EverBank continues to offer a competitive 3-month intro yield of 4.01% APY on its Yield Pledge Money Market Account and its High Interest Checking Account. This is down quite a bit from October when the intro yield was 4.76%, but it's still a competitive yield for a 3-month guarantee. Note, the intro rate is listed as 3.93%. See my previous post for why I list it as 4.01% APY.
One thing that appears to have improved at EverBank is the application process. Last year when you went through the online application, you had to print it out and mail it with your check. This MyMoneyBlog post has a good review of the new application process. It's now all online with no paperwork. Also, it can be funded online via an ACH transfer. However, the initial ACH deposit is limited to $25,000.
One important detail about this intro-rate is that it's only valid for balances of under $50K for the money market account and under $100K for the checking account. Also, it's only available for new customers. So you can't do the MMA promo followed by the checking account promo. But I've been told you could do both at the same time for a total of $150,000.
For more details about EverBank and these accounts, please refer to my previous posts:
- Calculating EverBank's Promo APY
- Review of EverBank's checking and money market accounts
- Review of EverBank CDs including their CDARS
Foreign Currency Certificate of Deposit
In addition to traditional CDs, EverBank also offers World Currency CDs. These can provide high rates along with appreciation when the dollar falls. However, there is also the risk of a loss of principal due to changes in currency exchange rates. I described many details of these Currency CDs in this 2007 EverBank post which included an interview with an EverBank VP.
These CDs appeared very appealing until the financial crisis spread outside the US. The CD rates varied by country, and one of the countries that had the highest rate was Iceland. The risk/reward principle hit home on this one. Iceland's financial crisis appears to have caused these CDs to experience a major loss. Hans at OpenMarket described the loss he experienced and how it seemed to be more than what should have been expected.