I had an online savings account with Eloan for almost a year because of their high rates. It turns out they were lacking in a few areas that made me close my account with them and switch to ETrade.

When I opened my account with Eloan their rates were very high-around 5.4% APY for an online savings account. ING DIRECT was only offering about 4.5% at this time. I still have an account with ING DIRECT since they have rich full featured easy to use customer interface.

I accidentally made a duplicate transfer from my linked checking account into my online savings account at Eloan.  I realized that this transfer was a mistake just minutes after I made the online transfer and looked for a way to cancel it.  There was no way to do this online.  I immediately called their customer service line to get this canceled however they they stated that they were unable to do so since everything is “automated” and NOBODY has the power to stop this process once it has started.  To top it all off their customer service reps were unprofessional and insensitive to my situation.

Reasons why you might not bank with Eloan:

1. Inability to cancel transfers
2. Poor customer service
3. Cannot schedule future transfers
4. Cannot schedule reoccurring transfers

All of these banks are FDIC insured. The promos do change so check for updates.