Eloan.com Latest to Enter Online Savings Market

E-LOAN, a company with a core function of providing a loan service has entered the Online Savings realm with a current rate of 5.5% APY. This is quite a margin over popular ING Direct with a corrosponding rate of 4.40% APY, and slightly more than Emigrant Direct's 5.15% APY. Unlike the majority of the major players in the online savings account business, E-LOAN requires a minimum investment of $5,000 to open an account.

So who has the best rate AND the best features? That depends on the individual, your time horizon, and your comfort level with each online merchant. If you have the dough, E-LOAN might be worth a try. Otherwise, stick with an online bank with no minimums and no hassles, like ING Direct.