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EverBank Review: Savings Account |
Compare to Other Online Savings Accounts |
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| Complex tiered APY system; good for those who will maintain a balance above $5,000 | |
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An EverBank high yield money market account is a very competitive way to grow your savings. While APYs fluctuate over time, EverBank pledges to keep the yield on your account in the top 5% of competitive accounts as tracked in the Bankrate.com National Index of leading banks. At present, balances of $50,000 or less earn a 2.51% APY for a three month bonus period, then 1.77% for the remainder of the first year, and 1.51% thereafter. Accounts containing more than $50,000 will earn 2.51% for the first $50,000 during the bonus period, and the APY for the remaining funds will be 1.51%. After the three month bonus period has ended, the entire balance will earn an APY of 1.51%. Interest is compounded daily and credited monthly. The minimum opening balance for an EverBank money market account is $1,500. There is no monthly fee for balances over $5,000, but balances under $5,000 will be subject to a monthly fee of $8.95. Customer care specialists are available 24 hours a day, seven days a week over the phone.
If you choose to open a money market account with EverBank, you'll have access to free online banking, where you can view your total financial portfolio, including accounts at other financial institutions. You'll also be able to manage your account and conduct transactions. Once your money market account has been approved and set up, you'll be able to link additional accounts in order to transfer money online. If you do make more than six withdrawals per month, you'll be subject to a $10 fee. EverBank's online application requires some paperwork to be printed and mailed, which does slow down the process considerably. And this bank will do a hard inquiry of your credit, which slightly decreases your credit score. If speed, ease and simplicity are priorities for you, or if you are unlikely to maintain a balance of $5,000 or more, EverBank may not be the best choice. If, however, you are likely to keep at least $5,000 in your account and you want one of the highest rates available, EverBank is probably a good option. |
| APY: | 2.51% for 3 months then 1.77% for first year up to $50k, 1.51% thereafter |
| Monthly Fees: | $8.95 for balances under $5,000, none for balances over $5,000 |
| Minimum Balance to Maintain: | $5,000 or $8.95 monthly charge |
| Minimum to Open Account: | $1,500 |
| Maximum Withdrawals Per Month: | 6 |
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