Everbank Review w. 90+ User Opinions

by · 109 comments

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

everbankWhile 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

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 is just one of the online banks we reviewed on Click here for the list of high yield savings accounts we recommend.

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{ read the comments below or add one }

  • Frances Gee says:

    Everbank put a judgement on a piece of property I own because I held a second mortgage which I never received a dime in2007. They put this on in 2015 to a small vacant lot I own and sold without title insurance Everbank sold the original property I held the 2 nd mortgage on years ago Then they filed this judgement I’m a 76 year old widow now and have contacted their attorney with no luck I have never owed them anything or had any business with them. I guess I will have to take them to court to get their attention. Poor excuse for professionals

  • Michael says:

    Looking to open account , for Currencies trade,
    Glad I did my research , it will not be with Everbank
    Alyson Brignac , the way you respond to clients is deplorable
    I will not give you a change with me.
    Yes I do have a business, So I have face to face with my clients, and even if they are wrong , I would NEVER respond in the matter like you have here .

  • Roger Fortun says:

    My commercial loan was sold to Everbank from GE. I wanted to refinance the note closer to today’s rates, but was informed by Everbank that the prepayment penalty would be the entire amount of interest payable for the life of the loan. I’m ten years into a 25 year note and the prepayment penalty equates to about 17%.!! Due to the drop in real estate values this equates to more than the equity in the property. I would be happy to pay a reasonable and normal prepayment fee, but I’e been told by their representative that it cannot be negotiated. Beware of this bank!

  • jeff says:

    I just opened a money Market Savings, Checking and CD with Everbank. The customer service rep sent me all the doc, already filled out, via Fed Ex with a pre-paid Fed Ex envelope to return the package. I signed the papers and sent the package back. Let’s see what happens?
    Question – if a bank is FDIC insured, are all three of the accounts I listed above, safe and protected? Why did Everbank’s foreign currency CDs lose money for those who bought them? How do I know I am in a simple safe CD?

    • Vazir Mukhtar says:


      The value of foreign currency CDs depends on the exchange rate at the time earnings are posted to the CD. EverBank is insured by the FDIC, but not all products the Bank offers are so insured. That caveat is stated, but perhaps not so obviously in Everbank’s materials as a would-be investor would like. One of the caveats a prospective investor in foreign currencies should be aware of is whether that currency is readily convertible. That information is provided by the Bank, typically in a footnote. At one time the Brazilian real and Indian rupee were listed as not readily convertable — perhaps not in those exact words.

      To know what type of CD you have bought, check the papers you filled in.

      Judging from the comments here, the hassle some customers have had is not worth the seeming advantages of higher interest and a broad range of products. Customer service evidently depends on the individual providing the service. Training may be excellent, monitoring its agents’ performance may be first-class; if so management are doing little if anything about weeding out the discourteous, inefficient, etc., employees.

  • Carol says:

    I recently discovered EverBank at I’d never heard of them before, but I’m always interested in the highest interest rate on CD’s, & they had it. They’re FDIC-insured, so I felt safe.

    I bought an EverBank CD online on 1/15/14. The process involved filling out a form online, printing it out, signing it, & mailing the form + a personal check to EverBank – SOP these days & fairly painless. EverBank sent me several emails, keeping me informed of what was happening on their end. When I finally received the CD (via snail mail), the actual issue date was 1/22/14. A 7-day gap seems a bit long, but I didn’t complain.

    On 2/1/14 (a Saturday), when I wanted to open another CD, I decided to enroll in online banking first. I filled out the forms, clicked on the links, & was rewarded with a “You’ve Been Successful” screen. When I attempted to log on, username didn’t work. Password didn’t work. Even my e-mail address didn’t work. I tried to call customer service, but I couldn’t tolerate the horrible background music.

    I got through to customer service on 2/2/14 (a Sunday). “Oh! We have to enter you manually when you have a CD (rather than a ckg. acct.). That’ll take 3 business days.” Enter manually??? Are we living in the typewriter age?

    So I bought my CD at a different online bank. The interest rate is slightly lower, but there’s zero aggravation.

    I waited till mid-afternoon Thursday & tried to log on. That gave EverBank 3.5 days to enter me manually. Nope. Username & password still don’t work. (I didn’t bother to try my e-mail address.) Called customer service. She put me on hold for a while & then told me to re-enroll in online banking. That should work instantly.

    So I re-enrolled with a new username & new password. When I got to the final screen, it told me it’d be 1-3 business days till this is set up. Three business days will put me into next week. NO WAY should it take 8-10 days to set up online banking.

    EverBank has one more chance to keep me as a customer. Ease of use counts as a lot with me, & right now, EverBank doesn’t seem to have it.

    • Denise says:

      I don’t know how this happened, Carol. I never had problems with EverBank. My checks always cleared without any fuss. They were always polite on the phone.

    • Carol says:

      Update – 2/7/14 – I just received an e-mail from EverBank. They have granted me access to online banking. Activating my online access required another phone call to customer service, a robocall from EverBank, & some more input from me, but I finally have online access. I have never encountered a bank such such a complicated procedure. I certainly hope things go more smoothly in the future.

  • Denise Wright says:

    I never had a problem with Everbank. If I have a question, I ask online, not on the phone and they’re always competent. And they’re so nice. I needed to cash in some CDs early to pay for Sandy damage to my condo and they let me have the $$ w/o any penalties.

    But it doesn’t sound like a good mortgage bank, from the comments I’ve read here. I contacted Weiss ratings and they said sometimes the bank is a C. If you want foreign currency bank accounts, this is the only place to go, unless you can go to NYC and open a yuan account at the Bank of China. (It can’t be done online) The others are mutual funds like Merk or Franklin Templeton.

  • Soon to be Ex-Everbank Customer says:

    I’m a new Everbank customer and am finding that every step of the way, there has been a problem. They “hold” money over a certain amount for five business days minimum, even though it was withdrawn from my other bank already. They blame it on the clearing house. Yes, those electrons take a long time to get from my other bank to Everbank. Some of their phone reps are pleasant, but mostly snotty with a “screw you” attitude- “that’s the way we do it- you should have read the terms and conditions” as I was told. Everbank truly does suck and I’m profoundly sorry that I ever went through the nightmarish process of opening accounts with them. Beware- they are everything you don’t want a bank to be. I will be gone soon.

  • Denise says:

    Don’t waste your $$ on Marketsafe CDs. I put in the minimum $3000 for a five year CD and after 2 years I made $1 in interest. Big wow.

  • david edsall says:

    Everbank does have a Weis rating of D and a Bauer rating of 4 star ( out of 5) and a bankrate of 3 star ( of 5) so they are all over. Does anyone know these different ratings. How are they influenced? is one or another paid for by the banks they rate?

  • Jonathan says:

    It’s always good to hear stories of banks that have actually faired well in the financial crash. I think it shows good management and foresight, which is a rarity in the current world financial turmoil. Thanks for an excellent review and analysis as ever.

  • Alyson Brignac says:

    “I don’t know if it because we look different than others”- does this mean that you met someone face to face? Does this mean that you weren’t paying your mortgage timely? Are you implying that they had a racist attitude? You are not offering reasons for your displeasure. You can just blatantly accuse a company of not servicing your needs – but without details to back them up – your words don’t mean anything.

    • Dealy Nettyar says:

      Alyson – Do you work for EverBank? Why such hostility to other people’s comments? Others are merely sharing their experience based on what actually happened with them. So far you haven’t shared your personal experience with this bank. Without contributing anything to the topic, what gives you the right to call others lazy/stupid? Is that really intelligent?

  • Wynette Mcwilliams says:

    We have a mortgage with Everbank. We have had incompetence from day one. I don’t know if it because we look different than others but their customer service is horrible. Watch out and avoid using them. We would not have used them if our loan was not sold to them. I am awaiting response from their higher ups to see which way we should go.

  • Texas Xeina says:

    I opened a Commodities CD last yr and recently wanted to move it to our new financial adviser’s recommendations But guess what I CAN’T!! EverBank never told me it can’t be touched until 2016!!! I was never told this initially & I am trying to find the fine print in the 80+ pages they send me where it states this CD can’t be touched for the full term of the CD.

    • Denise says:

      I have the same CD, I’m pretty sure it’s a 4 year CD. I was careful not to send in money I might want for something else instead later. I thought that’s the way CDs work at any bank, you leave the money there till the CD expires.

    • Vazir Mukhtar says:

      Texas Xeina –

      1. As a preliminary step, you could Google something like “cashing in a CD early” or “cashing in a Commodities CD” — use your imagination — and see what that turns up. You may get help from an officer in the bank you use in your community.
      2. Look at your papers and determine the location of the EverBank office you dealt with when you bought your Commodities CD. It may have been Jacksonville, FL or St. Louis, MO, or somewhere else.
      3. Find out the name, address and telephone number of the department in that state that supervises banks.
      4. Contact that department, get the name of the person you speak to, the date of your conversation, etc., and explain what has happened, what you would like to do, etc., and ask how you move that CD. Now there very well may be a penalty for “cashing in” the CD before its term is up. Assume you can do what you want to do. So your position is not: CAN I do this, but: HOW do I do this. You should receive “official” information about your situation and you can proceed from there.

    • Alyson Brignac says:

      Texas Xeina – you are a prime example of someone who doesn’t read the fine print. 80 pages or not . . . you signed a legal document. Saying that you did not read it is akin to admitting to everyone on this board that you are financially inept and lazy/stupid or both. Sorry . . . the truth hurts.

  • tourmaline says:

    I just closed my account with EverBank. It took more than 5 days for external transfer to clear. I spoke to the customer service but they insisted that it was other bank’s issue. I have multiple bank accounts (Chase, Union Bank and ING). None of them have taken more than 3 days!!

    • Alyson Brignac says:

      External bank to bank transfers can take 3 – 7 BUSINESS days. That’s standard. Probably listed on their website. If you needed your money sooner . . . why did you put it into a bank that you didn’t have direct access, i.e., ATM, drive up, to?

  • SL says:

    We are looking into EverBank charging unauthorized overdraft fees to its accountholders. If you think EverBank may have charged you with overdraft fees, feel free to send me a message to discuss it.

  • Lee says:

    I have experienced the same types of customer service issues. They have a great product, but need to work on their service a bit.

  • Unhappy Customer says:

    I have been an everbank customer for 5 years. We have had multiple types of accounts. As of this week we will have pulled our last account due to awful customer service and a glitchy website. I can not tell you how many problems I have had with the site. There was a literally two times when I noticed trades I did not initiate in my trading history. These were multiple trades done after hours. When I called they gave me some excuse and adjusted my balances and erased the history. Now I open my account page and it says I have $0 in my IRA. I have had it with this bank. There have been multiple issues of trades not taking place, GTC trades being erased, etc. I was attracted to Everbank because of the ability to hold foreign currencies as well as holding physical gold in an IRA account. However, the mismanagement of funds/website has frightened me away from them for good.

  • Van says:

    Denise is wrong on a couple points.

    There are other sources for buying foreign currencies. Schwab, E Trade, and EverBank’s brokerage arm will allow you to buy foreign currencies. You don’t have to buy a stock in that currency afterward. There may be other firms that do the same.

  • Les says:

    Everbank is a dubious operation. I’d recommend a better place for your money with bettter management. Check around.

  • Denise Wright says:

    I read all the complaints. There’s no one else to buy foreign currencies from so you’re stuck with Everbank unless you want a fund- Merk Funds or Franklin Templeton. Foreign banks don’t allow Americans to open off shore accounts anymore.

  • Vazir Mukhtar says:

    To judge from the bulk of the comments here, EverBank seems to have more problems in consistency of service than anything else.

    One person I remember remarked on the rates — lower than a couple of other banks.

    I have two accounts with EverBank (no problems so far) and on the basis of the negative comments have decided to do the following: when I get lousy customer service or run into another problem not solved within a day or two. I will have already gotten the full name of the person(s) I talked to, recorded the date and time of my conversation and then will write the president of the bank, outlining the problem(s).

    If I have not received an answer within ten days, I will write the president again with a cover letter and copies to the appropriate federal agency (I can’t remember which one — Comptroller of the Currency?) and will continue to do so until the matter is resolved or I become so frustrated that I turn the matter over to my congressman.

    In the meantime, I’m going to look for another institution — just in case.

    Out of curiosity — has anyone of you who has experienced problems written anyone at the bank or any federal institution that oversees banks?

  • Jack Beach says:

    Everbank is the worst bank in terms of customer service, reliability, and return of investment. Their foreign currency CDs are not returning any money because the bank overcharges for transaction fees. Their reliability is bad because when you send them your cheque and paper work it is lost for days, they cannot tell you whether the funds were processed and where. Customer service is dismal and when you start pushing for answers their employees get frustrated under pressure and become rude. This must be the worst bank to work for!!! Given the reviews if only one half of the complaints are true I would stay away. The nice comments about the bank seem meaningless and fabricated. This is not a bank I would deal with. STAY AWAY STAY AWAY STAY AWAY. The incredible return on their chequing account is likely due to the fact they ripped foreign currency CD holders – 50 million dollars and growing. If you don’t believe it, check the public records, court documents, wikipedia – you will see….

  • Gershon says:

    Everbank advertises a Foreign Currency Deposits product otherwise known as World Currency CDs for depositors to in effect buy a foreign currency CD while leaving their money in the US. In reality, the same result can be achieved by buying a foreign currency forward contract and depositing your money in an FDIC insured bank of your choice.

  • Funky says:

    Sounds like a lot of you want to rename this NEVERBANK.

    I agree that EB’s customer service is definitely lacking in “service,” but it’s not deplorable. My concern is whether the bank will remain open. (Gov’t is shutting down banks left and right these days.)

    What I find suspicious about the sign-up process, is where it says make your check out to Everbank. I’ve never opened an account with a check made payable to the bank. It’s always in my name.

    • Denise says:

      Everbank’s Weiss Rating is a D. I avoid most of their offerings, but do foreign currencies since no one else does this that I know of. If the bank is closed someday, I guess we’ll all have to make do with foreign currency mutual funds.

  • Leo says:

    I’m stuck with Everbank after i mistakenly routed to open a Yield Savings IRA from their website (it gave me the wrong form) instead of their Metal Select account..Now i cannot close the Savings IRA without a penalty so i’m forced to re-apply to the right account (send paper mail again)…Since i’m already into this, what is the benefit of having a Savings IRA now in addition to the flexibility and possible tax deduction? If its good to keep it a Savings IRA then i’m plannign to keep it instead of pursuing the Metal Select account (non-FDIC insured)…

  • Beth says:

    Just go with ING they are by far the best bank to deal with. I also had discover bank they are good also. No problems. Or try a credit union. 🙂

  • Denise says:

    I may get a foreign CD or the cheaper world currency access account – Brazil or Singapore. What does the 1% fee amount to? $100? Anyone having problems outside of Iceland? Let’s not forget Iceland went bankrupt. When you buy a foreign CD you have to keep track of the country economically. If the country’s going broke, sell the CD soon as it matures or exchange it for a better country. Buy a financially stable country in the first place.

  • Thomas Joseph says:

    I’ve decided to stay away after reading these comments. I have ZERO problems with Ally Bank, Discover Bank, Met Life Bank and ING. I’ve been switching my cash to Ally Bank and using this 2 year CD they have where you can get a one-time rate increase within the term if rates go up. This is a nice little product and I think they are the only bank that has it. Hope this info helps.

  • Peter Lee says:

    I’ve been Everbank customer for 10 years. Customer service was satisfactory ’till early this month. They froze my account when I only asked for a stop check. Customer service lied to me when they told me a couple of days to open another account. Took them 10 days to open another account. All that time, I had to call customer service 5 times to do that. I am swiching to another bank….. Bad customer service..

  • larry says:

    Have had an account with them the last 10 years. Use to like them. Service is now bad and the website hasn’t been updated when compare to other banks, security and usability is a joke. They are online and you expect that online is faster and more convenient – not so a lof of things still require manual process behind the scenes. Upshot no longer recommended and looking for an alternative.

    They do have some innovative products but I now expect them to underperform. eg Foreign currency CDs are not competitive with ETF products and you’re not tied to a term period. Gold MITT like product introduced in 2005, Gold has climbed 300% since then your return with them 180% after tax 150%.

    The multiple divisions don’t seem to be well coordinated. In the 2008-2009 I never got my 1099 for certain CDs (related to some icelandic Krono CDs) but they filed it with the IRS. Though this is also partially my fault this really pissed me off as I had ask multiple times for copies of my 1099. Upshot I underreport a few hundred dollars in interest and had to spend a few days going through reams of past statements consolidating the interests.

  • Johanna says:

    I applied for an account with EVERBANK and after 2 weeks of my money in limbo I called only to be informed that I was declined… Declined to open a MMA DEPOSIT ACCOUNT…… Not only was I declined but the rep that I spoke with couldn’t even tell me why. My credit is great, I have money in other institutions and I am approved for credit from any organization I have requested it from. But some how I was refused the ability to give them some of my money. I am still waiting on documentation explaining why I was declined as well as my check that is well over $15k, and they would have gotten more. I don’t expect much from an online savings account other than a good rate and the ability to transfer funds to and from easily. Apparently my money wasn’t worthy of their returns. Bad business and very discouraging to ever consider them for future business.

    • Banker says:

      no one is questioning your financial worthiness.
      upset over two weeks float? how much interest lost … ten bucks?

    • Beth says:

      You were declined ?? Your info did not match your info on your credit profile. They are very strict about that. But they should tell you that. So if your address or work info is not up to date on your credit then you will be denied. 🙁

  • Mary Ellen says:

    I inquired with Everhome Mortgage regarding the government sponsored programs for people up to date on their mortgage. They convinced me to hold off making payments for 5 months and that this was the procedure & that they get rolled back into the mortgage with lower payments.
    After 5 months they sent me a notice of foreclosure & $1000’s of added fees for their lawyer. Ever since then my payments get lost, held & refused… sometimes they’d take my payments by phone + large processing fees & not take the money from my bank account. I’d call, they’d deny ever processing the payment, I’d make a double payment & for additional fees be able to have a receipt # that proves the payment was made. THEN, they’s process all 3 payments including the one they denied ever processing. So, now they have fees, 3 payments & I have an overdrawn bank account with $100’s in fees for being overdrawn. The most outrageous part of this particular event is that they only applied 1 payment to my actual mortgage payments & used the other 2 payments to “pay the attny’s.”
    Everhome is the most unethical institution I have ever had the misfortune to be forced to do business with.
    I’ve consulted my lawyer several times & we’ve been chasing them around for about a year now.
    This is probably where their above mentioned profits are coming from.
    Profits from middle class families trying to make ends meet & can’t afford lawyers.

  • Chuck Iwanski says:


  • Chuck Iwanski says:

    My daughter had her mortage taken over by this bank and it has been bad in every way . Payments sent in ( bank Check) registered mail and they would sign for it and not cash the checks for a long enough time so they could charge the late charge , over and over . Where are the Gov’t regulators , since if you read the complaints on there site this has been going on for a long time with nothing being done about it . We have paid lawyers and written to our congressman , all to no avail . STAY AWAY FROM THEM –BAD NEWS ALL THE WAY …..

    • Alyson Brignac says:

      It sounds like the issue is the manner in which your daughter is paying her mortgage. Who in the world pays a mortgage with a paper check – even in 2010? Pay your bills electronically and you won’t have an issue.

  • Barry Lunn says:

    Stay away from doing business with this company. They are slow to respond and make you jump through hoops to even open an account. I would hate to see how they operate if you would try to borrow money from them.

  • windshield repair kit says:

    The site is so simple to use, since I only using it for transferring money from my checking account.

  • RDC says:

    EverBank’s interest rate of 2.25% for the first 3 months and 1.51% thereafter (as of 8/30/10) apply only to the first $50K in the account; amounts over that earn only 1.25%, lower than Ally Bank (1.29%) or American Express Bank (1.30%).

  • Chet` says:

    My daughter had her mortage assumed by everbank and too say they put her thru hell is a vast understatement . Legal fee’s despite reciept of her payment by certified check . On –and — I could go but it is very much the same as the other posts above except much worse because it involved her home . DON’T GET INVOLVED WITH THEM ………

    • Robert says:

      It aqctually encourages me to sign up for an account with with this company for you to say that their mortgage division hassles delinquent borrowers. At least it seems they are making efforts to stay in business and protect my assets.

      Anyone have experience with their foreign currency accounts? I am interested in opening up a Euro and Pounds Sterling account. Will need to do IBAN transfers on a regular basis and will want to transfer between currencies depending on fluctuating exchange rates. Anyone?

      • Lynne says:

        Everbank customer since 2000 and have nothing but positive comments.
        Robert; Re foreign currency accounts. Look at their World Currency Access Account(WAC) for your purposes. Minimum deposit for this account is $2500. You can hold your funds in Euros, GBP and many other currencies. Conversion can be done within WAC and/or to/from a checking or MMA and conversion rates are within 1% of “market/Spot” – rates. Trades take 2 business days to clear.
        I have been an Everbank customer since 2000 and have found them to be excellent. I have checking, MMA and WAC.
        You can investigate online from – World markets or call World Markets directly at 1-800-926-4922
        They are on CST

  • Carol says:

    My husband and I have had an account with Everbank for a couple of years without any problems generally. I was bothered by the limit on the ATM fee reimbursement and the fact you had to send in the ATM receipts to get it (a pain), but they changed that policy and now automatically credit up to $3 per ATM transaction. I did have a bit of a challenge when I was sending a wire transfer for a down payment on a house. I called twice before the closing day to make sure I understood the process and no “amount approval” was needed. On closing day, the wire did not appear when expected and I got a message saying they needed me to call and verify who I was before they sent it. When I called, the person who left the message was at lunch. However, another person helped me and the “verification” of who I was seemed like a waste of time (he only asked for our account password, which I had to enter when I set up the wire initially). Long story short, the wire made it, but it was frustrating.

  • craig says:

    I talked with a rep today via the 866 toll free number and Everbank seemed to be stepping up the customer service. This was the new accounts – not reg. customer service.
    They now have ACH account verification and the rep gave me another 866 # with a direct ext. to answer any questions.
    When asking about bank ratings – she indicated and Bauer Financial giving Everbank top ratings. I’m not familiar with either of these independent ratings – Anybody know of these rating firms??
    I don’t see any other posts in the last month – Anybody have more insight?

  • Learn Share Trading says:

    Stick to one of the known banks (as hard as that is to swallow), the rates will go back up soon enough. This bank sounds like an Icesave.

  • Jihel says:

    K – Thanks for the hints, I will check them out. In the meantime I decided to give a credit union a shot after I found out they accepted anyone living in their county of operation. They opened me an IRA and a checking in minutes right at a teller window. They are non-profit, sounds great to me… I had a very good feeling about the experience.

  • K says:

    last tidbit – I have accounts with both and I’m not sure that’s a bad idea. I can recommend both with clear conscience.

  • K says:

    to: Jihel – if you want awesome ease of setting online banking up and wonderful user-interface – the best is however, their rates have dropped and are no longer the best. if you want a better rate, I find to be excellent – with ease of set up. any time you have to PRINT OUT and mail in papers for online banking, you’ve lost my vote – and when i checked out Everbank, that’s what they did require (I’m not the competitor I promise) and the lack of ACH interface confirms my suspicions. Go with ingdirect or american express. They are above board and great. Amex should take a lesson from ing in how to set up their website, tho. – and allow individual sub-accounts. no one is better in that regard than ing.

    • Robert says:

      Scottrade, Charles Schwab, Citibank, BofA, Bank of the West, etc, etc, etc ALL REQUIRE you to send in a signed form that must be printed out… or if you don´t send it in, you are required to sign and return a form that they send you in the mail. Don´t blame Everbank – blame Congress and the FBI for this. They are the ones who are over-regulating the finance industry in the name of “anti-terrorism” when it is really about taxation and such.

      • Beth says:

        I agree, I have a two credit unions and with both I had to sign and return my Sig. Card. I opened a account with no problems. They accepted my app and then told me to print out the sig card. then they will mail out my packet and I’d send in my deposit of 15,00 for there checking. Everyone wants everything so fast these days.. I do have ING and Love them. So be patient. Its not weird to mail out papers.

    • Funky says:

      Ingdirect requires you to mail in papers as well. That’s how they set up your linked accounts.

  • Gordon R Espling says:

    has your customer service improved. Is the MM account insured by FDIC if a $25k check is mailed to you —is there a waiting period on receipt of the check to open an account..How long ???

  • Jihel says:

    Well, let’s see, all the positive comments sure could have been posted by Everbank personnel, I am sure it is common practice. But then I went, hey, what if the other way around was true too? Would competitors be tempted to post negative reviews of other banks that offer more appealing rates? Hmmm nah the negs sound true, especially the new account process hassle sounds too bad to be untrue. Oh well you get my point. Then where do I go now?? IRA CD please? anyone?

    • Ken says:

      i use Ally bank, have several thousand in CD’s with them.they seem professional and i’ve never had a problem.the sign up process for most of these online banks is a huge hassle, but most people just need to learn far as everbank i was also going to deposit w them.but these reviews are making me think twice

  • Joy says:

    I really appreciate the negative comments, will not go near this bank now. Too scary.

  • ace says:

    Thanks for posting reviews here…I was just about to send them a check but have decided not to now.

  • bob says:

    A week back, I went through a part of Everbank’s sign up process in the hopes of transfering my money. I actually didn’t mind the credit check and the request for employment details, even though it seemed like overkill just for setting up an MMA to handle my money. (If anything, they should provide me their credit ratings to indicate that they are qualified to handle my money.) But I became concerned when they did not have the linking up of an ACH account as part of the sign up and initial funding process. The only way I could fund it was to send a check or wire the money. That was a red flag.

    So began a more extensive research on this bank — visited several sites, read hundreds reviews by different people. Reviews dated 2006 and before were overwhelming positive, while more recent reviews were overwhelmingly negative. Shoddy customer experience seems to have been the norm with them for the past few years — in the MMA/CD-type accounts as well as in mortgage accounts. Many reported experiencing a horrid sign up process. I counted at least two dozen ‘stay away from Everbank’-type warnings recorded just within the past year. In short, Everbank’s customers are screaming Buyer Beware. In the end, I decided to heed their suggestion and not to sign up.

    Though my money earns less now, I decided that the additional few decimal percents was not worth all sign up and customer service hassles that seems to be the norm with Everbank. At this day and age, any bank that does not allow the setting up of an ACH account during the sign up process seems suspicious.

    If banks can sign me up for a credit card account with over $20,000 of their money, effect balance transfers in less than 10 days and send me the card in less than a week, surely they should be able to do better when dealing with my money. Everbank’s shoddy sign up processes and shoddy service strike me as designed and intentional incompetence to milk customers in every little way they can. How such a bank has been well-rated by some sites is beyond me. I suspect that some of these reviews were posted by Everbank’s own people as someone suggested.

    I’m posting this here so some may potentially benefit off of my research — hopefully, it will at least minimize the amount of research for some.

    • lori says:

      I am with Ace thanks for the posting. I was already signed up and ready to mail my check as well. I now will stay away from this bank as well. Higher return? who cares maybe it is a scam.

  • Melanie says:

    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.

    • Melanie says:

      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.

  • Susan says:

    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.

    • Terry Smith says:

      Watch your back susan, You will loose your shirt. Sincrerely Terry

      • James White says:

        How can you lose your shirt? I checked and they are FDIC insured. Please let me know what risks I am running and how they can rip me off. Thinking of opening an account.

        • Vazir Mukhtar says:

          Mr White,

          My experience with EverBank (5+ years) has been fine. True, it is not my chief bank, nor do I make many requests/demands.

          Reading through the comments, it seems to me that poor service has been the chief complaint; another being apparent misrepresentation of a product or service.

          I can offer only three pieces of advice: (1) Think twice about why you want to bank with them; what advantages/benefits do they offer that you cannot find elsewhere? (2) If you do decide to bank there, go slow. Don’t deposit/invest a great deal of money at once; don’t put all of your eggs in one basket; read carefully all the information they give you and all documents you must sign. (3) How does banking there fit into your overall financial strategy?

        • jessica says:

          I am thinking about opening an account too! Do these problems persist still today? I see that most of these posts are from 2009

  • Mark Fleischer says:

    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.

  • John says:

    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.

  • Juno says:

    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.

  • Jason says:

    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.

    • Michael says:

      I have used Everbank as my primary banker for the past 5 years. I have recently became concerned because it has a D rating on Weiss bank ratings. After reading all these comments I am doubly concerned, worried would be a stronger feeling.

    • Charly says:

      They pay great rates because they rip people off on the mortgage side. Does not sound like a good safe place to park your money.

  • Terry Smith says:

    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.

  • Alfred Loizeaux says:

    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.

  • Christian says:

    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.

    • Vazir Mukhtar says:

      Due diligence is indeed the phrase. No one likes to read boiler plate. But do read this bank’s materials thoroughly.

      If possible, confirm telephone conversations with an e-mail. At any rate, log by date, time, name your telephone conversations.

      As others have observed, the gimmick is the higher interest rate for several months. You might want to weigh that against the hassles some of those posting here report.

      Only problem now is that banks are for the most part sitting pretty and aren’t as eager for retail business as they were a couple of years ago.

  • Scott says:

    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.

    • Tony says:

      Agree with Scott…..I got nothing but a run around, and in the
      mean time they are using my desposit.

    • lisa says:

      To Scott. Oh My Gosh. I wish had read all of these comments before I sent them my check for $17,000. Since then I must have tried to access my new account at least ten times, always without success. I have enrolled and re-enrolled with either different or the previous names, but each time it comes back with “Your User ID is incorrect”. I am not a novice at this. I have six or seven different CD’s at different banks totalling several hundred thousands of dollars but have never had any problem signing on. They don’t seem to speak the same language as I. I think their site developer does not know the difference between “User ID” and “Password” and they are mixing up the sequence of them during the sign-on. It says they have stored my password on another site. Don’t they know that I am supposed to furnish THEM my password. Instead they are asking me for my User ID, which is supposed to be already on there. Grrrrrrr. I have called their customer service number but got confusing information. My CD is almost a month old and I still have not accessed my account online. What a bunch of idiots…………….

    • Terry Smith says:

      I agree i have been ripped off by Everbank. THEY SUCK!

  • Ann says:

    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.

    • Terry Smith says:

      Everbank needs to be exposed as a dishonest and criminal bank. Who ever is running the Bank, Robert Clements, should be fired immediately. He does things like taking your money electronically and then covering it up as though you did not pay. He holds customers at bay when making $500 million dollar deals with bank money and cuts your payment channel off and forecloses on you. WHAT A CROOK! He stinks as a manager. He needs to be sued yesterday. You suck. Where is the FTC or whoever regulates them? Why does Robert keep moving around and avoids customer payments. THIS IS CRIMINAL… What is the federal government doing? Why is Mike getting away with MURDER?

      • SL says:

        Hello Terry, do you know if Everbank has made any unauthorized overdraft charges on your account or anyone else’s account? This is what we are looking into. Thanks.

  • Matthew Donaldon says:

    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.

  • Jerry says:

    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?

  • Emily says:

    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.

  • Mary says:

    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.

  • Aryn says:

    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.

  • Irving says:

    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.

  • Emma says:

    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.

  • Frugal Trader says:

    I actually love EverBank. I read people complaining about customer service but I never had a problem.

  • Vik Dulat says:

    Great review. I am definitely going to look into this. People rarely write these days anyways, so that should not be a problem.

  • the weakonomist says:

    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.

    • George Bailey says:

      EverBank’s Executive Vice President, Frank Trotter… went on to disclose that when investments in all of EverBank’s WorldCurrency CDs are taken into account, investors suffered a net loss amounting to almost $50,000,000 over the past four years.

      They are being sued for closing CDs based on Iceland’s currency at a price below the lowest the Krona ever traded. I guess they steal whenever they can get away with it.

      Many early positive reviews MUST have been created by their marketing people. Be sure to at least scan all the way to the bottom of this thread.

      • Chuck Hughes Trading Systems says:

        Thank you, George. I always wonder if these reviews are paid for. They make it sound so great, but you can’t get all your information from a single review. I’ll continue to look into this.
        – Chuck Hughes

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