Update: This offer is no longer available. You can check out current checking account deals here.
Bank of America has taken it on the chin the past few weeks after announcing it would charge a $5 monthly fee to all customers using a debit card. The sad reality is that Bank of America is not the first or the last bank to charge customers a debit card fee. And it seems to be getting harder and harder to find a no fee checking or savings account. Swooping in to take a share of the business Bank of America will lose is EverBank, which is currently offering a $60 cash bonus on new checking accounts.
If you compute the quick math, a $60 cash bonus is provided because that’s the amount consumers will lose each year by using their BOA debit cards. In addition to the cash back bonus, EverBank offers a pretty solid interest rate (when compared to other banks) for keeping your money in their FreeNet checking account. Current interest rates are as follows:
In order to receive the $60 bonus from EverBank, you must abide by the following rules:
- Make an initial deposit of $1,500 before November 30th, 2011
- Have an average daily balance of at least $1,500 until the end of this year
- Make one direct deposit of at least $500 before January 31st 2012
- Keep the account open until February 29th, 2012
So what makes an EverBank checking account better than others you ask? Well for starters, they won’t charge you a monthly maintenance fee, and if you keep a balance of at least $5,000, you won’t be charged for online bill pay either (otherwise $8.95 a month). Perhaps the coolest feature this account has is that unlimited ATM fees are reimbursed for accounts over $5,000. This means if you need cash and you use an ATM which charges a fee, EverBank will refund that fee no matter the cost. Depending on how often you use an ATM, this could mean a savings of a few hundred dollars annually.
You may not be familiar with EverBank, but they’ve been one of the strongest online banks for the last five years. And they currently offer a wide variety of deposit products. This current $60 bonus is scheduled to expire the last day of November.