Everbank Review: Pros, Cons and Alternatives

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EverBank is a relatively new brand that offers competitive interest rates on savings accounts.

When it comes to finding a good banking experience, the balance usually comes down to high APYs and low fees. For anyone looking for a branch-like banking experience, this can be a nearly impossible feat.

But EverBank, formerly TIAA Bank, offers competitive interest rates, low fees and access to physical branches in Florida.

We will take a closer look at what EverBank has to offer so you can decide if it suits your situation.

• EverBank was formerly known as TIAA Bank.
• The bank has several branches throughout Florida.
• The EverBank Performance Savings account currently offers an APR of 5.15%.

What is Everbank?

EverBank, formerly known as TIAA Bank, has assets of $36.2 billion as of December 31, 2023. The bank is headquartered in Jacksonville, Florida, and has branches throughout the Sunshine State, but through its strong online platform, the bank works with anyone across the country.

What does it offer?

EverBank offers a wide range of financial products, including personal investment accounts, business deposit accounts, and commercial financing solutions. However, for the purposes of this review, I will focus on the personal deposit products available at EverBank.

Review of return promises

EverBank's Yield Pledge Checking Account is an interest-bearing option, and at the time of writing, you can enjoy an APY of 0.40% on all balances.

There are no monthly maintenance fees for this account. You can transfer your money using Zelle, online bill pay, internal transfers, external transfers, and checks.

Related:
The best checking accounts with high interest rates

Performance savings

EverBank offers a Performance Savings Account with a 5.15% APR on all balances that rivals some of the best high-yield savings accounts.

The account has no minimum balance requirement and no monthly maintenance fees. The interest on this account is compounded daily, so you make the most of your savings.

Money market return promise

When you first open a money market account with EverBank, you can benefit from an APY of 4.30%. This APY is locked in for the first year you have the account and applies to balances up to $250,000.

After one year, the interest rate will switch to a variable rate that depends on your balance. At the time of writing, here is the breakdown of interest rates based on your balance:

• For balances from $0 to $9,999.99, the APY is 3.75%.
• For balances between $10,000 and $29,999.99, the annual percentage rate is 3.75%.
• For balances between $25,000 and $49,999.99, the annual percentage rate is 3.75%.
• For balances between $50,000 and $99,999.99, the annual percentage rate is 4.05%.
• For balances of $100,000 or more, the APY is 4.30%.

This account does not require a minimum deposit and you do not have to worry about monthly maintenance fees. The money market account allows you to access your money via debit cards and checks.

Certificates of deposit

EverBank offers CDs with terms ranging from three months to five years. You need $1,000 to open a CD, which automatically renews at maturity, but you'll receive a notification for 20 days reminding you that your CD is about to mature.

Here's a look at the current EverBank CD rates:

• The 3-month CD has an APY of 3.95%.
• The 6-month CD has an APY of 4.00%.
• The 9-month CD has an APY of 5.05%.
• The 1-year CD has an APY of 4.85%.
• The 1.5-year CD has an annual percentage rate of 4.40%.
• The 2-year CD has an APY of 4.50%.
• The 2.5-year CD has an annual percentage rate of 4.10%.
• The 3-year CD has an effective annual interest rate of 4.20%.
• The 4-year CD has an APY of 4.00%.
• The 5-year CD has an APY of 4.00%.

Overall, these CDs come with relatively attractive annual percentage rates.

Are there any fees?

The fees you incur at EverBank vary depending on the accounts you open and the actions you take. For example, if you withdraw your money from a CD before the maturity date, you'll be charged an early withdrawal fee. Or if you need to stop a check, you'll be charged a $25 hold fee.

But all in all, EverBank account fees are relatively low. There are no monthly account fees for the accounts listed here, and no fees at EverBank ATMs. You can also get unlimited reimbursements of ATM fees if your checking account has more than $5,000, and up to $15 monthly in ATM fees if your balance is under $5,000.

How does Everbank compare?

EverBank isn't the only banking option on the market. Here's how it stacks up.

Bank of the Allies is an online-only bank that offers a checking account with an annual interest rate of 0.25%. It also offers a savings account with an annual interest rate of 4.20%. Both rates are lower than EverBank. But Ally Bank is online-only and has a good reputation.

CIT Bank is an online-only option, complete with an interest-bearing checking account that offers 0.25% APY on balances over $25,000. It also offers a savings account with 5.05% APY. Both are lower than what EverBank offers. But CIT Bank offers a penalty-free CD that could be a good option for savers looking for more flexibility.

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Interest-bearing current account
	Up to unlimited refunds
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How do I open an account?

If you want to open an account with EverBank, you can do so online or in person at a branch. Regardless of your location, you should be prepared to provide some information such as your social security number, account information, mailing address, and more.

Setting up your account should only take a few minutes.

Is it safe and secure?

EverBank is FDIC insured, which means your funds are protected against loss up to $250,000 per person. In addition, the bank takes other measures to secure your funds, such as strong encryption, two-factor authentication, and account number masking.

How do I contact Everbank?

If you need to contact EverBank, you can call 1-888-882-3837. Additionally, you can contact a branch in Florida for further assistance. These branches appear to be open Monday through Friday during regular banking hours.

Since the bank is relatively new, there are few customer reviews available. For example, the bank has only two reviews on Trustpilot, one 4-star and one 2-star. However, there is not enough information to make a definitive statement about what you can expect when working with EverBank.

Is it worth it?

The accounts offered by EverBank tend to have relatively high APYs. While it's a good idea to shop around before opening your account, the interest rates you'll currently find at EverBank are near the top.

It's surprising that the bank offers such good terms despite having branches in Florida, but if you want high interest rates and branches in the Sunshine State, EverBank may be the right choice.

Everbank Features

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