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EverBank Review: Savings Accounts |
| Sign up for EverBank | |
Rating: |
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| 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. At present, accounts earn 0.76% APY. 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 to enjoy competitive rates, EverBank is probably a good option. |
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| APY: | 0.76% |
| 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 |
| Deposit and Withdrawal Methods: | Electronic transfer, wire, check |
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