Credit unions are not the only institutions making good use of Bank of America's new debit card fees. EverBank now has a promotion to get the attention of the megabank customers who are tired of the new fees. On EverBank's front page, they're advertising a $60 bonus for its Yield Pledge Checking account. That's the same amount that Bank of America will charge customers over a year who use their debit cards. Here are the requirements to qualify for EverBank's $60 bonus:
- Open your first Yield Pledge Checking Account before November 30, 2011
- Checking account must be for individual or joint ownership
- Must be funded with at least $1,500
- Must receive at least one direct deposit of at least $500 before 1/31/2012
- Must maintain a $1,500 minimum balance for the December and January statement periods
- Must keep account opened until 2/29/2012
The following is the copy of the offer's small print:
Bonus Offer: When you open your first Yield Pledge Checking Account (“Checking Account”) before November 30, 2011, you may be eligible to receive a $60 cash reward. To qualify for the $60 reward, you must: a) apply for your first Checking Account and title the account for individual or joint ownership; b) your Checking Account must be opened, approved and funded with a minimum deposit of $1500 USD transferred to EverBank by November 30, 2011; c) you must establish and receive at least one direct deposit of at least $500 into your Checking Account before January 31, 2012; d) you must maintain an average daily balance of at least $1500 for the statement periods ending December 31, 2011, and January 31, 2012; and e) you must keep the account open until February 29, 2012. The $60 reward will be directly deposited into your Checking Account not later than February 29, 2012. Limit 1 reward per household. This offer expires on November 30, 2011. Keep this offer for your records.
EverBank used to offer a 3-month intro rate for the checking and money market, but this ended earlier this year. Perhaps EverBank decided it would get more marketing bang for promo opportunities like this.
EverBank's interest rates have become a little disappointing. The Yield Pledge Checking is a tiered-rate account. The top interest rate is 0.76% for balances of at least $100K. It's 0.61% for balances from $10K to $25K. The money market account has a 0.76% interest rate for all balances, but a $5K minimum is required to avoid a monthly service charge. Rates are accurate as of 10/21/2011.
EverBank is currently not the best choice if you want to maximize your interest earnings, but the checking account does have some nice features:
- Online check deposit allows you to deposit checks at home with a PC and scanner
- Mobile banking
- Automatic reimbursements of all U.S. ATM fees with a minimum $5K balance
- No debit card fees
One downside with EverBank's checking is that you have to maintain a $5K balance to qualify for free online bill pay. If the average daily balance falls below $5K, online bill pay will cost $8.95 per month. Online bill pay is optional.
Other than this potential monthly fee for online bill pay, there's no monthly service charge regardless of the balance.
EverBank also offers interest business checking accounts with rates similar to the Yield Pledge Checking. As of last July banks are allowed to pay interest on business checking accounts.
One interesting thing to note about EverBank is that it has $12.52 billion in assets. Since it's over $10 billion, it won't be exempt from the debit card interchange fee caps. Nevertheless, it appears to have no plans to follow the megabanks with new debit card fees.
EverBank is one of the big internet banks that has a long history. Its overall health score at DepositAccounts.com is 3 stars (out of 5) with a Texas Ratio of 40.36% (below average) based on June 2011 data. Please refer to our financial overview of EverBank for more details. EverBank has been a FDIC member since 1998 (FDIC Certificate 34775).
Other Bank Bonuses
We have a new bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.