A Review of EverBank’s Online Banking Services

EverBank offers some of the highest yields on savings, CD and checking accounts. In this EverBank review, we cover these rates and Everbank’s fees.

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 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 CDs.

Let’s take a deeper look into the offerings EverBank brings to the table and see where they would rank among 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:

First Year APY
Ongoing 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. There is no monthly fee and no fee for online bill pay. In addition, EverBank offers a 1 year bonus interest rate of 1.21%. They also offer mobile check deposit and unlimited ATM reimbursement when you maintain a minimum average daily balance.

Yield Pledge Money Market

The most well known of all the EverBank products, the EverBank Yield Pledge Money Market Account currently offers a 1.05% – 1.25% APY for all customers. This interest rate is the same whether you deposit $5,000 or $150,000 in your MMA. It’s important to note, however, that the bonus interest rate of 1.50% for the first 12 months applies up to $250,000.

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 CDs

EverBank offers CDs 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.

Everbank currenty 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-insured, 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 www.EverBank.com.

Topics: Banking

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2 Responses to “A Review of EverBank’s Online Banking Services”

  1. I was looking into a CD as I need to earn a bit of interest but need the money in a few years. EverBank had the best rates, but I also did a search for reviews and many of the reviews for this bank are atrocious. Many customers didn’t get the correct APY rate, had issues opening their accounts, terrible customer service, etc. I chose to stick with Capital One 360 (formerly ING) where I’ve had a checking and savings accounts with for 10+ years without any issues at all.

  2. 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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