EverBank Review

EverBank EverBank Yield Pledge Money Market

4.30% APY

EverBank, Member FDIC, may appeal to customers looking for savings accounts that offer strong APYs without requiring minimum deposits.

This account does not charge monthly maintenance fees nor require a minimum balance to open. Additionally, the Yield Pledge® promise is now applicable to Online Savings. To do so, the bank assesses competitor yields on a monthly basis to ensure that its rate is "among the top 5% of Competitive Accounts."

EverBank also offers special kinds of CDs, like CDARS®, a CD Option accounts for clients with large amounts of money. If you are able to meet EverBank's CD minimums, you’ll have access to a large variety of options. Overall, EverBank has some of the highest interest rates available. 

It's important to note that EverBank has limited in-person locations. To access your accounts elsewhere, you will have to access its website, mobile app or over-the-phone service.

As of September 2023, TIAA Bank rebranded as EverBank. 

EverBank Savings Summary 

You have all sorts of options at EverBank, such as the typical retail bank offerings of checking and savings accounts and CDs. On top of that, you can choose from a variety of specialized EverBank CDs such as the CDARS® CD account. Also available are checking accounts with interest and money market accounts. Many of the bank's accounts have higher-than-average minimum deposits, which is something to note if you’re a newer saver and don’t have much money to start with.

EverBank Yield Pledge® Checking Account

While most checkings accounts don’t earn interest, you can actually earn interest with EverBank's Yield Pledge® Checking account. You need at least $100 to open the account.

Since this is a checking account, you will have an ATM card and have free bill pay with the account. You’ll receive unlimited ATM fee reimbursements if you keep your minimum balance over $5,000.

EverBank Yield Pledge® Money Market Account

If you want to earn interest on your money at a solid rate, the Yield Pledge® Money Market Account may be a worthwhile choice. The 1-year introductory rate on balances up to $250,000 (first-time MMA clients only) is 4.30% APY, after that the account will earn a rate between 3.75% and 4.30% depending on your balance. And, because the MMAs are Yield Pledge® products, EverBank promises to keep rates "among the top 5% of Competitive Accounts."

While you can’t execute as many transactions with this type of account as it’s more akin to a savings account, you can still access funds easily. You have six transactions per month with EverBank's Yield Pledge® Money Market account. 

EverBank CDs

The CDs that EverBank offers carry a $1,000 minimum to open. You can choose from three-month terms all the way to five years. You’ll have FDIC-coverage, a 20-day maturity alert and automatic rollover with these accounts.

EverBank CDARS® CDs

EverBank partners with CDARS® to offer clients a way to protect large amounts of money with FDIC insurance. If you exceed the $250,000 FDIC limit at any one bank, you lose out on keeping your money protected in case of a bank failure or other negative event. 

With CDARS®, your money will be spread across the CDARS® bank network, ensuring that you don’t go over the $250,000 limit at any one bank. The minimum is $10,000 to open, but most clients use this for assets in the millions. You will have limits depending on the term length you choose. The shortest term is three months, which you can fund up to $10 million. The longest term, three years, has a cap of $0.5 million.

Unlike most CDs, your CDs won’t automatically roll over if you use the CDARS® CD account. You’ll have to call and request a rollover if you’d like one for your account.

EverBank Performance(SM) Savings

First-time Performance(SM) Savings clients can earn a 5.15% APY during the first year on balances up to $250,000. As of now, following the end of this introductory period, your rate will change to 4.75%. This account lets you make mobile check deposits, charges no monthly maintenance fees and does not require a minimum deposit to open. It also guarantees high yields with its Yield Pledge@ promise, which ensures that the yield will be among the top 5% of competitive accounts.

What Can You Do Online With EverBank?

EverBank prides itself on its online presence. You can apply for its products online without having to call or mail in an application. Once you have an account, you can pay bills, transfer money, activate direct deposit and more through the site. The company offers a free download of Trusteer Rapport, a software to help keep your information secure on its site for customer use. If you want to chat with a customer service rep but don’t feel like calling, you can use the chat feature on the website. 

In addition to the website, you can download the Android or iPhone app EverBank provides. With the mobile app, you can deposit checks, check balances, find an ATM, pay bills and more. You’ll be able to see the status of your account or accounts at any time with EverBank's online system. 

How Do I Access My Money?

You have a variety of ways to access the money you have in a EverBank account. If you have a checking account, you can use your ATM card to withdraw cash. With some accounts, if you keep your balance above $5,000 you’ll have all ATM charges refunded. 

For other accounts, you can withdraw money via electronic transfer. This means linking an external bank account and sending money to yourself from one account to another. At any time, you can check your balances using the mobile app or the website. And with the mobile app, you can transfer money internally.

If you need access to your money to pay bills, you can do so with EverBank. You can also send money to friends and family by check, directly deposited to their bank accounts or through PayPal with EverBank's People Pay. 

Florida residents can access their money in person at one of EverBank's retail banking locations. Other customers will have to use the website, mobile app or phone number to get access to funds. 

How Can I Save More Money With a EverBank Account?

One of the first things to mention is that EverBank offers checking accounts that earn interest. That’s a difference to the norm, which is no interest whatsoever on most checking accounts. However, you’ll have to keep a high balance in the account for it to make sense. The minimum is $100 to open, and you’ll want to keep at least that much in the account if you want to avoid ATM charges.

Let’s say you have a checking account you keep roughly $8,000 in. If that’s sitting in a typical no-interest account, at the end of the year you’ll have the same amount of money (except for withdrawals and deposits). However, with a EverBank Yield Pledge Checking Account, you’d earn interest just by having the money in the account. If you keep large amounts of cash in your checking account, this type of account may be beneficial to you.

If you still want to save money, and don’t need the features that accompany a checking account (such as ATM cards and unlimited transactions), you could also save similar amounts of cash with a money market account. While you won’t make the type of gains seen in a brokerage account, with savings accounts you have the backing of FDIC insurance. You won’t lose money. However, that said, you may not earn as much as you thought. No savings rate is locked other than CDs, so if you open a money market, savings or checking account, you’re not guaranteed the same interest rate.

What’s the Process for Opening an Account With EverBank?

When you’re ready to open an account, you can get started right away using the website. The first step of the process is shown here. You simply need to choose which account, or accounts, you'd like to open. You’ll need your personal information, such as date of birth, Social Security number, address and a few more pieces of data depending on the account type. After you enter in the necessary information, you’ll review details, accept disclosures and submit your account application.

You can also apply by phone if you’d rather not use the online system. If you choose that option, you’ll need to provide the same information that you would online. 

You’ll need to fund your account once it’s opened. To do so, you can use a mobile deposit by capturing a photo of your check and sending it in via mobile app. One of the easiest ways is by linking a bank account. This will take a few days, as your account will have to be verified with a small test deposit and withdrawal. Once it’s linked, however, you can transfer money each way with your external account.

Another option, albeit slower than mobile deposits or electronic transfers, is by mail. EverBank has a New York mailing address that you can use if you’d prefer sending a hard copy of your check. Wire transfers are another option. However, the banking institution you send the funds from may charge you a service fee. Typically this will range from $20 to $35. 

If you have a question during the process of account opening, you can reach out and call the phone number listed on the bank's website, or use the chat feature. 

Once your account is established, you can monitor and initiate transactions online or through the mobile app, which you’ll have to download if you wish to use it. 

What's the Catch? 

It’s not really exactly a catch per se, but EverBank has some of the highest minimums required to open many of its accounts. Many of the company’s best products are for those willing to drop $5,000 or more at a minimum. It’s not the most friendly for those with less money to save or those new to banking. 

However, if you do meet those minimums, the accounts do have some advantageous features, such as the CDARS® CD option account or the Yield Pledge Money Market Account. With the competitive interest rates EverBank offers, some of its products stand to earn you a good amount of interest.

Lastly, if you’re planning for your children’s college or financial future, EverBank doesn’t offer many options tailored to that need. You won’t find 529 college saving plans or UTMA/UGMA accounts. And for trusts or custodial accounts, you’ll have to call the bank directly. There’s not much information on those options on the website. 

Bottom Line 

For those with deeper pockets and more room to save, EverBank is a decent option to get competitive interest rates. Many of the CD options are geared toward more affluent customers, such as the CDARS® CD account. So if you fit the bill, becoming a EverBank customer could be to your advantage.

However, if you’re just starting your savings journey, perhaps with not a whole lot of cash, you may be better served elsewhere. Plenty of other companies have lower minimums for high-yield savings accounts. The same for CDs and money market accounts – if you can’t afford the minimum deposits at this company, you can find just as good interest elsewhere.