Everbank is another short term saving account option. Unlike others I’ve discussed before, this is a money market account instead of a high yield savings account but for most intends and purposes, it makes no difference. Is EverBank worth the trouble of opening an account? In particular, is the Everbank Yield Pledge Money Market Account up to par? Let’s find out in this review.
A Little About EverBank
While I was searching for news on this bank, I was happy to see that unlike many of its peers, EverBank pretty much avoided the whole mortgage mess. In fact, the third quarter of 2008 for the bank (when many other banks were in the middle of scrambling to keep afloat) meant record year-to-date earnings, record deposits, and record capital. It’s nice to know that the online bank is firing on all cylinders because while most of these types of accounts are FDIC insured, I really don’t want the emotional stress of having any companies I deal with go bankrupt.
What’s a Everbank Yield Pledge Money Market Account?
EverBank’s Yield Pledge Money Market Account is a money market account offering, and there is a minimum balance requirement of $1,500 when opening an account. Traditional money market also limits withdraws per month, but since the limit is six for EverBank, it is a non-issue as online savings accounts are also limited to six per federal regulation. In addition, features include:
- FDIC Insurance
- High Yield
- The Ability to Write Checks (3 a month) – A nice feature that the competition doesn’t have
EverBank received numerous awards through the years for its online innovation and product offerings like:
- BauerFinancial Star Rating “4-Stars” (2008)
- VERIBANC “Green/*** Rating” (2008)
- Money Magazine “Best of the Breed” (2007)
While I’m not familiar with all these different awards, it’s nice to see whenever a company wins anything. Furthermore, Money Magazine is certainly a trusted name so winning the best of breed award certainly inspires confidence.
Is EverBank Right For Me
The introductory rate of 3.00% is unbeatable in this market, and 2.00% thereafter is still very high. In fact, EverBank pledges to keep the yield of your account in the top 5% of competitive accounts as tracked by Bankrate.com.
Also, while the bank only limits you to three checks per month, I find that it is plenty in this day and age where I seldom write checks. For those that have at least $1,500 and want a safe place to keep your funds that offer one of (if not the) highest yield available, EverBank is definitely a bank you should seriously consider for your funds. I certainly would.
Note: They also have a checking account and certificates of deposits which are great. If I were you, I would go check them out.
- EverBank – Official Site
Everbank is just one of the online banks we reviewed on MoneyNing.com. Click here for the list of high yield savings accounts we recommend.