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EverBank's $75 Bonus on Top of its 2.25% 3-Month Intro Rate



Update 11/05/2010: The 3-month intro rate has fallen to 2.01%

Update 9/19/2010: The $75 bonus offer has ended.

EverBank has a new-account promotion in which you can earn a cash bonus of up to $75. A $50 bonus is awarded when you open the Yield Pledge Money Market Account with a minimum deposit of $20,000. A $25 bonus is awarded when you open the FreeNet Checking Account with a minimum deposit of $10,000. You must maintain these balances for at least 4 statement periods, and they'll credit your accounts with the bonuses on the 5th statement cycle.

These bonuses are on top of the 3-month rate promo. As of 7/27/10 the promo interest rate is 2.25% for the first 3 months. The promo rate applies to the first $50K for the money market account and the first $100K for the checking.

New Remote Deposit Feature

One new banking feature that I noticed at EverBank is an online check deposit service in which you can scan your paper checks at home to make deposits. According to the CSR, they currently have a limit of $10K per day. This service is free and available for both the checking and money market accounts. A separate form must be filled out and mailed or faxed.

Competitive Rates but Monthly Service Charges

EverBank's standard rates have remained competitive. One downside is that you do have to watch out for monthly fees.

Yield Pledge Money Market

The current ongoing money market yield is 1.26% APY. They list a first year APY of 1.51%. This 1.51% is an average APY based on 3 months of 2.25% and 9 months of 1.26% APY. Note, the 1.51% could go down since only the 2.25% is guaranteed for the first 3 months.

There's a $8.95 monthly fee if average monthly balance is below $5,000.

FreeNet Checking Account

EverBank's FreeNet Checking yield has also been competitive, but it's a tiered rate that ranges from 0.51% APY for under $10K up to 1.26% APY for $100K and up. Note, these are the ongoing yields, and not the first-year APYs that include the 3-month intro rate.

There's no monthly fees unless you register for optional Online Bill Pay. If you choose Online Bill Pay, there's an $8.95/month fee if average monthly balance is below $5,000.

Account Application

According to the CSR, you'll need to print out the signature card when you complete the online application. You can fund a new account with a check or wire transfer. An ACH transfer is a potential option, but according to the CSR, not everyone may qualify for this option (most apparently don't qualify). You can also apply by phone, and they can Fed-Ex you the signature card to sign.

EverBank continues to do a hard credit inquiry in the application process. EverBank has a detailed description of their credit inquiry in the online application. I was told they do a hard credit inquiry via Experian that may temporarily ding your credit score. Readers have also mentioned this in the comments.

One nice aspect of EverBank is that they offer several types of accounts in addition to just individual and joint accounts. These include custodial, trust and IRAs. In addition, the application allows you to designate POD beneficiaries. Not too many internet banks offer all of these options.

ACH Bank-to-Bank Transfers

EverBank doesn't provide many details on its website of their ACH transfer service. Here are some of the transfer service features that I was told by the CSR today. Note, the transfer limits have changed from what I was told last year.

  • Limits on EverBank initiated ACH transfers: $50K/day and $200K/month
  • ACH transfers initiated online are free
  • No limit on number of ACH links to your external bank accounts

Over the last few years, readers have commented that EverBank's transfers are slow with transfer times taking 4 to 6 days with at least 2 days of lost interest. I've been told this is due to EverBank's fraud prevention process. EverBank also allows wire transfers. Incoming wire transfers are free.

Other Types of Accounts: World Currency CDs

For those who are worried about inflation and the weakening dollar, you may want to look into EverBank's World Currency CDs. Note, you can lose money in these due to risks associated with currency fluctuations. I described what happen to EverBank's Iceland CDs in this post. For more details on these World Currency CDs, please refer to my World Currency CD post.

Bank Overview

EverBank has been a FDIC member since 1998 (FDIC Certificate # 34775). It's one of the larger internet banks with $9.56 billion in assets.

EverBank's ratings for safety and soundness continue to be strong: 4 stars (excellent) at BauerFinancial, 4 stars (sound) at and an overall health score of 4 out of 5 at (see our financial overview for EverBank). These ratings are based on 3/31/10 financial data.

  Tags: money market accounts, EverBank, checking account

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Comment #1 by darkdreamer4u posted on
Everbank used to be my house bank for years. I absolutely love their billpay implementation. The website is very user-friendly and pleasant to the eye. However, once they jacked up the minimum balance from $1500 to $5k to get free billpay, I decided it's not worth it anymore for me and I took my business to my (then) secondary bank American Bank. Who keeps $5k in their checking acct. these days?!? That's outrageous - everbank, you lost one of your biggest fans:-(

Comment #2 by Anonymous posted on
World Currency CDs

are to risky and too expensive and too slow to open and close.

According to my estimates, I lost money in one year do to charges to get in and charges to get out and 2-3 weeks delays in payments and opening procedure without any interest paid on your money.

Not worth it to go through the hustle and bustle.


Comment #3 by Anonymous posted on
Banking Guy said:

"You must maintain these balances for at least 4 statement periods, and they'll credit your accounts with the bonuses on the 5th statement cycle."

I was everbank customer and you must include the opening time delay of 7 days with no interest and their statements are 30 days lagging after the account is open, therefore you must keep your money 6mo in order to see the bonus. Closing the account is another bad story.



Comment #4 by Anonymous posted on
People, be very careful with Everbank, they are experienced manipulators and professional
liars under their smiling faces and they are expert and polite talkers.
It is all about their profit and not you. They have delays on deposits, payments, hidden fees,
not posting interest for 3-5 days while ACH in or out and other made up story by them like that you did something wrong and you should be lucky that they are not charging you penalty of some kind.

Comment #5 by Anonymous posted on
Is this still for new customers only?

Comment #6 by Burnt Custoner (anonymous) posted on
Burnt Custoner
Last month I tried to open World Currency CD and boy was I taken for a ride.
You see, they purchase those CD only once a week and if you miss the date you will have to wait one more week. On top of that, they are timing your deposit and availability of the funds in such a way so for sure you will miss another week do to hold on your opening balance.

Two weeks passed and my CD was still not opened and no interest ever posted for that period of time. Crooks is a mild form of saying for the experience of this bank that they put me through. At the end I asked to forget about the World Currency CD and send me the money bank.
It took two more weeks before my money was mailed back and finally deposited into my bank. Whole month passed and my $100K never received a penny in interest.
Now you know why they are so profitable bank.


Comment #9 by ichaelm (anonymous) posted on
not surprising, but 3- month promo rates for both accounts have dropped to 2.01% APY