account is liquid.
the money that you company matches is free money. might as well take it

definitely.. that's why i am in the 401k plan. just for the matched money.

i dont need the money in the near future so i'd rather not have liquid money that is not going to beat inflation.. i want to substantially beat inflation rates. with a savings account you cant beat inflation substantially.. for instance as i showed you due to tax you only gain 4.125% apy through out the year if the same 5.5% rate applies to your account for a year.. the rate of inflation is 2-3% per year.. so you're not really gaining much..

by giving up liquidity (which I don't really need) I am set to earn more and lose less.. i think its more prudent. atleast for someone my age. i dont expect to need these funds till i am 60 or so when i dont have a job.. till then i keep aside the money that i dont need to use.. invest and reap rewards later..

[SIXPAK GQ]

definitely.. that's why i am in the 401k plan. just for the matched money.

i dont need the money in the near future so i'd rather not have liquid money that is not going to beat inflation.. i want to substantially beat inflation rates. with a savings account you cant beat inflation substantially.. for instance as i showed you due to tax you only gain 4.125% apy through out the year if the same 5.5% rate applies to your account for a year.. the rate of inflation is 2-3% per year.. so you're not really gaining much..

by giving up liquidity (which I don't really need) I am set to earn more and lose less.. i think its more prudent. atleast for someone my age. i dont expect to need these funds till i am 60 or so when i dont have a job.. till then i keep aside the money that i dont need to use.. invest and reap rewards later..


i dont spend a lot. infact acording to bankrate.com, i am spending much less then the national average person in the usa. higher salary doesnt mean much. its not how you much earn sometimes, its how much u save.

[reaz]

i dont spend a lot. infact acording to bankrate.com, i am spending much less then the national average person in the usa. higher salary doesnt mean much. its not how you much earn sometimes, its how much u save.

you missed the point. i am not saying you're spending a lot. i am talking about not needing the money now and that's why giving up liquidity for higher returns. has nothing to do with how you or i spend. but more to do with whether we are willing to give up our liquidity or not.

and higher salary means higher tax bracket. so yes, it does mean something. i know in my field by the time i retire i'll be earning upwards of 100k in texas. i'll be in a different tax bracket and since i'll have to pay taxes on my distributions from my 401k it's not really a good idea to use a 401k to defer taxes now. however since i am being matched it's not a bad deal either.

[mani_nami]

how much intrest per month i,ll earn if i invest $10k with elaon.and how much will be taxable

[SIXPAK GQ]

how much intrest per month i,ll earn if i invest $10k with elaon.and how much will be taxable

5.50 APY.

tax depends on ur tax bracket for the year and how much u earned

[reaz]

apparently Eloan has a 5k minimum requirement. now it makes more sense why they can compete so well with banks like hsbc or emigrant who are currently at a 5.05% apy.

[SIXPAK GQ]

apparently Eloan has a 5k minimum requirement. now it makes more sense why they can compete so well with banks like hsbc or emigrant who are currently at a 5.05% apy.


yea. u better have 5K if you want to earn some decent interest with eloan.

[reaz]

yea. u better have 5K if you want to earn some decent interest with eloan.


Yea. I don't keep that much cash at hand. Most of my savings get invested. I am trying to reach a point where cash makes up 5% of my portfolio at most.