In any month when average monthly balance is below $5,000 monthly fee....$8.95
The minimum balance used to be $1,500 with a monthly fee of $4.95.
EverBank is not alone. Last month Amboy Direct announced a new monthly fee on its Premium Savings Accounts. Commenters in that post also mentioned that UFB Direct started charging a monthly fee of $5 for balances under $10K on its Absolute Savings Account. And Bank of America recently announced new fees on its MyAccess Checking account.
It's bad enough that we're facing record low interest rates on our savings. Monthly fees can turn the effective interest rate negative. For example, the ongoing yield on the EverBank MMA is currently 1.65% APY. With that interest rate, it takes a balance of about $6,500 just to earn $8.95 of interest in one month.
For those who want to take advantage of EverBank's 3-month intro rate of 2.51%, you may be better off with the FreeNet Checking which is still free of monthly fees if you don't have Online Bill Pay. Refer to this this post for more details on EverBank and these accounts.
Thanks to the readers who informed me of this higher fee.