Review of EverBank

In this review of EverBank, we will look at the best cd accounts, high yield money market accounts, and high interest bearing checking accounts that EverBank is currently offering its customers. We will also briefly look at the many other products and services available through EverBank.

History of EverBank

EverBank started out as a privately held mortgage company in Jacksonville, Florida in 1961 with one million dollars in assets. In 2010, they now hold 11.5 billion dollars in assets and serve over 700,000 customers. EverBank is still privately held so it is not publicly traded. Their motto is, “Do traditional things in original ways-at EverBank”. If you would like to check out their website, it is located at www.everbank.com.

Money Market Accounts

EverBank offers two different personal high rate money market accounts. The first account is called a Yield Pledge^® money market account. This is because EverBank pledges the APY rate offered will always be in the top 5% of those tracked by Bankrate Monitor. In order to open this high yield money market account you need to have an initial deposit of  $1,500. If at anytime your balance falls below this initial minimum you will be charged a monthly fee of $8.95. You do have check writing privileges with this money market account but you are limited to 6 transactions per month. These accounts are FDIC insured against bank insolvency up to $250,000.

The second type of money market account available from EverBank, is their WorldCurrency® Access Deposit Account. This account specializes in investing in foreign currency. There is an initial deposit minimum of $2,500, but please note that you need to have $10,000 deposited in order to earn interest. There are no monthly fees and the account is FDIC insured. There is market risk with this account since you are investing in currency at present market conditions changes in the market affect your return. Do note that the APY rate is a variable rate for both money market accounts. If you are not sure if a high interest money market account fits your particular needs, please read about them in our page discussing the pros and cons of money market accounts.

Certificate of Deposits offered by EverBank

There are four different categories of online CDs available for EverBank customers. Yield Pledge^®, MarketSafe^®, WorldCurrency®, and CDARS certificates of deposit are offered by EverBank. If you are unsure of what the general benefits of a CD account are please see our informative page about CDs.

The Yield Pledge^® CD requires a minimum deposit of $1,500. The pledge means that again EverBank pledges that the rate you lock in with them on your high yield cd account will be in the top 5% of those tracked by Bankrate Monitor. The terms that may be obtained range from 3 months to 5 years. The best CD rate corresponds to the longest term. All rates quoted on EverBank’s website assume that you allow the interest to remain on deposit until maturity. Certificates of Deposit renew automatically and EverBank will notify you 20 days in advance of the maturity date. If you would like specific CD account details for EverBank, please see our post on EverBank CDs.

MarketSafe^® Cds are like traditional CDs in that you must leave the entire balance in the account for the length of the agreed upon term in order to avoid penalties. They are unlike traditional high rate certificates of deposit in that they are tied to a specific reference index. Presently, you can choose between metals or currency. These CD are protected when it comes to the principal deposit, but they do not have a guaranteed APY rate. Your return is based on how the specific reference index performs. The minimum initial deposit is $1,500.

WorldCurrency^® CDs are for those interested investing in foreign currency. Please note that the principal balance is not protected in these accounts. You can choose to have your investment based on one foreign currency, or you can choose the basket approach, which has anywhere from 3 to 6 currencies involved. There is a $10,000 minimum deposit for the single currency cds and a $20,000 minimum for the basket WorldCurrency®  Cd.

If you have very large deposit amounts that you want to have protected then EverBank offers Certificates of Deposit Account Registry Service (CDARS^®). These CD can be FDIC insured up to 50 Million dollars. Terms are available from 3 months to 3 years.

EverBank’s High Interest Checking Account

High interest checking may be obtained through EverBank with an opening deposit of $1,500. There are no monthly fees and even if you do not maintain the initial opening balance of $1,500, you still earn interest. The APY rate for the high yield checking account is tiered with 5 levels. The APY rate caps out once you have reached a balance of $100,000. EverBank even offers an extra bonus rate for the first 3 months on new interest bearing checking accounts. These checking accounts may be applied for online.

Other Product and Services Offered by EverBank

EverBank offers more than money market accounts, CDs, and checking accounts. They also offer brokerage services, credit cards, IRA’s, Non-FDIC insured precious metal accounts, world bonds, and mortgages. EverBank offers 10 different mortgage calculators to help consumers determine which loan best fits their situation. EverBank also offers business accounts as well. They have four business checking accounts including a high interest business checking account. EverBank also offers business owners a money market account, two different CD accounts, commercial lending, merchant services, and remote deposit capture.

Summary of EverBank Review

EverBank offers a wide range of products and services with a unique focus on foreign investments. They cater to the experienced investor, with rewards for longer cd terms and tiered interest rates on their checking accounts.

In looking at customer reviews, you find a wide spread in reported satisfaction. Many will cite wonderful interest rates and smooth service. Others hate that you fill out your account application online, but have to mail in your initial deposit. We recommend that you compare rates and services with other online banks by looking at our many bank reviews and video reviews, before you make your decision.