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Headquartered out of Jacksonville, Florida, Everbank offers interest bearing checking accounts that average within the top 5% yields, always. With key elements for both personal and business checking, Everbank provides top-shelf service and accountability. 

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The Good

  • Features and services
  • Great website
  • Higher rates

Features and Services

EverBank is proud of their "forward-thinking" approach that stimulates the creation of smarter ways for people to grow and manage their finances. In addition to helping clients increase their savings and eradicate debt, consumers can also take part in lending and investing ventures with the help of EverBank. The EverBank assets total up to $27.4 billion, with deposits that sit around $18.8 billion, and shareholders' equity that is $1.9 billion.

On the banking side of the business, EverBank provides clients with a number of account options. These cash boosters include: Yield Pledge Checking, Yield Pledge Money Market, Yield Pledge CD, and LIBOR Index CD. All of these accounts come with a number of unique services and features. These account types can be broken down as follows:

Yield Pledge Checking:

  • Online and mobile banking
  • Easy deposits
  • ATM freedom
  • Rates -
    • $0-$9,999.99 has an ongoing APY of 0.25%
    • $10,000-$24,999.99 has an ongoing APY of 0.36%
    • $25,000-$49,999.99 has an ongoing APY of 0.41%
    • $50,000-$99,999.99 has an ongoing APY of 0.51%
    • $100,000-$10,000,000 has an ongoing APY of 0.61%

Yield Pledge Money Market:

  • Online and mobile banking
  • Easy deposits
  • ATM freedom
  • Rates -
    • $0-$10,000,000 with an ongoing APY of 0.61%

Yield Pledge CD:

  • Lock in the earnings with a yield in the top 5%
  • Roll one account over and get another top 5% yield
  • Rates -
    • 3 months: 0.68% interest rate and 0.68% APY
    • 6 months: 0.85% interest rate and 0.85% APY
    • 9 months: 0.90% interest rate and 0.90% APY
    • 12 months: 1.09% interest rate and 1.10% APY
    • 18 months: 1.16% interest rate and 1.17% APY
    • 24 months: 1.21% interest rate and 1.22% APY

Libor Index CD:

  • Returns on these variable rate CD accounts are directly tied to the performance of the 3-month London Interbank Offered Rate

Great Website

The website itself is just as solid and user-friendly as the customer service. All services are easy to find, with fees posted in a very accessible manner. If the fees aren't hidden on the website, chances are they won't be hidden in an open account.

Higher Rates

The one aspect that we appreciate more than anything when we look at EverBank and evaluate their service is their rates. They do a good job of making sure their rates stay higher than other banks.

The Bad

  • Limitations
  • High Deposit minimum
  • Acquisition agreement

Limitations

While the company does offer ATM reimbursement, this only applies to those customers who have a $5,000 balance or higher. Additionally, the banking centers appear to be regional to Florida. For those who meet or surpass the required balance won't have to worry about ATM fees, but for those who aren't local to Florida will have to gear up for those pesky charges when withdrawing cash. Other concerns regarding EverBank include:

  • High lending rates
  • Changing account rates

High Deposit Minimum

There is a pretty high deposit minimum to open an account but this is offset by the high rates that EverBank offers. However, you do need to consider that banks in general today are not offering amazing rates so even a bank with great rates is not going to make you any more richer than a bank that offers average rates. You are better off analyzing service than rate when you are considering who you want to bank with. That being said we feel that EverBank offers great service.

Acquisition Agreement

Not necessarily a drawback, customers should know that EverBank and TIAA entered into a formal acquisition agreement. These two online bank providers will become "one" in the middle of the 2017 year.

The Bottom Line

EverBank appears to be a quickly-growing, sturdy bank, providing many of the standard banking features customers have become fond of. Many customers throughout the nation should plan on ATM fees, but if isn't an issue, EverBank is a solid choice. Those that use EverBank can expect the following from the service:

  1. four kinds of banking accounts to choose from
  2. Quality investment opportunities
  3. Limits on ATM usage

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