EverBank is a Jacksonville, Florida-based bank that serves Florida customers through its network of physical branches and national customers through its online bank. The company offered its first product, the Yield Pledge Checking Account, in 1999. Since then, it has dramatically expanded its offerings to cater to retirement savers, high-asset clients, business owners, and advanced investors who want access to currencies and precious metals. It offers a robust lineup of banking services, as well as brokerage accounts for investors through EverTrade Direct Brokerage.
There are about a dozen EverBank branches scattered around the state, from Boca Raton in the south to Jacksonville in the north. Especially in northern Florida, EverBank is a big deal; in fact, a while back, the company bought the naming rights to the Jaguars’ home stadium – although, as Jacksonville is the NFL’s smallest market, that might be a dubious feat – and the bank is a visible patron of local events and charities.
Outside of the Sunshine State, EverBank has about a dozen physical offices that specialize in mortgage and business lending, mostly in Texas, Oklahoma, Kansas, and Colorado. If you’re from anywhere else, however, do not fear – EverBank’s online bank offers access to all services available at these two types of locations, and then some.
Yield Pledge Checking Account
EverBank’s Yield Pledge Checking Account, billed as one of the oldest high-yield checking accounts, offers competitive interest rates, no account maintenance fees, and no-cost overdraft protection for clients who link their accounts to an EverBank savings or money market account. The Yield Pledge name evokes a longstanding EverBank policy: Its interest rates always remain within the top 5% of all U.S. banks’ interest rates, as defined by Bankrate.com’s BRM National Index, which updates at the beginning of each month.
Upon opening a new account, for which a minimum deposit of $5,000 is required, account holders currently receive a 12-month introductory interest rate of 1.21% for balances up to $250,000. The current standard interest rate sits at 0.25% on balances up to $10,000, and rises to a maximum rate of 0.71% on balances between $100,000 and $10,000,000.
Yield Pledge Money Market Account
EverBank offers a money market account under the Yield Pledge banner. This account guarantees that its rates remain in the top fifth percentile of all U.S. banks, as defined by the Bankrate.com BRM National Index, which is updated monthly. Everbank requires a $5,000 opening deposit and allows up to six outbound transfers or withdrawals per month, as per federal regulations – inbound transfers and deposits are unlimited.
As with EverBank’s checking account, no monthly maintenance fees are associated with this product. New accounts are eligible for a 12-month introductory interest rate of 1.31% on up to $250,000 in deposits. Beyond $250,000, the rate on all funds (up to $10 million) is 1.01%. After the first 12 months, the APY drops to 1.01% on all balances. These rates are subject to change on a monthly basis, as per the BRM Index.
Yield Pledge CD
EverBank’s Yield Pledge CDs offer yet another top-fifth-percentile promise, again using the Bankrate.com BRM National Index as a benchmark. Like the company’s money market account, Everbank CDs come with no maintenance fees, and require a $5,000 minimum deposit. Term lengths range from three months to five years, and interest rates range from 1.01% on the shortest-term vehicle to 2.35% on a five-year CD. The popular 12-month CD yields 1.68%. This rate schedule is unusually generous – EverBank is one of the few online banks whose entire CD catalog yields 1.00% or greater.
Upon maturity, EverBank CDs automatically roll over into identical vehicles, although the company does provide 20 days of warning before the rollover date. The penalty for withdrawing early is steep: 25% of all interest that would have been earned over the full term of the CD, for all CDs. This means that you can lose principal if you withdraw before your CD reaches the one-quarter mark of its term.
Bump Rate CD
EverBank’s Bump Rate CD has a 42-month term, during which account holders have the option to raise their rate once if prevailing rates rise. The Bump Rate CD’s APY starts at 2.10% on balances up to $250,000, which is also the maximum deposit amount. A minimum deposit of $1,500 is required to open a Bump Rate CD account. The maturity warning window is 20 days.
LIBOR Index CD
EverBank’s LIBOR Index CD is a variable-rate CD with a 36-month term. The yield is directly tied to the three-month performance of the LIBOR Index, with a 0.25% margin added to the base LIBOR. When LIBOR rises, so does the yield, and vice versa. According to EverBank, the LIBOR Index CD is appropriate for savers who expect prevailing interest rates to rise over time. The minimum deposit amount is $1,500, and there’s a 20-day warning period prior to maturity. As of early 2017, the LIBOR Index is set at 1.31%, producing a 1.56% APY after accounting for the margin.
Basic Checking Account
EverBank’s Basic Checking Account is a no-yield checking account that requires a $25 minimum opening deposit and has no monthly account fees as long as you maintain an average daily balance of $25. If you don’t maintain the minimum daily balance, you pay $5 per month (except New York State residents, who are exempt by law).
Basic Savings Account
The Basic Savings Account is a lower-yield savings account that requires a minimum opening deposit of $25 and a minimum daily balance of $25 to avoid the $5 monthly account fee. The yield is 0.61% APY on all balances. As with the High-Yield Savings Account, outbound transfers are limited to six per month by federal regulations.
EverBank’s Basic CDs have terms ranging from three months to five years. Yields are slightly lower than comparable-term Yield Pledge CDs, ranging from 0.91% APY on the three-month CD to 2.25% on the five-year CD. These yields apply to balances up to $1,000,000. There’s a $1,000 minimum deposit requirement for all accounts and a 20-day maturity warning.
Foreign Denominated Deposits
Individuals and businesses can deposit foreign currencies into EverBank’s WorldCurrency accounts, which allow advanced investors and savers to take advantage of currency fluctuations to build their capital. These accounts currently offer access to approximately 20 foreign currencies, including popular denominations such as the Australian dollar, the euro, and the pound sterling, as well as less common varieties such as the Hungarian forint, Danish krone, and Polish zloty. Interest-bearing CD accounts are available in some – but not all – of these currencies.
When an account holder deposits or redeems foreign-denominated funds for U.S. dollars (or vice versa), EverBank pays out within 1% of the prevailing market exchange rate, which is an unpublished, variable rate that governs currency exchanges between banks. Basically, the markup that it charges for currency exchanges isn’t constant, but it does not exceed 1% under normal circumstances.
As deposit accounts, all of EverBank’s foreign currency products are FDIC-insured up to a limit of $250,000 per account. However, this insurance only covers funds lost due to a failure of EverBank itself. It doesn’t cover potential losses due to depreciation of the currency in which your funds are denominated relative to the U.S. dollar.
Visa Credit Card
EverBank’s Visa Platinum Credit Card comes with no annual fee, and offers an optional rewards program through FIS Points2U. This gives account holders the choice of receiving (for every $2,500 they spend) automatic $25 statement credits or accruing rewards points that can be redeemed for gift cards or direct purchases at participating restaurants, travel companies, and retailers and product manufacturers, such as Garmin, Brookstone, and Trek Bikes. A full list of participating companies is available in EverBank’s rewards portal.
Redemptions start at 750 points, which is equivalent to $750 spent. Redeeming your points through EverBank’s rewards portal doesn’t magnify your spending power – when you shop, each point has a value of one cent.
CDARS Service for Higher FDIC Limits
EverBank offers access to the Certificate of Deposit Account Registry Service (CDARS), which provides FDIC insurance above the typical $250,000 account balance limit. The company’s CDARS products include 3-, 6-, 12-, 24-, and 36-month CDs that yield between 0.87% and 1.62%, depending on term length. There’s a $12.5 million funding limit on the three shorter-term CDs. The 24- and 36-month CDs have lower limits of $2.5 million and $1 million, respectively.
All Everbank CDARS accounts require minimum deposits of $10,000, lack maintenance fees, and come with 15-day maturity warnings. Per CDARS’s regulations, automatic rollovers aren’t available on these products. However, clients are free to open new CDARS accounts when their old ones mature.
Mortgages and Refinancing Products
EverBank markets traditional, jumbo and FHA/VA mortgages to individual clients. Within these categories, borrowers can find 15- and 30-year fixed mortgages, as well as 5/1 ARMs. Although rates vary according to borrowers’ credit scores, borrowing amount, and geographical location. For borrowers with excellent credit, rates are competitive with other major banks in the same geographical area.
Everbank’s mortgage products are available through the company’s network of physical lending branches or partner lenders throughout the United States – it advertises a 50-state network of local partners. Current homeowners also can find a range of refinancing and leverage products, including home equity loans and loans that shrink or lengthen terms on traditional and jumbo mortgages. In addition, the company also helps underwater homeowners (those who owe more than the current value of their homes) refinance their mortgages through the federal Home Affordable Refinance Program (HARP).
Finally, Everbank offers access to the Federal Housing Authority’s Streamline Refinance Program. This is a limited-time initiative that also helps underwater homeowners remain in their homes.
Precious Metal Investments
First, EverBank’s allocated accounts facilitate direct, undivided investment in physical gold and silver. With an allocated account, you can take physical delivery of individual bars or coins, including gold and silver bars that range from one to one hundred ounces, and one-ounce gold and silver coins issued by the American, Austrian, Canadian, and South African governments. These require a minimum deposit of $7,500 and accrue storage fees for clients who don’t take physical delivery.
Second, unallocated accounts are previous metal investment pools with many different participants, and they don’t facilitate undivided ownership of physical gold or silver. However, unallocated accounts do facilitate ownership of fractional shares of bars and coins – you own a specific amount of gold or silver, but you are not assigned to a particular bar or coin. They require a minimum one-time deposit of $5,000, or a commitment of at least $100 per month to an ongoing purchase plan.
It’s not possible to take delivery of metals included in an unallocated account, but EverBank doesn’t assess storage fees on them either. EverBank’s precious metals offerings aren’t FDIC-insured, but they are insured by the Securities Investor Protection Corporation.
Individual EverBank account holders can open traditional and Roth IRA accounts, which can hold bank account products such as Yield Pledge money markets and CDs, as well as foreign currencies, precious metals, stocks, options, bonds, and mutual funds.
24-Hour Customer Service for Banking Clients
EverBank’s individual banking clients can call its Client Solutions Team 24 hours a day regarding their accounts. Banking support is also available on Twitter and via email, but there is no on-site chat feature. Debit and credit card clients can call separate numbers for 24-hour service as well. Mortgage, brokerage, and wealth management clients must call during business hours, which are 8:30am to 5:30pm EST Monday through Thursday, and 8:30am to 4:30pm EST on Friday.
Accounts for Businesses
EverBank offers a full lineup of accounts for business clients. These generally mirror its options for individual depositors – its checking, money market, CD, and CDARS accounts also apply to businesses – although rates on checking accounts for larger businesses are lower. EverBank also offers some business accounts that aren’t available to individuals, including a checking account that doesn’t pay any interest and a Business Analysis Checking product that provides fee credits for companies with high transaction volumes.
Like individual depositors, business clients can also open foreign-denominated accounts, but EverBank offers a special foreign exchange service for companies that need to exchange U.S. dollars for other currencies on a regular basis. This service offers better exchange rates than individual accounts, for which currency exchanges can cost up to 1% of their total value. EverBank doesn’t offer retirement products, such as 401k plans, for businesses.
Commercial Real Estate Financing
EverBank offers commercial financing for real estate companies and individual landlords. These come in three forms: single-tenant properties, multi-tenant properties, and multifamily (residential) properties.
On the first, EverBank can loan between $1 million and $50 million in fixed- or hybrid-rate loans with terms of 3, 5, 7, 10, and 15 years. Clients must put down at least 25% of the total loan value. Multi-tenant loans come with the same term lengths and down-payment requirements, but minimum loan amounts range from $500,000 to $10 million, and clients are required to prove a credit score of at least 680. Requirements for multifamily loans are identical to those for multi-tenant loans, except for a slightly less burdensome minimum down payment of 20%.
Physical Bank Locations
Florida residents can visit a local EverBank branch, and residents of Texas, Colorado, Kansas, and Oklahoma can walk into one of the company’s mortgage lending offices. Online-only banks, including Ally Bank and Capital One 360, require their customers to do all their banking online or over the phone.
Mobile Banking Services
EverBank’s Android- and iOS-compatible Mobilizer app includes many of its online banking features, including check deposit, bill pay, internal transfers, and balance checking. It also has an ATM-locating feature and allows person-to-person payments through People Pay. However, EverBank does not offer mobile access to EverTrade brokerage accounts, making it difficult to trade equities on the go.
ATM Fee Reimbursement
As long as they maintain account balances of $5,000 or greater during statement periods in which fees were incurred, checking and money market clients enjoy automatic reimbursement of fees charged at any U.S. ATM.
However, customers who don’t maintain this minimum and don’t have access to EverBank’s own ATMs, which are found mostly at its Florida branch locations, are liable for ATM fees when they withdraw their cash. These fees vary from machine to machine, depending on the policies of ATM operators. EverBank does not add an additional surcharge to these fees.
1. Access to a Multitude of Savings and Investment Vehicles
Some online banks, such as Ally Bank, are known for offering solid interest rates on a small number of accounts – checking, savings, money market, and CDs for the former, and savings and CDs for the latter. Others, such as Capital One 360, allow users to open deposit accounts and trade securities through an in-house brokerage account.
EverBank offers the best of both worlds. In addition to common account types like checking and savings, which all offer competitive interest rates, EverBank lets depositors open accounts through which they can purchase precious metals or foreign currencies. Though EverBank no longer has an in-house brokerage, its close association with TIAA – which does offer brokerage services – is helpful.
2. Lots of Options and Flexibility for High-Asset Accounts
On top of its comprehensive savings and investment options for rank-and-file clients, EverBank caters to high-asset account holders and small- to medium-sized business clients.
Ally, Capital One 360, and FNBO Direct don’t work with CDARS, the organization that provides FDIC insurance on individual CDs worth more than $250,000. They also don’t have separate wealth management divisions that provide expert strategic advice and manage portfolios, which may include currencies, equities, bonds, CDs, and precious metals. Such services are more common at high-end investment firms like Franklin Templeton and full-service brokerages such as Schwab, which don’t have flexible deposit accounts like EverBank’s.
3. ATM Reimbursements for Qualifying Accounts
EverBank reimburses all ATM fees charged by U.S. banks on an unlimited basis, provided that the account holder maintains a balance of at least $5,000 during the pertinent statement period. Some online banks, including Ally Bank, reimburse ATM fees as well. However, brick-and-mortar banks like Wells Fargo and Bank of America are much more stingy about this, often limiting reimbursements during a statement period or refusing to reimburse any fees incurred outside their ATM networks.
4. Highly Competitive Checking Yields
Yields on EverBank’s checking accounts are far more generous than those of other banks. Many brick-and-mortar banks, such as Wells Fargo and Bank of America, don’t pay interest on funds in checking accounts – and yields on their savings accounts are often laughably low as well, amounting to just less than 0.05% in both cases. With EverBank’s Yield Pledge, which is a literal pledge to keep its checking yields in the top fifth percentile relative to its U.S.-based competitors, customers don’t have to worry about rates not being competitive.
5. No Overdraft Fees With Linked Accounts
Even if they lack sufficient funds in their checking accounts, EverBank customers don’t have to pay overdraft fees if they link them with in-house money market or savings vehicles from which the bank can automatically pull. This safety net is limited by restrictions on outbound transfers – no more than six per statement period.
EverBank also allows customers to opt in to a personal overdraft line of credit that provides a cash advance, at rates under 10%, in the event that the linked account lacks sufficient funds to cover an overdraft. There’s no fee for this credit line, but interest begins accruing on the day of the overdraft and continues to accrue until the full advance has been paid down. Customers who don’t want to open another account with EverBank can opt out of overdraft protection altogether.
6. Low Credit Card Rates
EverBank’s Visa Platinum Credit Card comes with a lower standard APR (as low as 11% on purchases and balance transfers) than many other credit cards with similar terms, including products from Chase (like Chase Freedom Credit Card) and Citi (like Citi Double Cash Card).
Additionally, it charges no annual fee and comes with a rewards program that pays $0.01 for every $1 in qualifying purchases, without earning caps. Your cash-back rewards can be redeemed as a statement credit or for purchases at qualifying retailers, restaurants, and travel companies. Few cards can claim this combination of low standard APR and a strong, no-limit rewards program, making the Visa Platinum Card a real standout.
1. No High-Yield Savings Accounts
For such a comprehensive institution, EverBank has a curious omission: It doesn’t offer any high-yield savings accounts in the mold of Ally’s High-Yield Savings Account, which always pays north of 1.00% APY. The upshot is that EverBank’s Yield Pledge Checking boasts savings account-like yields, and the Basic Savings account has a decent yield as well.
2. High Minimum Deposit Requirements on High-Yield Accounts
EverBank’s Yield Pledge accounts have high minimum deposit requirements: $5,000 for Yield Pledge Checking, Money Market, and CD accounts. By contrast, many online banks, including Ally Bank, don’t require minimum deposits for checking, savings, or CD accounts with tangible yields.
For savers who want to spread their money across multiple high-yield accounts or simply don’t have a lot to invest, EverBank’s account-size restrictions can quickly become onerous. EverBank also imposes a $5,000 minimum balance requirement for ATM fee reimbursements, creating a major drawback for checking account holders who can’t meet these minimums and aren’t near a physical EverBank branch. You can avoid minimum deposit and ongoing balance requirements with EverBank’s Basic accounts, but those accounts’ yields aren’t nearly as competitive (and, in the case of Basic Checking, are nonexistent).
3. No Lending for Autos or Other Big-Ticket Purchases
EverBank’s individual and commercial mortgage options, not to mention its refinancing vehicles, have a lot to offer for prospective homebuyers and commercial real estate developers. Unfortunately, its lending operations don’t extend to auto lending or other big-ticket purchases. By contrast, Ally Bank has a robust auto lending operation, and GE Capital Retail Bank offers financing for everything from furniture and residential appliances, to medical bills and jewelry.
4. Limited Access to Fee-Free ATM Withdrawals
Banks with nationwide physical branch networks, such as Wells Fargo and Chase, have thousands of branded ATMs scattered about the country, making it easy for depositors to access their money without paying third-party ATM fees. By contrast, EverBank has a relative handful of its own ATMs (fee-free for all account holders), mostly at its dozen Florida bank branches. Unless they can maintain a checking account balance of at least $5,000, EverBank customers who use their debit cards at a non-EverBank ATM must pay any fees charged by the ATM’s owner.
5. No In-House Brokerage or Wealth Management Services
EverBank discontinued EverTrade, its in-house brokerage service, after merging with TIAA. EverBank customers can still invest with TIAA’s brokerage, which provides a range of options for passive and active investors, but there’s no way to do so directly through EverBank’s online banking portal. EverBank also discontinued its in-house wealth management vertical, a blow to the company’s high-net-worth customers.
This change comes as some competing banks are embracing brokerage services. Ally Bank now has Ally Invest, for instance, and TD Bank has long had a close association with TD Ameritrade, a full-service broker. If you’re looking for a one-stop shop for spending, saving, and investing in stocks, ETFs, mutual funds, and bonds, look to one of those options instead.
EverBank is a full-service online bank that also has physical branches in Florida and a handful of mortgage lending outposts across the south-central United States. Its flagship product, the Yield Pledge Checking Account, offers one of the best checking account yields of any national bank, and its money market accounts and CDs are competitive, as well.
At the same time, many EverBank accounts require high minimum deposits, and its ATM fee reimbursements don’t kick in until account holders keep more than $5,000 in a single checking account. Unlike Capital One 360, which actively caters to smaller savers and investors while limiting options for advanced investors and high-asset savers, EverBank definitely sets its sights on a wealthier, more discerning set.
If you have ample reserves of cash and can easily clear the company’s minimums, you could reap solid rewards from its high-yield accounts and personalized financial services. However, if you’re just starting out down the savings trail, a friendlier bank like Ally or Capital One 360 might be more your speed.
Do you bank with EverBank?