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EverBank Raises Checking and Money Market Account Rates


EverBank just increased both the promo rate and the ongoing rates of its checking account and money market account. The new 3-month promo rate went up by 75 basis points to 4.76% APY. The ongoing rate for money market account was increased from 3.06% to 3.51% APY. The ongoing checking account rates also increased with rate increases in all of the tiers.

EverBank is the latest online bank to match HSBC Direct's promo rate. After HSBC Direct started its 3.50% APY online savings account promo last month, several online banks bumped their savings account rate to 3.50% APY. These included FNBO Direct, ShoreBank and Zions Bank.

For more details on EverBank's checking account and money market account, please refer to this previous account review.

EverBank has recently been offering some competitive CD rates (see post).

EverBank has been FDIC insured since 1998 (Certificate # 34775). It's one of the larger internet banks with $5.9 billion in assets. The bank has a 3 star rating (performing) at based on 12/31/07 data. This is down from 4 stars from 6/30/07 data. BauerFinancial gives them 3.5 stars (good) based on 3/31/08 data.

  Tags: money market accounts, EverBank, checking account

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Comment #1 by Anonymous posted on
Does everbank do a hard credit check to open a checking or money market account?

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Several readers have reported receiving a hard credit inquiry. I have more of these details in my EverBank account review.

Comment #3 by scott (anonymous) posted on
I applied this morning for the Money Market with $100k. Now going backing and looking at site I think I might have made a mistake. It seems with the MM only the first $50k gets the introductory rate but it looks like the checking gets it for the first $100k. Kind of confusing to see clearly on their site so wanted to make sure people were aware of this

Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Yes, that is correct: $50K max for the intro rate on the MMA and $100K max for the intro rate on the checking.

I've been told that a new customer could do both the checking and MMA promo at the same time for a $150K max for the intro rate.

Comment #5 by scott (anonymous) posted on
I applied yesterday and checked my report today and no hard pull. I had to call this morning and asked about pulls, Was told they stopped doing hard pulls awhile ago and now just use some sort of address verification

Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the news. Glad to read they ended the hard pulls. I've updated my account review with this info.