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.
Published or updated July 23, 2012.