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An In-Depth Look at EverBank’s Offerings

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An In-Depth Look at EverBank's Offerings

If you’re on the lookout for an online bank with higher-than-average interest rates, considering today’s economy, and free online and mobile banking, EverBank might be just what you need. Established in 1961 and backed by the FDIC, EverBank started in Florida but now offers services across the U.S. through online banking.

EverBank caters to many banking needs, including business accounts and mortgage lending, with a special focus on their Yield Pledge Accounts, available for money market accounts, CDs, and savings. To enjoy these accounts without fees, you need to maintain a $5,000 balance, which might be a bit challenging for some. If your account drops below this balance, there’s a $8.95 monthly fee. Also, if you make over six transactions a month in your money market account, you’ll face a $10 fee, and consistently going over the limit might lead to account closure.

If keeping an average daily balance of $5,000 is manageable for you, here are some perks of going with EverBank:

1. No ATM fees – EverBank reimburses any fees incurred from ATM use.
2. Free mobile and online banking.
3. Interest rates from 0.51% to 0.85%, depending on the account type, with rates increasing alongside your minimum daily balance.
4. Free transfer of funds, either within EverBank accounts or between EverBank and other banks.
5. Free access to online check images for up to two years.

(Keep in mind that ATM fee reimbursements require a $5,000 balance in your account.)

Additionally, EverBank offers Yield Pledge checking, savings, and CD accounts. You can also open an IRA or switch your existing IRA to EverBank, with options like global currencies and precious metals for diversification, though these come with risks.

EverBank tops off its well-rounded service with a credit card that offers a 10% APR and no annual fee. You can choose between a points or cash back rewards plan, and their late payment fees are lower than many competitors.

EverBank has shown impressive growth in its assets, going from $4 million in 2006 to $12 million in 2010. It offers relatively high interest rates for the current economic climate and mostly fee-free accounts, provided you meet the minimum balance requirements. This makes EverBank a strong recommendation. However, if maintaining a $5,000 minimum balance is difficult, EverBank might not be the right fit for you.