EverBank Online Banking Review

Offering a wide variety of deposit themed options, EverBank continues to expand its market share for every kind of banking customer.  Founded in 1961 and formed in 1994, EverBank’s headquarters are located in Jacksonville, Florida. And as a testament to how well EverBank continues to progress, the field on which the Jacksonville Jaguars plays its football games is known as EverBank Field.

If you ask any EverBank employee what they specialize in, you’d probably get a different answer every time.  In a very short time, EverBank has become one of the largest online banks in the country by offering a large product line that suits the needs of all savers and investors.  Sure, EverBank offers the vanilla products like CD’s and savings accounts, but what really sets EverBank apart from others are things like Yield Pledge Checking and World Currency CD’s.

Lets take a deeper look into the offerings EverBank brings to the table and see where they would rank amongst the other online banks available today.

Yield Pledge Checking

Anyone in need of a great rewards checking account can stop their search with EverBank.  High interest checking accounts are hard to come by these days and depending on how much you plan to keep in your account, EverBank will offer the following interest rates (as of November 15, 2014; rates subject to change):

First Year APY
$50,000 - $99,999
$25,000 - $49,999
$10,000 - $24,999
$9,999 or less

The EverBank Yield Pledge Checking Account is mostly fee-free, however, there are a few smaller fees that all EverBank customers need to be aware of.  Those fees can be found in the image below, or by visiting EverBank’s current fee structure page.

Yield Pledge Savings Account

Every online bank offers an online savings account and EverBank is no different.  There’s not much sizzle to the EverBank Yield Pledge Savings Account, although it does offer a very competitive interest rate of 0.81% APY.  When you open any EverBank Yield Pledge account, EverBank guarantees the following:

Open a Yield Pledge® account and we promise to keep the yield in your account in the top 5% of competitive accounts as tracked in Bankrate Monitor, a weekly national survey of large banks and thrifts, surveyed by

You can find a few additional details about the Yield Pledge Savings Account below, or by visiting EverBank’s official website.

EverBank Yield Pledge Savings Account

Yield Pledge Money Market

The most well known of all the EverBank products, the EverBank Yield Pledge Money Market Account currently offers a 0.81% APY for all customers.  Oddly enough, this interest rate is the same whether you deposit $5,000 or $500,000 in your MMA.  EverBank used to have tier levels to their interest rates but that idea was axed just a few weeks ago.

While there are no minimum balance requirements, EverBank does charge a monthly fee of $8.95 for anyone’s account that falls below $5,000 in a month.  It’s also important to note that because this is a money market account, there is a maximum of six monthly withdrawals allowed.  That rule is not imposed by EverBank, rather the US government.

World Currency CD’s

EverBank offers CD’s in more than 20 different currencies.  Whether you’re looking to invest your money in the Euro, Peso or Franc, you can do so by acquiring a World Currency CD from EverBank.  The benefit of owning a World Currency CD, when compared to a plain ‘ole United States CD, is that interest is earned at local rates for specific currencies. If you want more details, you can check out our review of Everbank’s World Currency CDs.

Oddly enough, one of the few black eyes that EverBank has had since its inception is a class action lawsuit that occurred just two years ago involving World Currency CD’s.  EverBank decided to leave the Icelandic Krona market, and when all World Currency CD’s in that currency were closed, owners did not like the conversion rate they received.  In fact, more than $40 million was lost, resulting in the class action suit.  I have no doubt that EverBank has learned from that mistake, but there is a risk involved when investing in a World Currency CD, should you choose a smaller market currency.

Everbank World Currency CDs

EverBank happens to be my favorite online bank and it’s no secret that they are slowly taking over the banking world.  Originally, EverBank was strictly an online bank, however, with a few failed Florida bank takeovers, EverBank is dabbling in the brick and mortar game.  FDIC ensured, you can bet EverBank will be around for a very long time and any money you deposit with them is always safe and secure (at least up to the FDIC insurance limits).

For more information about EverBank or to sign-up for any of the deposit accounts, visit

Published or Updated: November 15, 2014


  1. Ginger says:

    I had everbank online savings account and did check out their mortgage department when I was looking for my first house. However, that process did not go well. The mortgage person ended up flipping out at me because I disagreed with him and wanted to talk to his boss. I ended up needing to hang up the phone and call back to get someone else to pass me alone to his superior. Though I got an apology the flip out made me unwilling to keep the accounts (both my fiance and I had) open. We moved our money to ING and got our mortgage from my credit union, and with a better rate as well.

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