EverBank's New Checking Account Promo - 5.51% for 3 Months

EverBank just increased its promotional checking account rate from 5.01% to 5.51% APY for the first 3 months. The current standard rates for balances under $10K is 3.01% APY so this seems like it can be a good choice for a checking account. If you prefer other high yeild checking accounts, you can always consider this like a 3-month CD. EverBank also has a 4.01% APY money market account and a 5% APY 1-year certificate of deposit (both have a $1.5K minimum).

Here are some good points about EverBank's FreeNet checking from EverBank's website:

• Minimum opening deposit $1,500. Maximum of $100K for the special rate.
• Special APY offer is available to first-time checking account holders only and is limited to one account per household.
• EverBank charges no fees for ATM usage, and will even reimburse you for up to $6.00 a month in surcharges levied by ATM operators
• Online External Transfers feature to move money between EverBank and non-EverBank financial accounts.
• Free inbound wire transfers
• Thank you check of $50 if you're not satisfied and close the account within 30 days of your 3-month anniversary (see details).
• No monthly maintenance fee. If Web bill payment option is used, you need to maintain $1.5K balance to avoid a $4.95 monthly fee.

This Fatwallet thread has some personal experiences with EverBank. One common complaint is that the account opening process can take very long, and during this time your deposit may not be earning any interest. One person reported sending a cashiers check with the application. It took a half a month before the account was opened and earning interest. EverBank's ACH transfer system seems to be comparable to HSBC's system in terms of speed. Many reported a delay of 2 days when the money isn't earning interest. According to another poster, mailed deposits also don't begin to accrue interest for two business days after the deposit is registered.

Not all posts were negative. One considered EverBank's checking account to be a great account if you don't need your local bank.

Credit goes to a commenter who mentioned this new rate in the finding deals post. Thanks!