LAST UPDATED: April 6th, 2021

Everbank was established in 1961 and now has a total assets of 21.6 Billion. Their form of banking is different than the traditional style of banking. Their goal is to give the consumers high APY both for checking and for savings. They have committed to be within the top 5% of APY in the nation. Their banks are located throughout Florida but they are accessible everywhere through online banking and have lending offices across the country. 

Top Ranked Companies

Wells Fargo Logo
#1 Wells Fargo chevron_right
8.2 Overall Score
3.7
star star star star_half star_border
(241)
Chase Bank Logo
#2 Chase Bank chevron_right
7.8 Overall Score
4.1
star star star star star_border
(196)
Capital One Logo
#3 Capital One chevron_right
7.0 Overall Score
4.2
star star star star star_border
(51)
thumb_up

The Good

  • High APY
  • No ATM fees
  • Services

High APY

Everbank is not the traditional bank where the APY is next to nothing. They provide high APY for the first year and still keep it to .30% after the first year.

No ATM Fees

They also do not believe in ATM fees when consumer use other bank ATM's Everbank will refund you completely as long as you have $5,000 balance in account.

Services

They provided services with checking, CD, Money Market, FDIC insurance, Premium Visa, and Global deposits.

thumb_down

The Bad

  • Rates drop
  • Some fees

Rates Drop

Your savings account is your checking account which can be converted to an IRA account but no savings account. The APY that they advertise at the top of their web page 0.85%-1.01% is only available for the first year with Everbank and then after that the rates drop to 0.30%-0.61% depending on the balance of account.

Some Fees

There are still account fees with overdraft or wire transfers but no ATM fees if you have 5,000 in account which means if you want that benefit the opening deposit is 5,000. For the other accounts there are high deposits as well.

gavel

The Bottom Line

This is a unique bank that is not the traditional kind. It has progressive ideas that have the goal to help the client grow money in their bank. For loans there are still high interest rates like other companies because that is how banks earn money. Everbank is a good bank to invest in if consumer is focused on accessing ATMs anywhere and have money saved up to invest.

Was this content helpful?
thumb_up Yes thumb_down No

Star Rating

5.0

star star star star star

1 Reviews

Review Breakdown

5 grade

100%

4 grade

0%

3 grade

0%

2 grade

0%

1 grade

0%

Sentiment Criteria

Value

star star star star star

Quality

star star star star star

Service

star star star star star

Trustworthiness

star star star star star
cancel

Filter by:

arrow_drop_down

Sort by:

arrow_drop_down
info
star star star star star

Jim Johnson

Efficient, reasonable, show appreciation

3 years ago

We're on a mission to empower consumers to make the best decisions and connect confidently with companies that deserve their business.

© 2021 BestCompany.com LLC - All rights reserved Privacy Policy | Terms | Do Not Sell My Personal Information