Everbank Review

Unbiased EverBank Review (What You Really Need To Know)

The banking scene has changed dramatically over the last 10 or 15 years. Banks used to invest a lot in their looks, making them look like impenetrable fortresses. Obviously this was expensive and they started coming up with fees everywhere and meager rates on accounts for us to store our hard eared wealth.

Rise of online banks

The main reason online banks are huge and are the future of the banking system is:

Whereas traditional banks had to be fortresses because they stored physical cash, most of our wealth nowadays is in cyberspace. This eliminates the need for strong brick and mortar buildings that cost a zillion dollars to maintain - online banks like EverBank can put that extra savings into providing more interest on the money we decide to store there.

Online banks are getting huge! Many offer great rates on checking, savings, and money market accounts - much more than normal banks!

About EverBank

EverBank is an online bank that offers general financial services for both people and business accounts. They are FDIC insured like most banks. If you are use to a traditional bank, you'll find all the same products and services here (less fees though) so there is nothing crazy different about them. I mean, banks all really do the same stuff. It's the customer service and money we can save that should be the deal maker or breaker. If you're coming from an online bank already then you'll generally have the same experience.

What services do they provide?

  • Personal Checking Accounts
  • Personal Savings Accounts
  • Personal Money Market Account (MMA)
  • Business Checking Accounts
  • Business Money Market Account
  • Certificates of Deposit (CD's)
  • Credit Cards - for active customers
  • Automatic Teller Machine (ATM) Reimbursment -with account minimum balance
  • Mobile Deposit
  • and a lot more! Visit their website to learn all about services provided.

How Do You Fund Your EverBank Account?

How to Open and Fund an Account at EverBank

One of the real questions I had when I was looking into opening an account with EverBank was how do you actually fund the account? Because in order to get the account active and start taking advantage of the generous rates they offer you need to get $1,500 in there right away.

Opening your EverBank Account:

You'll want to open your Money Market Account. This will get you 1.11%APY on balances up to $250k during the first year. After that you'll earn 0.61%APY on balances up to $10 million. That is still better than most banks. My previous account -which was the best I found at a traditional bank - only offered me 0.25%.

Funding Your EverBank Money Market Account

This one is where I had trouble at first. But luckily it's rather easy to do. There are 4 ways to fund your account:

  1. Mobile Deposit: This is the method I prefer. It's super fast and easy. Just enroll in their online banking and then download their app. From there just write a check to yourself, take a picture, and BAM! Account Funded.
  2. Wire Transfer: If you have the account set up already then use the wiring instructions below. Note that your bank may charge a wire fee but EverBank does not.

    Wire Instructions

    EverBank wire routing number: 063000225
    EverBank address: 501 Riverside Ave., Jacksonville, FL 32202
    For credit to: [your name as it appears on your account]
    Your address: [your address as it appears on your account]
    Account number: [your account number]
  3. Snail Mail (Check by Mail) Of course you can write out a check for the money you want to deposit into your Money Market account at EverBank and the wait on the postal service to send it to them.
  4. Online Transfer from another Bank:

  5. To use a non-EverBank account to fund your new account, you'll first need to link the external account to your online banking in the Online Financial Center. The process is simple but will take a few days to complete as they verify the account using a small test deposit and withdrawal. Keep in mind the daily online transfer limit is $250,000. Excess amounts can be sent by future transfer, check or wire.

    Sign on or enroll in online banking to get started. From the Banking tab, choose 'Get started with external transfers.'

What I Like About EverBank

EverBank recently came on my radar, I spend a decent amount of time every month looking at the best financial services. Sometimes I find gold like EverBank, and I want to tell people about what i've found. In this case I found by far the best rate for a savings account and I got super excited! A few things that I really enjoy are:

  • 1.11% APY for their money market account, this is the best I've seen! It's only an introductory rate for a year, but still it's free money for the year!
  • Mobile Banking
  • Far Less fees than normal banks

They are a solid company, publically traded so we can see their financial statements. They look pretty good, they seem to manage their money well and are growing. I see great growth, They have more in assets than they do in debts. Also nice to see is their income has grown each year since they either formed or started reporting to shareholders in 2011.

If you are looking to buy stock they seem like they are going places, I am not a licensed securities broker and I am not offering any investment advice whatsoever. Their stock pays 1.37% dividends.

Why You Need to Open an Account Today

No minimum balance required - just $1,500 to open and you can start cashing in on free money via interest.

Their Yield Pledge: EverBank promises that the yield on your Yield Pledge┬« Checking and/or Money Market Account will stay in the Top 5% of Competitive Accounts based on Bankrate Monitor National Index survey data from the last week of each month. "Competitive Accounts" are similar accounts from the 10 largest banks and thrifts in 10 large U.S. banking markets. This includes data from the 5 largest banks and 5 largest thrifts in each market, except in markets without 5 banks and 5 thrifts. Each week surveys these institutions and distributes its results on a paid subscription basis. Not all institutions report each week. EverBank reserves the right to change its Yield Pledge calculation method as necessary to accommodate changes in Bankrate's survey methodology at any time.

They offer mobile banking as well as mobile deposit - which seriously rocks!

Like all banks your money is FDIC Insured. So opening an account (under $250k) has no risk because your money is backed by the full faith and credit of the United States Government. At a time when interest rates are at an all time low this bank offers decent - and in current times fantastic - interest rates on your money.

Every thousand dollars you store in this account will earn you $11 more dollars. Now I know that might not seem like a lot but you literally do nothing for it. Especially since most banks pay you less than .1%. If you have $100,000 to throw into the account then you will make an extra $1100 a year in a completely safe environment. And have access to your money instantly.

What I Don't Like About EverBank

Unfortunately their awesome 1.11% APY high yield savings account is only for a 1 year introductory rate, but after the 1 year it goes down to .61%. Still that's better than most banks i've seen, and more in line with what other online banks are give back.

It takes $1,500 to open the high yield savings account - much better than the bank i'm with which is $5,000 and (no interest paid if it ever drops below $5,000).

Since they are an online bank you can't just drive up to a branch and talk with them. It's not hard to handle your money but some people might not like that.

ATM Fees

EverBank does not charge ATM fees! In fact if you keep a minimum balance of $5,000 in your account then EverBank will reimburse those fees on a monthly basis. This is nice because I hate ATM fees as I am sure you do too.

EverBank Yield Pledge

EverBank stands above all of the other online banks with their yield pledge. Which is a guarantee that every month their interest rates will remain in the top 5% of competitive accounts! So you can be sure that you are getting the best return you possibly can!

Final Verdict on EverBank

I think EverBank is going to become a huge player in the online bank industry. They show strong financials and seem to be geared for customer satisfaction. They guarantee they will be competitive with their rates on your money with their "Yield Pledge", they have low fees. I really can't find any reason why you should not bank with them! In fact after researching them to make my review and pick them apart I'm going to be making an account with them. They are much better than my current bank on every level.

I would recommend you use them, but not only them. Since you can't just show up and talk with them or take your money it's always a good idea to keep an account open at your traditional bank (while we can?) just to have roots.

Click the button below right now and check them out!

Quick Summary

  • 1.11% APY 1-Year Intro APY
  • Reimburse ATM Fees Worldwide - With Minimum Balance
  • $1,500 To Open
  • Mobile Banking


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