EverBank Reviews

EverBank is a good option for customers who prefer managing their finances online and want competitive returns on their savings, CDs and money market accounts. It also suits those who require frequent access to ATMs, as it provides a $15 ATM fee reimbursement and a broad network of fee-free machines (nearly 100,000 machines across the nation).

Creating an account with EverBank is a straightforward online process designed for ease and convenience. To get started, visit EverBank's website and select the type of account you wish to open, whether it's a checking, savings, or CD account.

From there you’ll find an “Open an Account” button prompting your application. You'll need to provide personal information, including your;

• Name
• Address
• Social Security number
• A valid form of identification, such as a driver’s license

EverBank may also require a minimum deposit to open certain accounts, such as $500 for a CD. Once your information is verified and your initial deposit is made, you can manage your account through EverBank's mobile app or online banking platform.

EverBank has a variety of banking products, most with high returns and no pesky fees.

Savings Accounts

EverBank offers several savings products, including high-yield savings accounts and money market accounts. These accounts all include no monthly maintenance fee and competitive interning potential that outshines the national average.

• Performance Savings: No minimum deposit and no minimum balance required plus competitive annual percentage yield (APY) across all balances.
• Money Market Account (MMA): At the time of publishing, APY varies from 3.75% to 4.30% depending on your balance, check-writing and debit card privileges, plus no monthly fee.

Checking Accounts

EverBank offers two checking account options for customers to select from. These accounts are characterized by their flexibility and lack of monthly fees.

• Everbank Checking: This is the standard non-interest-bearing checking account. It requires a $25 deposit to open, non-interest bearing with no monthly account fees and ATM fee reimbursements.
• Yield Pledge Checking: Requires a $100 minimum deposit to open. This checking option offers all the benefits of the standard checking but earns interest on your balance.

Certificates of Deposit (CDs)

For those looking to lock in higher interest rates for fixed periods, EverBank's CDs presents a lucrative opportunity. Everbank categorizes its CDs under two packages; CDARS and traditional.

• Everbank CDs: These are the traditional CDs that possess both short term and long term options. Terms are offered from three months to five years, suitable for short-term savings goals. There is a $1,000 minimum to open but no monthly maintenance fee regardless of the term.
• CDARS: A unique offer that you don’t spot often is the CDARS CD. This option offers substantial Federal Deposit Insurance Corporation (FDIC) insurance coverage well past the traditional $250,000 and goes into the millions. These CDs are also high-interest bearing but require a minimum of $10,000 to open.

Diversified Investments

EverBank provides unique investment options through its Precious Metals, Foreign Currencies and Index-Based CDs.

• Precious metals: Everbank offers a way to diversify through non-FDIC-insured precious metals, including coins and allocated and unallocated options.
• Foreign currency: Allows you to select FDIC-insured accounts in over 20 currencies. These plans include an automatic purchase option and are IRA-eligible.
• Marketsafe CDs: These index-based CDs are offered upon availability with no risk to you through Everbank principal protection. Potential investors can sign up for alerts when these become available.

EverBank offers highly competitive rates across its product range, particularly in its savings and certificate of deposit accounts.

For example, its Performance Savings accounts offer an APY that significantly exceeds the national average, and its range of CDs can provide APYs as high as 5.25% for select terms. Also, check the rate tier, as some of the products offer a higher introductory rate before settling at their standard APY. Here’s an additional example, as of publishing, both the Yield Pledge Online Savings and the Yield Pledge Money Market offer a 4.30% one-year intro APY.

EverBank is known for its fee-friendly account options, which include a variety of accounts with minimal to no monthly fees. Here are some common fees associated with banking at EverBank:

• Monthly maintenance fee: None for any checking, savings or money market accounts.
• ATM fee: No charge for EverBank-affiliated ATMs
• Overdraft fee: None for Everbank-linked accounts
• Wire fees: None for wiring funds into Everbank either domestically or internationally