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Review Of EverBank Online Savings and High Interest Checking Accounts

Published 12/26/08 (Modified 9/2/16)
By MoneyBlueBook

Since 2000, EverBank has quietly grown and emerged as a top-tier banking institution, offering a diversified array of full-service-online-banking products that include high-yield savings accounts, money market accounts, high-interest certificates of deposit (CDs), mortgage loans and, most intriguing of all, high-interest checking accounts.

EverBank has steadily grown to become one of the top online high-yield savings banks in the market. Because the online bank apparently did not dabble in toxic subprime mortgages, the company is in a much stronger position today than many of its competing rival banks.

About a year ago, I opened an Ever Bank savings and checking account for review purposes and have been generally pleased with the annual percentage yield (APY) interest rates I've received over many months.

Consistent with its marketing pledge to stay among the top 5% of savings banks in terms of interest rate, I'm pretty pleased to say that, upon examination of its past, EverBank has stayed true to its word over the last few years. Despite market fluctuations in bank interest rates, EverBank has remained one of the top banking choices for those seeking the highest FDIC-insured rates of return for their savings and investments.

This is not to say that EverBank is the absolute best online bank out there, but it certainly is one that consumers should consider when evaluating their options. At the very least, those interested in a checking account that earns a pretty high interest rate (an extreme rarity among other banks) or those interested in alternative savings options like foreign-currency-denominated CDs should take a look at EverBank and its sister discount broker firm, EverTrade Direct Brokerage.

Those weary about the safety of their money and investments after the age of failing banks need not worry. All EverBank checking, savings, high-yield savings, money market accounts, and CD deposit banking products are fully protected by FDIC insurance coverage up to the full $250,000 limit.

Extra Information and Resource

  • EverBank ABA/Routing Number for direct deposits and ACH transfers: 063092110

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5 Responses to “Review Of EverBank Online Savings and High Interest Checking Accounts” 

  1. John says:

    What do you mean, "apparently did not dabble in toxic subprime mortgages"? They either did or did not. Please clarify.

  2. Mary says:

    Please note effective June 1, 2009 you must maintain an average monthly balance of $5000 to avoid fees of $8.95 per month for both the Yield Pledge Money Market Account and to use the free online bill paying service.

  3. Bob Widmer says:

    If I open an account in British Pounds, can I get a credit card to allow for paymaent of goods and services in England without fees? If I travel to London with the credit card and us ATM withdrawals for cash needs what are the fees and the interest rate on the cash withdrawn. Do you have Debit cards which would negate the interest? I travel to England frequently and I don't want to be charged 3% fee on every purchase I make. I was about to reestablish my British bank account to avoid these fees when I read about your bank on the internet. I also Want to protect myself from a potentially weakening dollar.

  4. Scott says:

    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.

  5. RacerX says:

    Similar story as Scott's.. not quite so bad though.

    I finally got 'round to opening an account at the end of June. Planned to convert all my short-term cash accounts to Everbank and was putting a toe in the water. The first statement had an $8.95 charge--for the "FREE" checking account. Evidently the BillPay ticks that fee in if you have less than $5,000. Egads.. hassle. And I certainly would not have opened the account if I'd known.

    My thinking is part of the reason Everbank is so popular is they kick back $$ to financial advisors to get clients to sign up for their programs. I think this is what sucks so many people into accounts there. While my experience wasn't horrible. I also had/have no intention of paying for a service that I get for free where I currently bank now.

    I like the idea of different currency, metals backed accounts.. but the 1% transfer fee seems a bit steep for my liking. I'll stick with other instruments that have lower fees.

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