EverBank (NYSE: EVER) is a financial services company that provides banking, mortgages and investing services.
They are based in Jacksonville, Florida and if you’re from the area you probably know about EverBank Field, host of the Jacksonville Jaguars.
While EverBank’s mortgages are quite popular for the company, they also do a great job providing online banking products and brokerage services with EverTrade Direct Brokerage. All in all, they’re doing good things and have over 25 billion in total assets.
I’ll focus on EverBank’s best banking products in this article, which includes their high-interesting checking, money market, and CD(Certificate of Deposit) account options. These online banking products are available to everyone nationwide.
EverBank’s Yield Pledge Checking And Bonus Offer
EverBank’s Yield Pledge Checking is an online interest earning Checking account, and is a very respectable option if you’re in the hunt for one (I’d compare this to the Capital One 360 Online Checking before deciding).
The rates for just about all interest earning Checking accounts can vary, and that’s why EverBank sets themselves apart with a guarantee. The account gets its name from the promise to keep the yield in the top 5% of competitive accounts, which are accounts from the top 5 banks and top 5 thrifts in the United States.
If you’ve been banking locally with all the brick-and-mortar big banks around, likely you’ve come to realize their checking accounts don’t offer much in terms of earning interest. This goes for Chase, Bank of America, Citibank, Wells Fargo, etc.
This is an online only Checking account, and EverBank does not own or operate any ATMs. A benefit of this is that they will refund ATM fees automatically every month on accounts with a minimum average daily balance of $5,000.
Similar to the major banks, EverBank is an FDIC insured federal savings bank, with the standard insurance limit of $250,000.
Special Bonus Rate For New Customers
New customers to EverBank’s Yield Pledge Checking get a special bonus rate.
Below are the current rates:
Bonus 1-Year Intro APY: 1.11% On Balances Up To $250,000
Balances
Ongoing APY
$100,000 – $10,000,000
0.61%
$50,000 – $99,999.99
0.51%
$25,000 – $49,999.99
0.41%
$10,000 – $24,999.99
0.36%
$0 – $9,999.99
0.25%
* First year APY reflects a 1-year introductory rate available to first-time checking clients on balances up to $250,000. Ongoing APYs otherwise apply.
The Yield Pledge Checking Account Features:
$1,500 Minimum opening balance
EverBank ATM fee = $0
Unlimited ATM reimbursements with minimum $5,000 balance
Free Online & mobile banking
Make deposits from home free
Use the EverBank Mobile App to deposit checks, check balances, pay bills, and transfer funds
Additional online security
Learn MoreAt EverBank
Other Online Bank Accounts To Consider:
Capital One 360 Review: $50 And $1000 Bonus Promotions!
EverBank Review: Checking, Money Market, CD Promotions And Bonuses
Best Chase Coupons, Promo Codes, Offers September 2016
Scottrade Promotions: $2,000 Bonus Cash Offer & More
Northpointe Bank Review: $50 Bonus And 5% APY Checking!
Discover Bank Online CD Rates Up To 2.30% APY
BBVA Compass Bank Checking, Savings, CD Account Promotions
Discover Online Savings & Money Market Promos: $100 Bonus
Ally Bank Online Checking, Savings, Money Market, CDs Promos Up To 1.75% APY
USAA Bank Online Checking, Savings, CD Promotions
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EverBank Yield Pledge Money Market Bonus
If you don’t already know, money market accounts are basically an alternative to a traditional savings account where the interest rate is typically higher, along with the minimum account balance requirement being higher as well.
While you do have access to the funds (compared to CDs, where you don’t without a penalty), you’re limited to 6 typical transfers or withdrawals per month due to federal regulations. Withdrawals that don’t count towards this limit are those by ATM, in person, by mail, by messenger or by telephone.
The cool thing is, EverBank’s Yield Pledge Money Market account only requires a $1,500 minimum to open. In reference to its name, this account also pledges to stay in the top 5% of all competitive accounts.
Also, there is no monthly fee for this account.
Here are the interest rates/APYs:
Bonus 1-Year Intro APY: 1.11% On Balances Up To $150,000
Balances
Ongoing APY
$0 – $10,000,000
0.61%
* First year APYs on balances up to $150,000 for first-time money market clients. Ongoing APYs apply to 1) amounts over $150,000 during the 1-year introductory period; and 2) all balances after the 1-year introductory period.
As you can see, there is also a Bonus Interest Rate for the EverBank Yield Pledge Money Market account.
The difference compared to the Checking account is that you get the bonus interest rate up to a $150K balance vs $100K. The ongoing interest rate also applies to all balance amounts, instead of the tiered rates with the Checking.
So why would you choose to put your savings in a money market account? People typically make this decision when they want to earn more than a traditional Savings account, yet want to have access to the funds just in case, as opposed to a CD (Certificate of Deposit) account. Plus, there is no risk like there is if you put the funds in the stock market, 401K, etc.
Click the button to learn more at EverBank.com.
Learn MoreAt EverBank
Compare To These Money Market Accounts:
BBVA Compass also has a very popular Money Market Account you should look at first. The following banks also have top Money Market Account options (visit our best Money Market rates page here):
EverBank Review: Checking, Money Market, CD Promotions And Bonuses
MyCBB (California Business Bank) Online Checking, Money Market, CD Rates
Capital One 360 Review: $50 And $1000 Bonus Promotions!
Mutual Of Omaha Bank Online Money Market & Checking Rates Up To 0.35% APY
Synchrony Bank Online Savings, CD, Money Market Accounts Up To 2.05% APY
First Internet Bank Review: Checking, Savings, CD Promotions
Discover Online Savings & Money Market Promos: $100 Bonus
Bank Of Internet Checking, Savings, CD Bonuses: $50 Checking Promotion
BBVA Compass Bank Checking, Savings, CD Account Promotions
ableBanking Money Market Savings (1.00% APY) And CD (1.65% APY ) Promotions
EBSB Direct Online Money Market And CD Promotions – 1.50% APY
Dime Savings Bank Nationwide Money Market Account Review
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EverBank Yield Pledge CD Bonus
As you may have guessed by now, EverBank’s Yield Pledge CD option also promises to yield in the top 5% of competitive accounts. These are actually some of the best CD rates in the market for certain terms. I list some competitors below for comparison.
The minimum to open here is also $1,500 and there is no monthly fee. Again, you make the choice of a CD when you can leave the funds untouched for the term of the CD.
Here are the current APY rates:
Term
APY
3 month
0.70%
6 month
0.85%
9 month
0.96%
1 year
1.21%
1.5 year
1.36%
2 year
1.46%
2.5 year
1.46%
3 year
1.60%
4 year
1.78%
5 year
1.91%
* Interest rates and APYs shown for balances up to $1 million. Call for additional rates.
Learn MoreAt EverBank
Best CD Accounts For Comparison:
See my guide on the best CD rates here. Below are some of the top CD accounts for comparison.
Capital One 360 Review: $50 And $1000 Bonus Promotions!
EverBank Review: Checking, Money Market, CD Promotions And Bonuses
Gulf Coast Bank & Trust Online Checking, Savings, CD Promotions
E-LOAN.com Review: Online Savings And CD Promotions
CIT Bank Online Savings And CD Promotions: 5.5X The National Average
MySavingsDirect Hield Yield Savings And CD Account Promotions
Barclays Bank Review: Savings And CD Accounts
Synchrony Bank Online Savings, CD, Money Market Accounts Up To 2.05% APY
First Internet Bank Review: Checking, Savings, CD Promotions
Discover Bank Online CD Rates Up To 2.30% APY
BBVA Compass Bank Checking, Savings, CD Account Promotions
FNBO Direct Promotions For Checking, Savings, CDs
iGOBanking Review: Checking And Savings Account Promotions
Bank5 Connect Checking/Savings/CDs Review & Promotions
EBSB Direct Online Money Market And CD Promotions – 1.50% APY
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