It has been just over a year since EverBank started offering its 6-month intro rate on its checking and money market account. In previous years, the promo period was only 3 months. After the promo period ends, the rate falls back to the ongoing rate. The ongoing rate has always been fairly competitive. It has never been a rate leader, but it has been close to the rates at other internet banks like Discover, Capital One 360 (formerly ING DIRECT) and Ally.
EverBank’s 6-month intro rate is an attractive promotion for those who don’t want to lock their “safe” money into CDs. As of 4/2/2013, the 6-month intro rate is 1.25%. This applies to balances up to $50K on the money market account and $100K on the checking account. Also, the intro rate applies only to new money for first-time holders of the checking or money market accounts.
The current ongoing rate is 0.76% for the money market account. This is also the ongoing rate for the top tier of the checking account. For more details about these promotions and account features, please refer to my review of the EverBank checking and money market accounts.
EverBank operates as an internet bank offering its products online for people in all states. However, for those in Florida who prefer to bank at a brick-and-mortar office, you may also want to consider EverBank. They have several branches throughout the state, and I confirmed with EverBank yesterday that all of its domestic banking products listed on the website are available at its branches.
EverBank’s headquarters is located in Jacksonville, Florida. So as you might expect, it has several branches there. It also has branches in several other regions of Florida. Back in 2010, EverBank acquired over a dozen branches from Bank of Florida. This bank failed and the FDIC arranged for EverBank to take over the failed bank’s branches. These new EverBank branches are located in the southeast Florida cities of Coral Gables, Fort Lauderdale, Aventura and Boca Raton; in the southwest Florida cities of Naples and Fort Myers; and in the west central Florida cities of Tampa and Clearwater.
Edit 4/4/13: Corrected qualifications for the checking and MMA bonus rate.