A Bank That Stays Competitive On Rates

For serious savers, EverBank has a very competitive offering with accounts that promise to provide yields in the top 5% nationwide (Bankrate Monitor’s National Index is used to determine how to keep the rates in the top 5%). Everbank is located in Jacksonville, Florida, and has built a suite of mobile and online products that allows consumers to interact online with its banking services.

Everbank’s Main Account Offerings

You can choose from a variety of account offerings with EverBank. EverBank offers checking, money market, and CD accounts. You can also get a Visa Platinum card and you can open a foreign currency account with EverBank, as well as access CDARS Service.

It’s also possible to refinance your home or get a first mortgage. EverBank also offers HARP and FHA streamline refinance options. There are investing services available as well through EverBank Wealth Management and EverTrade Direct Brokerage. You can open a retirement account through EverBank, and you have access to precious metals and MarketSafe CDs.

Most consumers, though, are more likely to be interested in the YieldPledge accounts offered. The YieldPledge checking, savings, money market, and CD accounts all promise to pay yields in the top 5% of Competitive Accounts in the nation.

According to the most recent fee schedule (as of February 2013), there are no monthly fees for YieldPledge accounts. However, you do need a minimum deposit of $1,500 to open a YieldPledge account. The money market and savings accounts come with a fee of $10 when you exceed the transaction limit for the month.

It’s also important to note that EverBank offers a tiered system for yields. The amount that you have deposited determines how much you earn. The more you deposit, the better your yield. EverBank also offers a six-month bonus for first-time customers. The first year yield is also higher than the “regular” yield. This is bonus is what prompts many yield chasers to open an account with EverBank.

EverBank doesn’t charge ATM fees as long as your average daily balance is at least $5,000. You will also be reimbursed for ATM fees charged by other banks.

Mobile Banking

EverBank has an app for Android and iPhone. It has an attractive user interface and is relatively easy to use. EverBank features mobile check deposit, which is a plus for many, since banking is done mostly online for many EverBank customers. While there are some complaints about accessibility, in general the latest version of the app gets high marks.

Customer Service

EverBank is known for its customer service. You can access customer service 24/7 via phone, and even get help via Twitter.

Bottom Line

If you can open an account with the $1,500 minimum for a YieldPledge account, you might be able to benefit from EverBank. It’s important to keep track of the fee schedule, since the bank has been known to require high minimum balances ($5,000) in the past to avoid a monthly fee. While the monthly fee is off the schedule for now, you need to be ready for the possibility that it might return. This is especially beneficial for those who want to take advantage of the for the first year.