- Easy online banking via the EverBank website and mobile app
- More than 80,000 fee-free is available
- High yields on qualifying checking, savings and CD accounts
- Non-EverBank ATM fees are only reimbursed up to $15 per month -- though unlimited reimbursements are available if you maintain a minimum average daily balance of $5,000
EverBank, previously TIAA Bank, launched in June 2018 after the acqusition of EverBank by TIAA the year prior, with the express goal of providing solutions for the unique financial needs of its clients. Now, EverBank is rated by GOBankingRates as one of the Best Online Banks for 2023.
Although the bank is based in Jacksonville, Florida, residents of all U.S. states can open an account and handle their banking needs using the website or mobile app.
EverBank stands out for several reasons. Here is a closer look at some of the top features it offers.
Although the accounts are online, mobile check deposits and access to 80,000 EverBank-affiliated ATMs make it possible to handle your everyday banking needs anytime. EverBank offers two low-fee accounts.
- Basic Checking: You need $25 to open the account.
- Yield Pledge® Checking: Accounts earn APY on all balance tiers and there is a $100 minimum for the account. The combination of $0 overdraft transfer fees, $0 monthly account fees and a competitive interest rate, is part of the reason the Yield Pledge Checking account is one of GOBankingRates’ picks for Best Checking Accounts of 2023.
EverBank has one type of savings account, its Yield Pledge® OnlineSavings account. Although the online bank doesn’t provide other options, it’s still an award-winning choice, ranking in the GOBankingRates roundup of the Best Online and Neobank Savings Accounts of 2023 for its low fees, a minimum balance requirement of $25 and competitive APY of .
It’s the least customizable and most standard of all account types at EverBank but it covers all the needs of a savings account.
Money Market Account
The EverBank Yield Pledge® Money Market Account offers some of the highest interest rates of any bank. As of June 6, 2023, new customers receive a one-year introductory APY of 4.50% on balances up to $250,000. Balances above $250,000 receive a blended APY of 4.00% to 4.50% during the one-year introductory period. After that period ends, customers are guaranteed an APY within 5% of competitive accounts in the U.S., based on data from the five largest banks and five largest thrifts in the market.
There is no minimum opening deposit, minimum account balance, or monthly fee. Read more about this account in GoBankingRates’ full EverBank Money Market Account Review.
EverBank’s certificate of deposit accounts are a collection of award-winning CDs, ranging from its Basic to its well-regarded Intrafi® Network Deposits. CDs are a great way to earn high returns that are virtually risk-free — as long as you don’t need to access the funds for the agreed-to term. Due to their offerings, GOBankingRates has ranked EverBank among the Best CD Accounts of 2023.
If you have $1,000 to $1,500 to start with, the Basic or Bump Rate CDs are your options. The Basic CD comes with terms of three months to five years with the potential of up to APY. Investing $1,500 into a Bump Rate is a lucrative option if you can set the money aside for 3.5 years — you can bump your rate up once during the term if the bank’s rate increases.
Lastly, higher investments of $10,000 qualify for an IntraFi Network Deposits CD. The APYs tend to be lower, but this account offers expanded FDIC coverage — into the millions of dollars rather than the typical $250,000. So if you want to keep more money in a single insured account, this may be a good option for you.
EverBank Banking Experience
EverBank’s focus on providing banking services for everyone is a strong point. Anyone who is a legal resident of the U.S. can access the award-winning online banking products including checking, savings, money market accounts and CDs.
Except for the savings and money market account categories, you’ll find basic and premium account options. This gives you the option to start small with a basic account and upgrade to a higher-tier account when you have a higher balance to work with.
Not all EverBank customers have access to in-person service, especially those who do not happen to live near one of its branch locations.
To make up for the lack of brick-and-mortar branches, customer service agents are available to help by phone. You can speak to a customer service representative at 888-882-3837. They’re available on weekdays from 8:00 a.m. to 8:00 p.m. EST and Saturdays from 9:00 a.m. to 7:00 p.m. EST.
You can also reach out via email on the bank’s website.
Mobile and Digital Experience
You can easily get your banking done through the EverBank website, including scheduling bill payments and bank transfers. In addition, the mobile app is a great way to handle your basic banking services 24/7 and it is highly rated.
- Google Play: 4.5 out of 5 stars
- Apple Store: 4.7 out of 5 stars
Standout mobile app features include check deposits, watch compatibility, access to customer service and the option to create savings goals. In addition, EverBank’s mobile app is integrated with smart-device security, such as Touch ID, face recognition and password access.
EverBank vs. Competitors
Before deciding on a bank, it’s always a good idea to see how it stacks up against the rest of the field. Here’s a look at how EverBank compares to some of its competitors.
EverBank vs. Capital One
EverBank and Capital One both offer competitive rates and a variety of low-cost accounts. However, EverBank edges out Capital One when it comes to the number of accounts available. Capital One does not offer a money market account. EverBank offers one, as well as basic and deluxe versions of a checking account.
EverBank vs. Ally Bank
If you want a simple way to bank with the least amount of fees, choose Ally Bank. Both online banks have low fees but the few they charge, such as stop payment or wire transfer fees, are lower at Ally Bank. On the other hand, EverBank’s Yield Pledge products come with the promise that the yields offered are in the top 5% of Competitive Accounts, so you can feel confident your money is guaranteed to grow with a great rate.
EverBank vs. Synchrony
Synchrony is best for customers looking for a simple savings account solution. EverBank beats Synchrony when it comes to financial products — you’ll have access to checking accounts in addition to savings.
EverBank is a great option for those customers who value high yields and diverse options over in-person banking. Customers with more liquidity and enough money to open EverBank’s Yield Pledge® accounts, whether in checking or a money market, may find the bank’s rates very competitive.
EverBank’s variety of high-yield CDs are a great way to grow your money with up to five-year terms. Consider opening an account with EverBank as GOBankingRates has ranked EverBank as one of the Best Online Banks for 2023.
Compare to Other Banks
- Ally Bank Review
- American Express National Bank Review
- Discover Bank Review
- Capital One Bank Review
- Marcus by Goldman Sachs Review
- All Bank Reviews
EverBank FAQHere are answers to some of the most frequently asked questions about EverBank.
- Is EverBank a good bank?
- Yes, EverBank is a well-renowned financial institution. It has a highly rated mobile app and GOBankingRates has ranked EverBank among the Best Online Banks for 2023.
- How is EverBank rated?
- GOBankingRates has ranked EverBank in a number of categories including being one of the Best Online Banks for 2023.
- Is EverBank a legitimate bank?
- Yes, EverBank is a legitimate bank and is a Member FDIC. All accounts are insured for $250,000 per ownership account.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 6, 2022.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best Checking Accounts, GOBankingRates looked at the following factors from all banks (excluding credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; and (7) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (2 and (5) were weighted 0.5 times, and factor (4) was weighted 1.5 times.
To determine rankings for the Best CD Accounts, GOBankingRates looked at the following factors from all banks (excluding credit unions): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY; (5) 60-month CD APY; and (6) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factors (1) and (2) were weighted 0.5 times, factor (3) was weighted 2 times, and factors (4) and (5) were weighted 4 times.
To determine rankings for the Best Online Banks, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) customer service options and mobile products offered (24/7 customer service, live chat with a human, mobile app and remote check deposit); (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Android and Apple app stores. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed.
To determine rankings for the Best Online Bank and Neobank Savings Accounts, GOBankingRates looked at the following factors from all online banks and neobanks: (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly savings fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) minimum balance needed in account to earn APY; (5) savings APY; and (6) the average mobile app rating between the Android and Apple app stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 0.5 times, factor (4) was weighed 1.5 times and factor (5) was weighted 3 times.