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.
Click here to open an account with Everbank
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 Awards
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
{ 23 comments… read them below or add one }
The ability to write checks is certainly a nice feature. Though I’ve been and will remain an ING Direct customer, I applaud Everbank’s product as competition is always good for the consumer. Great review.
Great review. I am definitely going to look into this. People rarely write these days anyways, so that should not be a problem.
I actually love EverBank. I read people complaining about customer service but I never had a problem.
I always hear complaints about customer service but I really don’t understand why. I was always treated nicely and questions were always answered. I think the bank is fine and of course the high interest rate is great.
I’ve been recommending the bank to all my friends because switching from my checking account to Everbank is like getting free money.
The obvious draw towards Everbank was the high yields and I never had a problem with customer support. I never really needed them since everything was done online anyway and I love the high yield, especially for a checking account!
I love Everbank! I first opened an account in December and locked in a rate of 4% for the first three months. The site is so simple to use, since I only using it for transferring money from my checking account. When it comes time to put down our down payment, it will be nice to just write a check from the account rather than transferring it back.
I have been a customer of everbank since March, 2001 and have been happy with all aspects of having it as my primary bank. However effective June 1, 2009 they will institute a new policy requiring a $5,000 minimum to use their “free” bill paying service and also require a $5,000 minimum for their Yield Pledge Money Market Account. In both cases the minimum balance is required or a fee 0f $8.95 per month may be assessed. The current minimum balance is $1500 for both accounts-which I was fine with. I have started the search for a new bank because of these changes.
I like this Everbank and would recommend it to anyone looking for some diversification of their investments (or another savings account). While it’s really a money market account, I don’t think it matters much to the average mom and pop since it’s FDIC insured.
Everbank is great because it offers 1% more interest than everyone else. I don’t like to rate chase but when everyone is at sub 2% and their intro rate is 3%+, who wouldn’t notice?
3% intro rate. What else can you ask a bank to do? Even after the intro rate, it’s still pretty good. As long as you have the minimum funds required to have the fees waived, then I say go for it. You won’t be sorry.
The money you deposit in Everbank is used to fund its mortgage operation, Everhome Mortgage, which is a nightmare of customer abuse and mistreatment. Everhome bought a mortgage I had carried for years on a rental property with no problems. Thereafter, every year they would fail to pay the insurance and cause me to waste hours getting it squared away, yet even though the loan-to-value was well under 50%, they would not drop the escrow and allow me to pay it myself, as I did responsibly on all my other properties. Their customer service line was unavailable more often than not, sometimes for days – this last year, I finally had to look up their corporate headquarters in FL and dial it directly just to reach someone to try to get them to pay the insurance they had allowed to lapse. I finally just paid off the mortgage years early rather than continue dealing with them, and even then, they ripped me off for a couple of days of extra interest. Look them up on Rip-off Report for numerous other complaints. Please take into account the ethics of the company you are dealing with when considering the slightly better return.
I have to say that Everbank is the worst bank I have ever considered using. I deeply regret the choice to open an Everbank account. The high interest rate was definitely the drawing point. But after filling out the application online, I had to PRINT it and MAIL it in. That should have set off alarms for me. Unfortunately, it didn’t. I paid $8.00 to get a CASHIERS CHECK for $25500.00 which then sent OVERNIGHT to the tune of $19.00. So far this cost me $27.00.
After a FULL WEEK, I FINALLY received notification that my account had been opened and that I would receive my account materials in ABOUT another week. OK, NOW ALARMS were going off. I emailed Everbank only to be told that I had to call to get my account number. Everbank “Doesn’t email account numbers because it’s not secure.” So, I phoned per the instructions. The response I got was “Everbank doesn’t give the account numbers out over the phone but you can request an email with the account number.” I still had the email from the first rep, so I read it to the second. After being put on hold to get approval, I finally got my account number so that I could set up online access.
I immediately logged in to set up online access, only to fine that ALL EFT transfers would take a MINIMUM of 4 BUSINESS DAYS!!!!! When you request the transfer, Everbank takes the money out of your account and holds it for 2 business days so that you can’t earn money but they have 2 days to keep using it. Then, on the 3rd day they initiate the transfer. So, either the 4th day or perhaps later, you will finally receive your money. ABSOLUTELY UNACCEPTABLE!!!!!!!!! But I’m not done.
Online bill pay is PAPER CHECKS CUT AND SENT. NOT EFT!!! As if this wasn’t enough, my $255000.00 CASHIERS CHECK was held for a total of 3 weeks!!!!!!!!!!!!!!!!!!!!!!!!! CASHIERS CHECKS ARE CASH. So, needless to say I immediately removed my money as soon as the hold was finally released. I’ve only told you the major points and I strongly recommend that you avoid Everbank like the plague. I guarantee you nothing but aggravation, fury, loss of money, and everything else. In the instant, electronic society that we live in, this antiquated bank needs to give it up and go out of business. Please help me spread the word and put them out of our misery.
Agree with Scott…..I got nothing but a run around, and in the
mean time they are using my desposit.
Please pay due diligence before sending money to this bank. They are not above board! I’d bet several of the initial glowing reviews above are from their very active PR department.
Everbank has been holding my check from Scottrade for 12 days. Still not deposited in my account! They were “confused” about where to put it.
I was promised it would be deposited yesterday but it didn’t happen.
I can’t tell whether it is sinister or just incompetence.
Stay away from EVERBANK and EVERHOME mortgage in Jacksonville, Fla. They have ripped me off for for about 35,000.oo to 40, ooo.00 dollars and mortgage fees, late fees, etc. There phone service is inadequate particullary when it comes to any changes like a zip code or addres change. If you request personal service for there own vault it only last for a short while and then gets evern worse.
Zero follow up, Loss of funds to me because Everhome would not allow me to make payments early on a no prepayment loan and continue to delay monies for there own personal gain….This is not legal. They claim to have left the state to Florida and it appears they are scurting the inevitable Robert Clement’s arrest.
I don’t know why everyone is having so much trouble because I still love the bank. Great rates and no problems so far. It also seems like most people are having issues with the mortgage side when this post is more about the bank and the everbank yield pledge (money market) account.
I heard that Everbank is expanding that they are trying to attract more deposits. If this is true, could a rate increase be far off? It’s looking good for this bank and I have a hard time believing that everyone is having so much trouble with them.
I recently applied for a savings account with EverBank. With an opening fund of $5k, soon to triple, I was /turned down/. For a money market savings account. It first took them a week and four phone calls to even acknowledge they had my paperwork (despite my having a tracking number proving they had it from the first day I called), at which point they said “Sorry, you’ve been declined, but I can’t tell you why”, although in all fairness the guy was really polite about it, and did apologize for the problems.
A week later I got a letter saying I’d been turned down. They’re obviously doing so well they don’t need additional depositors. I can’t say I’m inclined to attempt to do business with them again.
My experience with Everbank has not been very positive. About 18 months after they recruited my buisness banker from BBT , Everbank decided they did not want to be in the commercial banking business and fired most of the commercial loan department. Then Everbank went about the task of calling a lot of the commercial loans they had. This is certainly within the banks contractual rights but it only adds to the problems small business faces in this unprecedented recession. It also helps contribute to the unemployment problem as it has greatly impacted a lot of small businesses ablility to operate.
Seems like I’m the minority here but my account with Everbank has been fine. They are similar to other banks, just with a better yield for my money. I have their yieldpledge account and I’m happy with them so far, although I rarely have problems with any bank. If you are looking for a good return on your money and you want safety, it seems like there are no better choices today.
Does anyone know what happens to your interest rate after 1 year at Everbank? I checked their website and it’s hard to figure out exactly how the rate changes. Please help explain it to me, thanks.
As of Dec. 31, 2009, the current APY is 1.50% after the first year for the high yield account which is .27% lower than the first year APY.