E-LOAN raised its CD rates today, and it also has started a new CD promotion. E-LOAN’s 6-month CD is now over 4% (4.02% APY). The 12-month CD yield was raised to 4.35% APY which puts it close to WaMu’s 4.50%.

E-LOAN has also started a new CD promotion. You can earn an extra $500 on a 5-year CD and an extra $250 on an 18-month CD. Both require a minimum deposit of $50,000, and both expire on 9/30/08. Here’s part of the small print for the 5-year CD bonus:

The $500 bonus offering is applied in the form of a 0.20% interest increase applied to the rate in effect on the date a 5 year Certificate of Deposit (CD) is opened. $500 is the minimum additional interest that can be earned when this additional interest is applied throughout the term of the 5 year CD

The 18-month CD bonus small print is the same except that the bonus is $250 and the extra interest is 0.34%. It apppears that if you deposit $100K instead of $50K, you’ll receive twice the bonus.

With these extra bonus interest, this gives the 18-month and 5-year CDs a very competitive yield: approximately 4.70% APY for the 18-month term and 5.30% APY for the 5-year term.