Who is EverBank?
Our EverBank review found that Everbank is based out of Jacksonville Florida. It was founded in 1994 and has grown into a largely successful bank through a number of acquisitions. EverBank offers personal and business services, investment opportunities and mortgage loans.
Our EverBank Review has a list of great benefits. When it comes to personal banking opportunities, EverBank offers money market accounts, CDs, savings and checking accounts with competitive interest rates on the accounts. Other benefits of banking through EverBank include:
- You can write checks directly from your money market account
- New savers who open a money market account can start earning 3% interest rates. After the 6 month period, the interest rate will drop.
- No obvious monthly fees.
- Offer a variety of CD terms from 3 months to 5 years with automatic renewal.
The returns for money market accounts are some of the highest available, while the other account interest rates are well above the national average. EverBank guarantees your account will remain in the top 5% for money markets.
Our EverBank Review also uncovered some glaring drawbacks. Before you get too excited about the high interest rates, be aware of a few key things.
- To open any of their accounts, the required minimum deposit is $1,500.00.
- If you do not maintain a $5,000.00 balance, you will have a monthly fee of at least $8.95.
- Chatting online with a customer service representative is not an option with EverBank.
- Phone times vary, but our reps waited about 3-5 minutes with each phone call to talk to an agent.
This bank is not for the small saver. In order to receive the highest interest rates, you will need to keep a large sum of money in your accounts with EverBank.
Is This the Right Choice for You?
To sum up our EverBank Review we’d like to say that it’s great if you want to earn high interest rates on money markets and savings accounts. The one frustrating aspect to EverBank is their fees; they do not come outright and tell you what they charge, so it takes a little digging to find out what customers are actually being charged.
EverBank is not a bank targeted to people with small savings goals, they are after the customers that have money and want that money to grow. If you have a substantial amount of money you can put into a money market, CD or savings account, EverBank could be the bank to help you earn good interest rates on your money.