EverBank EverBank
by ,
3.5 5stars

EverBank Review

EverBank
Rating:
Bottom Line:
CD rates and sign-up bonus rates may appeal to some; less-than-great standard APYs and branches in Florida make it fairly similar to traditional banks

Full Review:
EverBank, unlike other competitors, has a multitude of account options that might be of interest to customers. It's not exclusively a branchless bank, but a kind of hybrid with physical locations in Florida and service nationally via the Internet. This difference when compared to standard direct banks definitely shows, as most of EverBank's standard offerings don't come close to rivaling the APYs of its completely branchless competitors.


Key Features

EverBank is an FDIC insured institution, and has two options when it comes to online savings accounts. The first is its Yield Pledge Money Market account which offers a 12 month bonus APY of 1.31% for all funds up to $250,000. After one year, all accounts are subjected to one of the default APYs, based on the amount of money present in the account. Currently all checking account tiers yield an APY of 0.86%. As with all banks, EverBank's rates and account details are subject to change.

EverBank has no monthly fee, however, it has several transaction triggered fees. A handful of these fees are for requested services and others are associated with account maintenance. EverBank's fees include: non-sufficient funds ($30, max of two per day), returned deposited item ($10 per item, $0 for New York or Vermont residents), stop payment fee ($30, stops payment for up to six months), cashier's check ($10), replacement account card ($5), uncollected item fee ($30), wiring funds nationally and outside of EverBank ($25) and wiring funds internationally ($35). EverBank does not charge ATM fees and if you keep your account balance above $5,000, it promises to reimburse you for surcharges accrued at other banks' ATMs. As with all savings account types, EverBank's accounts have a six time withdraw limit per month as mandated by federal law. Both accounts have a $10 fee for exceeding the transaction limit and repeated instances of exceeding the limit could result in the conversion or termination of your account.



Access and Ease of Use

Given EverBank's hybrid status, it offers more support than most other banks in this category. It has physical locations and ATMs in Florida, 24/7 phone support, chat support via Twitter and email-based support. EverBank even offers phone support for customers who are traveling or outside the U.S. (with limited hours). In addition, its banking services are available via Internet, mobile device or phone. EverBank's mobile apps are for Android and Apple platforms, however a mobile optimized site does exist for individuals who do not have the option of downloading the app to their phone. EverBank's key online and mobile options include Bill Pay and People Pay, the latter of which makes it very easy to transfer money to individuals, even those outside of EverBank. The bank also has a feature called Easy Deposits, which allow you to use your mobile device to scan checks and deposit them.


Certificate of Deposit Offerings

Similar to Discover, EverBank's most competitive depository option is its Certificate of Deposits, which have somewhat more competitive APYs when compared to the CDs offered by other banks, including several branchless ones. EverBank's Yield Pledge CDs require a minimum of $5,000 to open and terms start as low as three months with an APY of 0.80% to five years for an APY of 2.30%. The CDs are IRA eligible as well meaning that they can be made into accounts designated for retirement funds. CDs through EverBank have automatic renewal. This means once the CD has matured, it will automatically roll into a similar-term CD.


Bank Standing

EverBank is a smaller bank that is not among the top 50 banks in the U.S. While its total asset value is $26 billion, other aspects, such as its equity (about $1.9 billion), indicate that it's not as competitive as other banks around its size. EverBank is not a BBB accredited institution, but it does have an A+ from the bureau.



Conclusion

Given EverBank's generous sign-up APY, it might seem like an extremely appealing option, however that comes at a cost. The bank has more fees than most of its completely brancheless competitors. Also, its initial deposit requirements are relatively steep considering some other online banks forgo the requirement entirely. Overall, EverBank might only be an option if you're seeking to save larger funds of money or to utilize its more competitive Certificate of Deposit options.

Compare to Other Savings Accounts

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Service Details

APY:1.31% for 12 mos;
0.86% thereafter
Monthly Fees:None
Minimum
Balance
to
Maintain:
$0
Minimum to Open Account:$5000
Maximum Withdrawals Per Month:6
Deposit and Withdrawal Methods:Electronic transfer, wire, check, ATMs

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