If you’re looking for an online bank with higher interest rates and free online and mobile banking, EverBank could be a good fit. Established in 1961 and insured by the FDIC, EverBank has its roots in Florida but now offers services nationwide through online banking.
EverBank offers a variety of banking services, including for businesses and mortgage lending, but their Yield Pledge Accounts stand out. These accounts are available for money market accounts, CDs, and savings. To avoid fees, you’ll need to maintain a $5,000 minimum balance. Falling below this balance results in an $8.95 monthly fee, and going over six transactions in a month in your money market account will cost you an extra $10 per transaction, with repeated excess potentially resulting in account closure.
If you can consistently keep a $5,000 balance, here are some perks of banking with EverBank:
1. No ATM fees – EverBank refunds any ATM charges.
2. Free mobile and online banking.
3. Interest rates ranging from 0.51% to 0.85%, depending on account type and your balance.
4. Free fund transfers, whether within EverBank or with other banks.
5. Free online check images for up to two years.
(Keep in mind that ATM fee reimbursement requires maintaining a $5,000 balance.)
EverBank also offers Yield Pledge checking, savings, and CD accounts. You can open or transfer an IRA to EverBank, which provides options like global currencies and precious metals for diversification and high yield opportunities, though these come with risk.
Their credit card offers a 10% APR with no annual fee and allows you to choose between point rewards or cash back. The penalty for late payments is also lower than many competitors.
EverBank has shown strong growth, with assets increasing from $4 million in 2006 to $12 million in 2010. They offer a high-interest rate and fee-free accounts if you meet the balance requirements. However, if maintaining a $5,000 balance is difficult, EverBank might not be the best choice for you.