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6.01% 3-Month Promo Now Available for Everbank's Money Market Account

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EverBank
Everbank extended its 6.01% APY 3-month promo to its Yield Pledge Money Market Account. The promo looks similar to the FreeNet Checking Account promo (see post). Unfortunately, those who already have opened the FreeNet checking account are not eligible for this money market promo. According to the CSR, you have to be a brand new customer. So you can't get 6 months of 6.01% by doing both promos. Here's a comparison of these two promos:
  • The maximum amount that qualifies for the 6.01% APY is only $50K for the MMA compared to $100K for the checking.
  • There's a $4.95 monthly fee on the MMA if your balance falls below $1,500. There is no such fee on the checking for non-bill-pay users.
  • The standard APY for the MMA is 4.41% for all balances. The standard APY for the checking is 3.25% for balances under $10K.
  • The MMA does not have the $50 satisfaction guarantee pledge like the checking account.
  • Both the MMA and checking have a $1,500 minimum opening deposit requirement.
  • Both have check writing privileges. The MMA has the usual 3-check per month limitation.

Based on the above comparisons, I don't see an advantage for choosing the money market account over the checking account. If you're interested in this promo for the short term value, the FreeNet Checking account promo is better. For the long term value, there are other better money market accounts out there. It should be noted that the money market account does have check writing privileges. Most of the savings accounts with rates above 5% don't have this. However, there are money market accounts with check writing and with rates at or above 5%. These include GMAC Bank and UmbrellaBank. These also have smaller minimum balance requirements. In my opinion, the FreeNet Checking Account compares better to other checking accounts. Presidential Bank's Checking Plus Account has a higher yield but it also has a direct deposit requirement and a minimum balance to avoid monthly fees.

[Update 5/28/07: See this post for some new details on EverBank and this promo.]

  Tags: EverBank, savings account

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Comments
5 Comments.
Comment #1 by WH (anonymous) posted on
WH
Thank you for posting the rates you know of...you've inspired me to do more research for myself before tying up my $ in CD's - Thanks!

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Comment #2 by Philip Stevens (anonymous) posted on
Philip Stevens
Hey, I found your site after this little fiasco, however here is a post about EverBank that you might be interested in. Internet security / identity theft is something I take seriously; unfortunately I found that EverBank doesn't seem to:
http://www.shoddycoder.net/PermaLink,guid,01d1b6b8-4e1a-421d-b4da-8c27f90233b5.aspx

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
wh, Thanks for the support.

philip, thanks for the info. Here's the link to that post in html for others to read.

Having people send in their initial passwords in the application is definitely a bad security practice. Banks should be required to follow the practice of storing one-way encrypted passwords in which no one has access to (not even anyone at the bank).

I wonder if this initial password that is sent in can be easily changed once the account is opened? That may be a better option: Do an initial funding of $1,500. Once opened, log into your account, change the password (hope it's kept secure) and then do an ACH transfer for the rest of the money.

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Comment #4 by Philip Stevens (anonymous) posted on
Philip Stevens
I thought about that too (changing the password), however I was so appalled at their arcane system of me filling out a bunch of stuff on a webpage just so that I can print it and mail it in... I can't imagine they have good security practices if they can't even capture data from a webpage... I also agree with you on the one way hashing... Outpost.com was able to send me my password today in a reminder email... and they also have my credit card information. It would be nice if there were mandated guidelines to how information has to be stored that should be stored securely. I know Visa and the like have policies that need to be adhered to, but quite honestly (having been somewhat involved with this), it is fairly easy to say you are doing stuff when you are not. Systems security is hard to test / prove / enforce from a policing effort. It comes down to company responsibility (and them not getting busted via a huge hacking incident).

All that to say, I'm still staying away from a company that can't figure out how to capture info from a webpage :)

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Note, the standard rate on this money market account has been increased to 5.01% APY

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