EverBank Review

EverBank® is consistently in the top tiers for rate offerings on online savings accounts. Their static rate has them in the top ten of my rate list, and if you include their promotional rate they are number two for the first year of deposits depending on the balance. The rates used by Everbank are tiered and a mildly irritating to understand. I have tried to list the rates as accurately as I understand them, all rates are as of 07/10/2009 and are subject to change at any time.


Yield Pledge Money Market Account


  • Minimum $1,500 to open an account
  • Minimum $5,000 to Avoid a monthly fee of $8.95
  • Guaranteed top 5% of rates

Rate: 3.01% Introductory Rate (up to first $50k)

First Year APY:

  • Up to $50k – 2.15%
  • Above $50k – 1.83%

Non Promotional APY:

  • 1.85% as of 07/10/2009
Yield Pledge CD


  • Guaranteed top 5% of rates when CD is opened
  • No teaser/introductory rate.


  • 6 Mnth – 1.60%
  • 1 Year – 2.00%
  • 3 Year – 2.35%
  • 5 Year – 3.10%
FreeNet Checking Account


  • Reimbursed up to $6 per month for ATM Fees
  • Visa Checkcard
  • Unlimited check writing
  • No Monthly Fees & No Minimum Balance requirements

Rate: 3.01% Introductory Rate

First Year APY:

  • $50k-$99,999.99 – 1.96%
  • $25k-$49,999.99 – 1.58%
  • $10k-$24,999.99 – 1.54%
  • Under $10k – 1.52%

Non Promotional APY:

  • Over $100k -1.85%
  • $50k-$99,999.99 – 1.60%
  • $25k-$49,999.99 – 1.10%
  • $10k-$24,999.99 – 1.05%
  • Under $10k – 1.02%

Your EverBank account is FDIC insured under certificate number 34775 and unlike some of the other online banks, this is a true online bank and not just an arm of a brick and mortar institution. While their rates are moderately confusing you could still wind up ahead. If you are interested in obtaining more information stop by Everbank‘s site


1 Craig @ Money Help For Christians July 14, 2009 at 11:46 pm

Just wanted to throw in some extra info regarding Everbank. I have had three online bank accounts (ING, Netbank, and Everbank). My worse experience by far was with Everbank. I had lots of issues with transferring money to external accounts. I was told that people who use Firefox often had to switch over to using IE with Everbank. Seems like someone over there should have been smart enough to interface with Firefox. I closed my account after numerous failed attempts at transferring money from Everbank to other accounts.

2 Scott August 18, 2009 at 2:41 pm

I have to say that Everbank is the worst bank I have ever considered using. I deeply regret the choice to open an Everbank account. The high interest rate was definitely the drawing point. But after filling out the application online, I had to PRINT it and MAIL it in. That should have set off alarms for me. Unfortunately, it didn’t. I paid $8.00 to get a CASHIERS CHECK for $25500.00 which then sent OVERNIGHT to the tune of $19.00. So far this cost me $27.00.
After a FULL WEEK, I FINALLY received notification that my account had been opened and that I would receive my account materials in ABOUT another week. OK, NOW ALARMS were going off. I emailed Everbank only to be told that I had to call to get my account number. Everbank “Doesn’t email account numbers because it’s not secure.” So, I phoned per the instructions. The response I got was “Everbank doesn’t give the account numbers out over the phone but you can request an email with the account number.” I still had the email from the first rep, so I read it to the second. After being put on hold to get approval, I finally got my account number so that I could set up online access.
I immediately logged in to set up online access, only to fine that ALL EFT transfers would take a MINIMUM of 4 BUSINESS DAYS!!!!! When you request the transfer, Everbank takes the money out of your account and holds it for 2 business days so that you can’t earn money but they have 2 days to keep using it. Then, on the 3rd day they initiate the transfer. So, either the 4th day or perhaps later, you will finally receive your money. ABSOLUTELY UNACCEPTABLE!!!!!!!!! But I’m not done.
Online bill pay is PAPER CHECKS CUT AND SENT. NOT EFT!!! As if this wasn’t enough, my $25500.00 CASHIERS CHECK was held for a total of 3 weeks!!!!!!!!!!!!!!!!!!!!!!!!! CASHIERS CHECKS ARE CASH. So, needless to say I immediately removed my money as soon as the hold was finally released. I’ve only told you the major points and I strongly recommend that you avoid Everbank like the plague. I guarantee you nothing but aggravation, fury, loss of money, and everything else. In the instant, electronic society that we live in, this antiquated bank needs to give it up and go out of business. Please help me spread the word and put them out of our misery. I opened a YIELD PLEDGE MONEY MARKET Account.

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