EverBank Review: High Rates and No Fees from This Online Bank

Online banks typically offer the most competitive interest rates and lowest fees, which contribute largely to their popularity. But with all the online banks available today, you might not know where to store your cash.

You certainly have your fair share of options. And, after carefully reviewing some of the best banks, you might find that many have a reputation for superb customer service and a wealth of financial services. But can they give you the best returns on your deposits?

EverBank can provide all of the above and more. Headquartered In Jacksonville, Fla., this financial institution can be the solution to your banking needs, whether you’re looking for a checking account or a home loan.

Here is a look at some of the personal banking options offered by EverBank.

1. Yield Pledge Checking

A checking account with all the features of a savings account — that’s what you’ll get with EverBank’s Yield Pledge Checking. The bank requires a minimum deposit of $5,000. First-time checking clients earn a 1.21% APY bonus rate on balances up to $250,000 for the first twelve months. Ongoing rates range from 0.25% to 0.71%.

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There is no monthly fee and all customers can take advantage of free bill pay. Rates are subject to change without notice.

Keep reading: 5 Best Online Checking Accounts of 2014

2. Yield Pledge Money Market

It makes sense to keep your emergency cash in a traditional savings account. But for long-term savings and faster growth, you’re better off with a money market account.

A Yield Pledge Money Market account with EverBank requires a minimum deposit of $5,000. You’re allowed up to six transfers per month and there is never a monthly fee. Open an account today and enjoy a twelve-month introductory rate of 1.50% APY for balances of up to $250,000. The ongoing rates range from 1.05% to 1.35% APY.

3. Yield Pledge CD

Are you looking for an additional way to maximize your savings? A Yield Pledge certificate of deposit with EverBank offers rates between 1.25% and 2.70% APY on terms ranging from three months to five years.

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Certificates of deposit require a minimum deposit of $1,500. The bank will send a 20-day maturity alert, and there is the option of an automatic rollover. There are no account fees.

4. EverCard Visa Platinum

The EverCard Visa Platinum is exclusively for bank customers and includes a host of attractive card features, such as no annual fee, automatic payment options and competitive rates. Earn one point for every dollar spent on qualifying purchases, and redeem points for merchandise, gift cards and travel expenses. As a bonus, EverBank will credit your account $25 for every $2,500 you spend with the card.

5. Mortgage Loans

Buying or refinancing a home can be downright frustrating. However, the more options you have, the easier it is to get through the process. Whether you need a conventional home loan, an FHA mortgage, a VA home loan or a jumbo loan, EverBank can deliver affordable rates and excellent services.

6. Convenient Customer Service

Just because EverBank doesn’t have a brick-and-mortar location in your hometown doesn’t mean that you’ll miss out on great services.

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After you’ve opened an account, there are several ways to deposit a check into your checking or savings: Electronically transfer money from another bank, mail in your check or deposit checks with your mobile device. Additionally, once you’re a customer, you have 24/7 access to your accounts — transfer funds, check your balances or pay bills, all from the comfort of your home.

Is EverBank the Right Choice for You?

EverBank is the perfect match if you’re looking for competitive rates and low fees. With the bank’s Yield Pledge promise, your yield will always remain in the top 5 percent of competitive accounts, providing you the highest return on your deposits.

And, because the bank doesn’t charge monthly fees and offers unlimited ATM reimbursements if your balance remains above $5,000, you won’t spend a bundle on bank-related fees.

But though the interest rates are matchless, the opening deposit for an account is higher than a lot of other banks. Whereas some banks require as little as $50 or $100 to open a deposit product, EverBank requires a minimum of $1,500 for all accounts.

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About the Author

Valencia Higuera is a personal finance expert who enjoys articles on budgeting, saving money and credit cards. She holds a B.A in English from Old Dominion University and currently lives in Chesapeake, Virginia.