EverBank Review, Top 5% Yield Pledge Savings, Checking, and CDs
EverBank is currently one of the highest paying bank with it’s “Top 5% Yield Pledge”. EverBank offers a full range of banking products including High Yield Money Market Account, High Interest Checking Account, Certificates of Deposit, Credit Card, and other financial management services. Some highlights of EverBank include:
- Free checking accounts with interest
- Very good ratings for bank stability
- 24/7 phone support plus mobile banking
- Deposits accepted at 13,000 affiliate ATMs
High Yield Money Market Account
The High Yield Money Market Account offers some of the best interest you can find. As of 1/10/2009, the first year interest rate is 1.51% APY (up to $50,000) and as a new customer, you earn 2.25% APY bonus rate for the first 3 months. The account also comes with full range of online banking services.
High Interest Checking Account
High Interest Checking Account also offers competitive interest rate at 1.46% APY first year if you maintain account balance between $50,000 and $100,000. As a new customer, you also earn 2.25% APY bonus rate for the first 3 months. The account comes with full range of online banking services, free Visa check card, free unlimted check writing, overdraft protection, and more.
Certificates of Deposit
EverBank offers three types of certificates of deposit that include:
- Traditional CDs — Standard CD with duration ranging from 3 months to 5 years and paying as high as 3.00% APY
- Insured Advantage CDs – Special FDIC-insured accounts with coverage up to an astounding $50 million via the CDARS network. You don’t have to manage multiple bank relationships to protect large deposits.
- Market-Linked CDs — These CDs combine the financial security offered by traditional CDs with the potential for a market upside payment based on the performance of the specific reference index. Now, you can take advantage of the market-driven returns with the peace of mind that your hard-earned deposited principal is 100% protected.
For more options, please visit our list of high yield savings accounts.
User Rating
(4.67 out of 5, 3 votes)
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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 $25500.00 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.
I opened a YIELD PLEDGE MONEY MARKET Account.
According to myself Everbank is performing below than any ordinary bank. It has using their power and rules very low. It doesn’t satisfy the needs of the customer such like us. The interest rates which is alloted by them is very high and it won’t helpful for customers. My personal advise to them is they should change their services and offers as customer’s favorable.