EverBank Review: Highly-Rated CD, Money Market and Checking Accounts
Written by
Cynthia Bowman
Edited by
Elizabeth Constantineau
Commitment to Our Readers
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GOBankingRates Score
EverBank
-
Checking Accounts
4.8
-
Savings Accounts
4.5
-
CD Accounts
4.9
-
Money Market Accounts
4.9
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Banking Experience
4.7
Pros
- Easy online banking via the EverBank website and mobile app
- A large network of fee-free ATMs is available
- High yields on qualifying checking, savings and CD accounts
Cons
- Non-EverBank ATM fees are only reimbursed up to $15 per month -- though unlimited reimbursements are available if you maintain a minimum average daily balance of $5,000
- Only has a few physical locations in Florida
- Fewer account varieties offered than some leading competitors
EverBank Overview
EverBank expresses the goal of providing solutions for the unique financial needs of its clients. Although the bank is based in Jacksonville, Florida, residents of all U.S. can open an account and handle their banking needs using the website or mobile app. GOBankingRates has rated EverBank as one of the Best Online Banks, Best CD Accounts, Best Checking Accounts and Best Money Market Accounts of 2024.
EverBank: Key Features
EverBank stands out for several reasons. Except for the savings and money market account categories, you’ll find basic and premium account options. This gives you the option to start small with a basic account and upgrade to a higher-tier account when you have a higher balance to work with.
Here is a closer look at some of the top features it offers.
Checking Accounts
Although the accounts are online, you still have access to mobile check deposits and a large network of ATMs. This makes it possible to handle your everyday banking needs anytime. EverBank offers two low-fee accounts and was rated among the Best Checking Accounts of 2024 by GOBankingRates.
- Basic EverBank Checking: You need $25 to open the account.
- EverBank Performance Checking: Accounts earn interest on all balance tiers and there is a $100 minimum for the account. The combination of $0 overdraft transfer fees, $0 monthly account fees and a competitive interest rate makes it one of GOBankingRates’ picks for Best Checking Accounts of 2024.
Thanks!
Savings Account
EverBank offers a high-yield savings account option, the EverBank Performance Savings account. Although the national online bank doesn’t provide other options, it’s still an award-winning choice. Here are some factors to consider:
- $0 monthly maintenance fee
- $0 minimum balance requirements
- Competitive APYs available at
- It’s the least customizable and most standard of all account types at EverBank but it covers all the needs of a savings account
CD Accounts
EverBank’s certificates of deposit are a collection of award-winning accounts, ranging from its EverBank Performance CD to its well-regarded Intrafi Network Deposits. CDs are a great way to earn high returns that are virtually risk-free — as long as you don’t need to access the funds for the agreed-to term.
Due to their offerings, GOBankingRates has ranked EverBank among the Best CD Accounts of 2024. Here are some key takeaways:
- The EverBank Performance CD comes with terms of three months to five years with competitive APY rates.
- Higher investments of $10,000 qualify for an IntraFi Network Deposits CD. The APYs tend to be lower, but this account offers expanded FDIC insurance and coverage — into the millions of dollars rather than the typical $250,000. So if you want to keep more money in a single insured account, this may be a good option for you.
Money Market Account
The EverBank Performance Money Market Account offers some of the highest interest rates of any bank. Customers can receive an APY of on balances $100,000 and up. GOBankingRates has ranked it among the Best Money Market Accounts of 2024 and here are some key features of the account:
- No minimum opening deposit
- No minimum account balance
- No monthly maintenance fee
- Up to APY
Banking Experience
EverBank’s focus on providing banking services for everyone is a strong point. Anyone who is a legal resident of the U.S. can access the award-winning online banking products including checking, savings, money market accounts and CDs.
Customer Service
Not all EverBank customers have access to in-person service, especially those who do not happen to live near one of its branch locations.
To make up for the lack of brick-and-mortar branches, customer service agents are available to help by phone. You can speak to a customer service representative at 888-882-3837. They’re available on weekdays from 8 a.m. to 8 p.m. EST and Saturdays from 9 a.m. to 7 p.m. EST.
You can also reach out via email on the bank’s website.
Mobile and Digital Experience
You can easily get your banking done through the EverBank website, including scheduling bill payments and bank transfers. In addition, the mobile app is a great way to handle your basic banking services 24/7 and it is highly rated.
- Google Play: 4.0 out of 5 stars
- Apple Store: 4.6 out of 5 stars
Standout mobile app features include check deposits, watch compatibility, access to customer service and the option to create savings goals. In addition, EverBank’s mobile app is integrated with smart-device security, such as Touch ID, face recognition and password access.
EverBank Fees
EverBank fees are practically non-existent, and if you incur fees most can be waived. Here is a breakdown for its deposit accounts:
| Fee | Amount |
|---|---|
| Overdrafts | $0 |
| Non-sufficient funds | $0 |
| Monthly maintenance | $0 |
| Out-of-network ATM | $0 |
| Excessive transactions | $0 |
How Does EverBank Compare?
Before deciding on a bank, it’s always a good idea to see how it stacks up against the rest of the field. Here’s a look at how EverBank compares to some of its competitors.
EverBank vs. Capital One
EverBank and Capital One both offer competitive rates and a variety of low-cost accounts. However, EverBank edges out Capital One when it comes to the number of accounts available. Capital One does not offer a money market account. EverBank offers one, as well as basic and deluxe versions of a checking account.
EverBank vs. Ally Bank
If you want a simple way to bank with the least amount of fees, choose Ally Bank. Both online banks have low fees but the few they charge, such as stop payment or wire transfer fees, are lower at Ally Bank.
EverBank vs. Synchrony
Synchrony is best for customers looking for a simple savings account solution. EverBank beats Synchrony Bank when it comes to financial products — you’ll have access to checking accounts in addition to savings.
Final Take To GO
EverBank is a great option for those customers who value high yields and diverse options over in-person banking. Customers with more liquidity and enough money to open EverBank’s Performance accounts, whether in checking or a money market, may find the bank’s rates very competitive.
EverBank’s variety of high-yield CDs are a great way to grow your money with up to five-year terms. Consider opening an account with EverBank as GOBankingRates has ranked EverBank as one of the Best CD Accounts, Best Checking Accounts, Best Money Market Accounts and Online Banks for 2024.
FAQ
Here are answers to some of the most frequently asked questions about EverBank.- How is EverBank rated?
- GOBankingRates has ranked EverBank in a number of categories including being one of the Best Online Banks for 2024.
- What types of accounts does EverBank offer?
- EverBank offers many banking products and accounts including checking, CDs, money market and high-yield savings accounts.
- How do I open a new account with EverBank?
- Opening an EverBank account can easily be done by going to their website and applying online. You can also use EverBank's form finder tool to find the application you need if you are looking for a specific account.
- What are EverBank's current interest rates for savings accounts?
- You can currently earn a high yield of 5.05% APY on all balances with EverBank Performance Savings.
- How can I contact EverBank customer support?
- If you need EverBank customer support, confirmation details, reference numbers or other assistance you can visit the website or call 1-888-882-3837.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 18, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best Checking Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (5) were weighted 0.5 times, and factor (4) was weighted 1.5 times.
To determine rankings for the Best CD Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY; (5) 60-month CD APY; and (6) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, factor (3) was weighted 2 times, and factors (4) and (5) were weighted 4 times.
To determine rankings for the Best Money Market Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factor (4) was weighted 4 times.
To determine rankings for the Best Online Banks, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed.
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