EverBank Checking Account Review

Aug 10, 2017 | Be First to Comment!

EverBank App
EverBank App

EverBank is an online bank that offers a full suite of banking services, including savings accounts, checking accounts, and mortgages.

The EverBank Yield Pledge Checking Account combines one of the best introductory interest rates available from an online bank with the convenience of a checking account.

The Yield Pledge

The yield pledge is EverBank’s promise to its customers. Banks change the interest rates that pay all the time, without warning. There’s nothing worse than opening an account only to have the bank reduce the interest significantly -- to the point where you want to switch banks again.

EverBank has promises to always offer an interest rate in the top 5% of similar accounts from the nation’s largest banks. Because of that pledge, you can be confident that you’ll always be earning a great rate. When you combine the yield pledge with EverBank’s introductory rates, you’re off to a great start in getting your money to work for you.

Great Introductory Rates and Competitive Ongoing APYs

EverBank offers a great introductory interest rate that lasts for the first year that you have the account. The rate is higher than the rate on checking accounts from most online banks. The rate is especially good when you consider the fact that you don’t have to jump through hoops to qualify for it.

Once the introductory period has ended, you’ll earn a competitive interest rate on funds in the account. Thanks to EverBank’s rate pledge, you’ll know that you’re earning one of the best rates available. The one thing to watch out for is the fact that there are five rate tiers. The larger your balance, the higher your interest rate will be.

The rate tiers are:

  • $100,000 - $10,000,000
  • $50,000 - $99,999.99
  • $25,000 - $49,999.99
  • $10,000 - $24,999.99
  • $0 - $9,999.99

No Charge for ATM Access

EverBank is part of the ATM Plus Alliance, a nationwide network that consists of thousands of ATMs. You’re never far from one when you need cash.

EverBank does not charge a fee when you use an out-of-network ATM. However, the owner of the ATM may impose a surcharge.

Compare: Many big banks charge an out-of-network ATM fee that usually ranges from $3 to $5. ATM operator fees are also added on top of this fee.

Unlimited ATM fee refunds are available

You can make it so that all ATM access is entirely free. When you maintain a balance of $5,000, EverBank will give you unlimited ATM fee refunds. So, you may still have to pay ATM operator surcharges, but you'll receive reimbursements for those fees

The fee refunds are automatic and truly unlimited. You don’t need to fill out any forms or request the refund. EverBank will automatically credit your account at the end of each statement period.

This means that you can use any ATM without any worry of fees (when you have a $5,000 balance).

Save Money with No Monthly Fees

A bank should be a place where you can keep your money safe and not have to worry about fees. EverBank does not charge any monthly maintenance fees. You don’t have to jump through hoops or maintain a minimum balance.

You also get access to free bill pay services, so you don’t have to pay a fee to make sure your bills get paid on time.

EverBank also avoids charging account holders other fees. If you’ve set up overdraft transfers from your EverBank savings account, you won’t be charged for automatic transfers made to avoid an overdraft.

Other common fees, for things such as cashier’s check, stop payment, and replacement check fees are low. That lets you keep your money earning interest and working for you.

EverBank Yield Pledge Checking Account Fees

Type Fee
Monthly Maintenance Fee $0
Non-EverBank ATM $0
Overdraft Fee $30
Overdraft Protection Transfer Fee $0
Returned Item $30
Stop Payment $30
Deposited Item Returned $10
Domestic Wire Transfer (incoming) $0
International Wire Transfer (incoming) $0
Cashiers Check $10

Easy Access to Your Account with Mobile Banking

With a nationwide ATM network and the chance to get all ATM fees waived, banking with EverBank is already convenient. EverBank makes it more convenient to access your account by providing a free mobile app. You can download the app on both iPhone and Android smartphones.

You can use the app to deposit checks, make transfers, or check your balance. You can also set up recurring events to help automate your savings. EverBank’s goal is to make banking simple, so it offers as many tools as possible to make your life easier.

Note: The EverBank mobile check deposit limit is $50,000 per day.

Free Online Banking Security Software

EverBank understands that Internet security is important to its customers, so it offers a web safety guarantee.

Customers can get a free copy of Trusteer Rapport, an antivirus software that will protect their computer from attack. It removes malicious software from your computer and protects online transactions. EverBank also provides information on how to avoid identity theft scams.

In the event that someone does gain access to your account, EverBank’s web safety guarantee means that your money is safe. Any funds that are withdrawn or spent without your authorization will be refunded.

As a bonus, EverBank will refund any late payment fees caused by a bill payment that is delayed due to an issue under its control.

How It Compares to Other Online Checking Accounts

There are plenty of online banks out there. If you’re thinking about opening an online checking account, you should also consider these competitors’ accounts.

Radius Hybrid

The Radius Hybrid account is designed to offer the benefits of both a checking account and a savings account, in one. The account offers the high interest of a savings account with the flexibility of a checking account. It also refunds all ATM fees -- no minimum balance required.

You can open a Radius Hybrid account with a minimum deposit of just $10. Once the account is open, there are no monthly fees or minimum balances to worry about. To make things even simpler, you can do all of your banking from your phone. One thing to be aware of is that you won’t earn the highest interest rate on the full balance of your account. Only amounts exceeding $2,500 will earn the highest interest rate. The first $2,500 you deposit will earn a lower rate.

Bank of Internet USA Rewards Checking

The Bank of Internet USA Reward Checking account offers the opportunity to earn a great interest rate with a few necessary steps.

To qualify for the best rate, you’ll need to receive $1,000 in direct deposits each month and use your Rewards Checking Visa debit card 15 times each month. Your debit card is called a rewards card because you’ll have access to cash back offers. Simply log in to your account to see the offers available. Activate the offer and then shop using your card. You’ll automatically receive a statement credit for the amount you’ve earned.

You’ll also get access to FinanceWorks money management software. It’s a great tool for tracking your expenses and getting a snapshot of all your accounts in one place.

Capital One 360 Checking

The Capital One 360 checking account offers its customers no-fee checking services and competitive interest rates.

Some online banks offer ATM fee reimbursements, but Capital One does not. Instead, Capital One has a network of 39,000 ATMs across the country. You can use any ATM in the network for free.

There are three interest rate tiers that you’ll need to be aware of. The higher your account’s balance, the more interest you’ll earn.

No matter what interest rate tier you qualify for, you won’t earn as much interest as you would at another bank. The main draw of Capital One 360 is its ATM network and the convenience of having all of your financial accounts with one bank. If you already have a credit card through Capital One, opening a checking account might be a good idea.

The Final Verdict

EverBank offers a great introductory interest rate, but its normal rates are not the highest available from online bank accounts. EverBank also doesn’t offer services such as savings accounts or auto loans. If you’re looking for a one-stop shop for all of your financial needs, you might want to find another bank. If you’re just looking for a checking account that gives you a solid interest rate and easy access to your cash, the EverBank Yield Pledge Checking account might be the right account for you.

If you’re just looking for a checking account that gives you a solid interest rate and easy access to your cash, the EverBank Yield Pledge Checking account might be the right account for you.

More: Best Checking Accounts of the Year
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