The Teachers Insurance and Annuity Association of America, or TIAA, was founded in 1918 to assist with the financial needs of teachers. Today, TIAA Bank is now EverBank, and it has extended its financial services to anyone.
Like many banks, EverBank offers bonuses and other promotions to attract new customers, but many customers might not know about them. Keep reading to learn about EverBank’s promotions and other perks for May 2023.
Current EverBank Promotions
EverBank doesn’t have any special promotions on tap this month, but it does offer other ways to save money or boost your account balance. Read on for more details.
EverBank Yield Pledge Promise
EverBank offers three high-yield accounts:
- Yield Pledge Checking
- Yield Pledge Online Savings
- Yield Pledge Money Market
These accounts come with EverBank’s Yield Pledge, which guarantees an annual percentage yield ranking in the top 5% of competitive accounts. The bank promises to review the rates of similar banks each month and adjust its rates to keep them competitive.
No EverBank coupon code is required to enjoy this perk.
Bank fees for everything from account maintenance to ATM charges can add up in a hurry if you don’t monitor them closely. Some banks give customers ways to avoid these fees. Others, like EverBank, offer and advertise fee-free accounts.
At EverBank, the Yield Pledge interest checking and money market accounts — as well as its basic checking and savings accounts — all have no monthly maintenance fee. Customers are also reimbursed for ATM charges up to $15 per month.
Over time, avoiding these extra charges can lead to big savings that might be worth more than a cash bonus for opening a new account.
New EverBank customers can take advantage of an introductory APY on select interest-earning accounts. The introductory rate applies to balances up to $250,000 in Yield Pledge Money Market and Yield Pledge Checking accounts.
At the end of the first year, the APY returns to the tiered rate based on the account balance. Accounts with the highest balances enjoy the highest APY.
Former Basic Savings account holders are not eligible for the introductory APY.
How To Open an EverBank Account
To take advantage of EverBank’s perks, you need an account. Start banking with EverBank by following these steps:
- Go to EverBank’s homepage.
- Click on “Open an account” below the login section.
- Select the account(s) you want to open and click the yellow “start application” button located at the top center of the page.
- Fill out the online application and follow the onscreen prompts.
If you want to open an IRA you can either get started online here or call 888-882-3837.
To open a business account, create your login here to start. If you need help, call 1-866-371-3831, option 3 to speak with an account specialist.
If you’re looking to open a Trust or Custodial Account, those are not yet available online so you’ll need to call 1-855-291-1840 Weekdays, 8 a.m. – 8 p.m. (ET) or Saturdays, 9 a.m. – 7 p.m. (ET).
What Do I Need to Open a EverBank Bank Account?
When you apply for a EverBank bank account, you’ll have to provide the following information:
- Name and address
- Date of birth
- Taxpayer Identification Number or Social Security number
- Other identifying documents
The bank might ask you for additional information if it needs to verify your identity further.
How Much Money Do You Need To Open a Bank Account at EverBank?
The initial deposit required to open an account at EverBank depends on the type of account. A Basic Checking account requires $25 to open; a Yield Pledge Checking account requires $100; or a Yield Pledge Money Market account with zero dollars. To open a $1,000 to open a Basic CD account you’ll need $1,000 and for a Bump Rate CD, you’ll need $1,500.
Is EverBank the Right Bank for You?
Although EverBank doesn’t have any cash bonuses available this month, it still has plenty to offer to customers in search of fee-free banking and competitive rates. Whether it’s the right bank for you depends on your personal financial needs.
Check back each month for updates and new promotions as they are available.
Information on promotions is accurate as of May 11, 2023. Additional requirements may apply. Offers and terms are subject to change.
This content is not provided by EverBank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by EverBank.
This article has been updated with additional reporting since its original publication.
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