EverBank Review: Strong at the Start, Less So Later On

EverBank’s rates look great to new customers, but they come with a catch or two. Minimum opening deposits for their checking and savings accounts are rather pricey, and those rates drop considerably after just six months.

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Still, if you can keep $5,000 in your checking account, this Florida-based bank will reimburse charges incurred at cash machines across the country, which gives it one of the better ATM networks available. So, is it worth it?

EverBank may be right for you if:

• You want to take advantage of strong short-term introductory rates.
• You can keep a high balance to take advantage of generous ATM reimbursements.
• You prefer to manage your accounts on your phone or computer.

EverBank at a glance

Pros	Cons
Great yields on savings products during the first six months.	After introductory period expires, rates tumble considerably.
ATMs can be used anywhere for free with a minimum account balance of $5,000.	A steep initial deposit of $1,500 is required to open an account or CD.
Competitive CD rates, with 10 term lengths to choose from.	EverBank ATMs are limited to a network of 10 branches in Florida.

EverBank checking account

	EVERBANK CHECKING
Minimum opening deposit	$1,500
Minimum balance requirement	$0
Fees	Monthly: $0 ATM: $0, but accounts with a balance under $5,000 may be charged fees at out-of-network ATMs Overdraft: $0, as debit card and ATM transactions are declined when account is overdrawn; $0 to transfer from linked accounts or lines of credit
Interest on balances	1.60% APY for first six months on balances up to $100,000 0.25%-0.61% ongoing rate after six months, depending on account balance

EverBank savings account and CDs

EverBank doesn’t provide traditional savings accounts online. A money market account is an alternative to a savings account that usually offers a higher rate and the opportunity to make limited withdrawals with checks or debit cards.

	EVERBANK MONEY MARKET ACCOUNT	EVERBANK CERTIFICATE OF DEPOSIT
Minimum opening deposit	$1,500	$1,500
Fees	Monthly: $0 ATM: $0, but accounts under $5,000 may be charged fees by ATM owners or other financial institutions Insufficient funds: $30 (limited to 2 per day); doesn't apply to overdrafts from debit or ATM cards	Early withdrawal penalties apply
Interest on balances	1.60% APY for first six months, on balances up to $150,000 0.61% ongoing rate after six months	0.78% APY for 3-month term 1.11% for 1-year term 1.46% for 3-year term 1.82% for 5-year term

Where EverBank shines, and where it doesn’t

If access to your money is your primary concern, and you can keep a daily balance of $5,000, EverBank’s reimbursement of ATM fees throughout the U.S. is a terrific perk. And its introductory bonus rate made NerdWallet’s list of the best money market accounts because 1.6% is hard to beat.

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About those rates, though — EverBank touts in its Yield Pledge that its returns will stay in the top 5% among “competitive accounts.” But “competitive accounts” is a survey of the 10 largest banks and similar institutions in 10 large U.S. markets, and larger institutions tend not to have the best rates. Customers thinking long term can earn more at certain banks and credit unions with higher ongoing rates.

Melissa Lambarena is a staff writer at NerdWallet, a personal finance website. Email: mlambarena@nerdwallet.com.

from NerdWallet
https://www.nerdwallet.com/blog/banking/everbank-bank-review/