Yes, at 5.50% APY, there is no wonder many interest-rate-sensitive folks (like me) are moving to E-Loan. On a related note, Eloan also silently reduced its CD rate from 5.75% for terms over 2 years to 5.35% to 5.45%. (Still, the 2-year CD at 5.60% is still a great buy.)

PLEASANTON, Calif.--E-LOAN, an online consumer direct lender, today announced that since it launched its no fee, high yield online savings and certificates of deposits (CD) offering five weeks ago, it has received more than $754 million in online deposits. As of October 31, 2006, consumers opened 18,132 accounts, allowing them to receive a high rate of return with one of America's most trusted financial services brands.

"Beating our year end goal in just four weeks is especially gratifying because it means that now more than 20,000 consumers have been able to enjoy a hassle free way to save money while receiving a high rate of return on their hard earned cash," said Mark Lefanowicz, president of E-LOAN. "The customer response to our fast and easy all-online process has been overwhelmingly positive, far surpassing even our own expectations."

"The immediate and tremendous success of our offering proves that when consumers are given a quality product from a name they can trust, there simply is no better alternative," said Joel Bosch, executive vice president of retail banking for E-LOAN. "We've demonstrated that you really can improve an age-old product simply by thinking about what matters most to the consumer."