If you’re looking for an online bank that offers higher-than-average interest rates, considering the current economic climate, and provides free online and mobile banking, EverBank might be the perfect fit. Founded in 1961 and insured by the FDIC, EverBank has its roots in Florida and now serves customers nationwide through its online banking services.
EverBank offers a range of banking products to meet different needs, including business accounts and mortgage lending. They particularly focus on their Yield Pledge Accounts, which are available for money market accounts, CDs, and savings. To avoid fees with these accounts, you need to maintain a $5,000 balance, which can be a bit challenging for some. If your balance drops below $5,000, you’ll face a monthly fee of $8.95. Also, be cautious about exceeding six transactions a month in your money market account, as it will cost you a $10 fine per extra transaction, and frequent violations could even lead to account closure.
If you can maintain a $5,000 average daily balance, here are some perks you can enjoy with EverBank:
1. No ATM fees – EverBank refunds all ATM charges.
2. Free mobile and online banking.
3. Interest rates ranging from 0.51% to 0.85%, depending on the account type, and increasing with higher balances.
4. Free fund transfers within EverBank accounts or between EverBank and other banks.
5. Free access to online check images for up to two years.
However, keep in mind that to qualify for ATM fee reimbursement, you must maintain a $5,000 balance in your account.
EverBank also offers Yield Pledge checking, savings, and CD accounts. You can open or switch your IRA to EverBank, which offers options like global currencies and precious metals for diversification, along with high-yield opportunities. Like all investments, these options do carry risks.
EverBank’s well-rounded banking experience is complemented by its credit card, which features a 10% APR and no annual fee. You can choose between earning points or cash back. Their late payment penalties are also lower compared to those of their competitors.
EverBank has shown strong asset growth, from $4 million in 2006 to $12 million in 2010. It offers high interest rates and largely fee-free accounts as long as you meet the minimum balance requirements, which is rare these days. Thus, we recommend EverBank. However, if maintaining a $5,000 minimum balance for a savings or money market account is difficult for you, EverBank might not be the best choice.