Not often we come across banks who has rate pledges, EverBank announces at its home site that the rates for its account holders would remain in top territory.
EverBank’s Yield Pledge®Promise -We promise your rates will always be in the top 5% of competitive accounts at leading banks.
That means they are ensuring that you will be still a top of saving bank/Money market investor with respect to yield, even if rates go down even further in future.
I liked the pledge, frankly I haven’t seen any other bank doing that. As I mentioned in my Tiaa direct Review, banks usually offer high rates in the beginning to entice new depositors, only to drop the rates later on.
EverBank yield pledge money market account review
Yield Pledge Money Market has the following features, which is also advertised on their home page.
|Minimum opening balance||$1,500|
|Free online & mobile banking||Yes|
|Mobile check deposits7||Yes|
|Available as an IRA||Yes|
|Additional online security||Yes|
Overall not bad offering when you are looking at 0.91% APY yield for a year. More over, they are offering an introductory rate of 1.05% for first time depositors for first 6 months. I remember Capital one interest checking account drastically reduced the interest rate within 2 months of account opening. At least for first 6 months your rate is secured, and with the now-famous pledge of yield, you return of 0.95% looks to stay for the time being.
Similar to checking and savings accounts, customers can track the performance of their money market account via online and mobile banking platforms offered by EverBank. Money market funds are also available to consumers in the form of an individual retirement account, allowing you to take control of your retirement saving.
EverBank is FDIC insured so your money in this bank is safe, as safe as it is in any other bank.
Rate history of EverBank money market accounts
Not a long ago they offered a three-month bonus APY of 1.26 percent. After the three-month promotion, the rates were first-year APY of 1.07 percent for all balances up to $50,000.
No doubt the rates went down following the general market trend. Still the bank is offering one of the highest yield literally.
Other products from EverBank
EverBank offers a range of products and services to roughly 700,000 customers across the nation and holds more than $12B in assets. Everbank is in business since 1960’s and consistently produced growth year after year.
The institution competes against other leading banks, offering prime rates and services for their checking, savings and brokerage accounts. Each of these produces higher than average return. I personally do not own any account with them but have known a few people who have CD and money market accounts with them.
The Positives of EverBank
1. It’s a 24×7 Bank, always open for business, similar to other online banks
2. Free online banking and bill payment
3. Free checks, your first 50 checks are free
4. No fee Visa debit card
6. No Fee nationwide ATM service- withdraw for free from any machine with the Visa/Plus logo on it
7. Free overdraft protection
8. Refunds for four foreign ATM withdrawals up to $6
9. Fraud protection which repays you if you lose money due to fault on part of EverBank or its site or app.
10. Interest rates that are simply the best. With their pledge it’ll always be one of the top 5% banks in terms of yield.
The Negatives of EverBank
1. No physical branches
2. Fees on the airline credit card that comes as an optional offering
4. No sign-up bonus
Opening Account with EverBank
The website is as simple as any other online bank. To open the account you need to begin with a balance of $500. However, please note that to avoid charges you need to maintain an average monthly balance of $1500. This requirement is bit steep, but considering my CD yield which is less than the 1% per year, EverBank is worth switching for.
The actual process of opening the account involves filling out the application and then printing the application. Once printed, simply send the application with your signature and a check or money order to EverBank.
Customer service is a good at EverBank, at least I didn’t find much negative comments online. The toll-free number is advertised on all the pages on EverBank web-site.
- Earn a yield within the top 5% of competitive accounts. Always.
- Low $1,500 initial-deposit requirement
- No-fee Online and Mobile Banking
- FDIC insured
Recommendation for EverBank
We would recommend EverBank to anyone who feels comfortable with the idea of an online bank. My suggestion would be to deposit enough money to avoid the fees, but not your life savings. Wait awhile for the life savings. Wait until you are comfortable and accustomed to the account and then deposit more money.
Remember we didn’t recommend Tiaa direct even with higher rates, that’s because we anticipate the rate from Tiaa to go down very soon. We think EverBank rates is going to stay higher compared to other banks. historically it has been.
We give EverBank an “Invest” rating. This is perfect for a large emergency fund or other big savings goal. Consider signing up for an EverBank Money Market Account today.
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