EverBank
Article Submitted By: BestCash Admin
The place to discuss EverBank. Please post your comments or questions below.
Updated: February 10, 2010
Bauer Stars: 
Everbank is a subsidiary of Everbank Financial Corp. a thrift holding company located in Jacksonville, Florida. The company has approximately $6 billion in assets, $4 billion in deposits, and over 450,000 customers nationwide.
Bauer Financial rates them as 4 stars for financial soundness and safety, one of the few banks to see their star rating increase from last year. To date, they seem to have escaped the worst of banking crisis.
As an online bank they offer very competitive rates. Their Yield Pledge ensures that on any account covered by the program ( their top high yield money market hecking, and cds are covered), will always be in the top 5% of competitive banks as determined via a Bankrate index.
Everbank's financial products include two deposit accounts:
- Yield Pledge Money Market that currently pays a guaranteed 2.25% APY 3-month Bonus Rate on the first $50,000 deposited and then 1.26% APY. Blended this generates a 1.51% First-year APY (up to $50K).
- FreeNet Checking Account that currently pay a bonus 3-month guaranteed rate of 2.25% APY and then 1.26% APY on deposits over $50,000 for a first year blended APY of 1.51% APY.
The bonus rate has all of the advantages of a 3-month CD (FDIC insurance, guaranteed rate) with the advantages of a money market (liquid). The rate is also significantly higher than any 3-month CD currently listed. The 1 year APY is also competitive compared to the best savings rates and money market rates.
They also offer some rate competitive certificates of deposits.
Comments
Dave, February 06, 2011
Everbank has done everything in there power to destroy me financially. I had a mortgage loan with them for ten years and got behind (economy crashed) and immediately called them and asked for there help. I simply asked if they could make my loan interest only for a while and possibly reduce my interest rate. I never got a face to face meeting. They excellerated my interest rate 5% points higher (further hampering my ability to pay) and filed foreclosure. They got there foreclosure and are now pursueing a defficiency judgement and are going to force me into bankruptcy. I will lose everything and seriously damage some other banks that I owe significant amounts to. I finally got a face to face meeting when a Judge ordered mediation. They still would not talk to me but did show up for the mediation. They have vindictively and ruthlessly tried to destroy me. I would warn anyone and everyone to beware of doing business with this bank. The old saying there is no honor among thieves. They spent millions to sponsor the football stadium in Jacksonville and bask in the light of all that media attention but what would people think if they knew how they treated a loyal customer of theres that fell into arrears because of a devastating collapse of our economy. The good part is life has a way of equallizing things. They will pay a huge price for walking on people the way they do. It will be my mission to cost them double what they cost me. Thanks for listening and please beware.
Beth, January 28, 2011
Everbank is ok bank. Read the fine print like with any other bank they have fees.. The day of free checking is Gone !! with every bank ! I use them as my primary checking and use them for my direct deposit with no problems. BUT I don't like the bill pay they mail out checks and not use EFT. I don't like that. And you have to maintain 5000 in your account to avoid any fees not 1500. A bit misleading for new accounts. the opening the account is strange I don't know why they ask for income ? weird I don't mind the credit check more and more banks are running credit checks. So over all if you keep a balance of 5000.00 your fine. If you fall under the 5000.00 you will pay in fees not to bad but just more money for the bank. OVERALL I'M FINE WITH THE BANK ! NO PROBLEMS FOR ME. A BIT STRANGE IN THE OPENING ACCOUNT. BUT NOT AT ALL STRANGE TO HAVE TO MAIL OUT YOUR SIG CARD. I DON'T KNOW WHY PEOPLE THINK THAT'S STRANGE. SO FAR SO GOOD.
florida_lady, January 19, 2011
CD rates sound good as of Jan, 2011, but read the fine print folks. Penalties are confusing on early withdrawal! No 3 or 6 month penalty for them. 25% of whatever??!! Outrageous!
Jon , October 25, 2010
I am closing out my Everbank account today and opening an account with a credit union. Everbank started charging a monthly account fee and no reimbursement for ATM use unless I had a $5K checking account balance.. it's obvious Everbank doesn't want lower account balances - I had balances of over $100K but this bank will never get my other business, not customer friendly plus Everbank is VERY SLOW in processing deposits now I can go in person and make my deposits!!!
Lyn Curtis, October 19, 2010
Beware of application system! I started an on-line application with EverBank. Only did step 1 of a 4 step process. Got to the point where they tell you that they will do a credit check - which doesn't make sense - I am giving THEM money not the other way around! (I should be checking on them!) Anyway,they do a hard pull on your credit, so I decided it was not worth it and tried to erase the info I had entered. Only to find out that the sensitive info entered - incl SS#'s for me. my husband, and 3 beneficiaries - can not be erased from their system! I called in disbelief and was told that it can not be erased. Isn't it illegal to capture people's personal information without their permission? I never completed the application and I never submitted it yet they have it!
Petr, June 04, 2010
i have question: If i put 20000$ how much will be my profit?
peter, April 24, 2010
Hi, peter this side from Canada. This blog really have valuable information for everyone. Thanks Peter audio conference
John, July 01, 2009
Why does this website and others give them such favorable sorting based on the INTRO rate? Yes, intro rate is good.... however once you burn that bridge it seems you never qualify for it again. And their ongoing rate is nothing special. I also seem to recall they were once taken to task by a regulatory body (not sure which one) for advertising their intro rate as an APY when the A in APY stands for ANNUAL and they needed to show the blended rate for 12 months. Heck maybe they should just have a 10% intro rate for 1 day so this site and others can shout "10% interest" and give them apparent legitimacy by listing that rate in their table. By all means take advantage if you haven't done so before. Just it is irrelevant to all who have already done so.
@Brad, June 06, 2009
The bonus rate is up to 3.01% APY. Much better than a 3-month CD. To Brad: Everbank's Terms and Conditions say the following: "This bonus rate and New Account First-Year APYs are available to first-time EverBank account holders only and is limited to one account per household. The bonus rate of 3.01% will apply to the first $50,000 on deposit for the first three months after account opening (the "Bonus Period ") and may change at any time prior to account opening." They can change it before you open the account but once you open the account seems to me they are legally bound to pay the bonus rate. I have never heard of them reneging on this agreement.
Brad, March 08, 2009
I really doubt that any bank guarantee a rate for such a time unless they explicityly guarantee it, and I don't see EverBank as explicitly guaranteeing it. They will probably give you the promo rate, but that they reserve the right to lower it at will. And it can't be stressed enough that EverBank WILL float your ACH transfers for an unacceptable length of time, where it will be several days between when it leaves one account and gets credited to another.
David, March 06, 2009
I successfully (I think) scrambled to get the intro 3.51% rate, by getting my application postmarked before the end of February. I am told that they are offering a few days grace period, but certainly too late if you are mailing today. (Yes, mailing, as in envelope and stamp and check. Quaint.) I try to do everything online, so I wouldn't have done this snailmail routine except that the intro rate was just too tempting; not sure how the current intro rate would stack up at this point, but it's gone down, as noted above. The reason that I'm writing this review, though, is to say that I've called Everbank customer service three times in the past week, and I've actually been very pleased; I get a live person within one minute, and they are generally very nice and informative, letting me know the progress of my account. Last week, in particular, the rep basically told me that the rate was just about to fall, and therefore motivated me to scramble and get my application postmarked on time (mutually helpful, of course). That being said, though, the whole process seems somewhat slow and old-fashioned, compared with the other account I opened recently (FNBO-Direct), which I did in a few internet sittings over the course of a few days, all electronically (including initial funding request during the first sitting). So I guess it's great that Everbank answers the phone quickly with nice people, but on the other hand, they give me reasons to call them! I'm told that my account will be ready tomorrow at the earliest, or possibly early next week. I'll add more comments later if this proves untrue.....
Brad, March 05, 2009
Rate is DOWN... the 2.51% advertised rate is just the 3 month promo rate. Beginning month 4 the rate is 2.01%. Also can't stress enough how brazen this bank is in floating and dragging their feet on ACH transfers!
Brad, February 03, 2009
Just wanted to let people know if you initiate ACH from EverBank, it may take a few days. My experience was, I was logged on at EverBank and requested an ACH pull there from another account on a Monday. The money was pulled from an external account on a Tuesday but EverBank did not credit the funds until Thursday. And customer service admitted to me they will not give you credit toward interest until Thursday in this example. So you lose 2 business days of interest from the time it is pulled from the first bank until EverBank shows it. I was told the reason they float it is due to making sure the funds clear (as if it was a personal check)? At least a typical bank usually gives you provisional credit for a paper check (that allows you to earn interest) even if you put a hold on it. Maybe if the float is a problem, possibly a paper check might be better, or possibly if you initiate the ACH outside of EverBank. But just be aware everyone if you are with EverBank and you initiate your incoming ACH there they will float it 2 business days without giving you interest credit.
cargo, December 18, 2008
My husband and I have numerous accounts at Everbank, plus CDs and foreign currencies, for several years now. They are really two banks in one, with separate customer service for each: chartered in FLA, their savings/mm accounts are run out of NY and their foreign currency accounts are run out of St. Louis, MO. We have never had any problem. You just have to call the right number for help and ask the right question!
postman, November 01, 2008
I recommend NOT to deal with them because of the following reasons. They ask about income and employment because they do the hard credit check and it lowers your credit score. The online application doesn't allow you to add a joint. Funding is only by check or wire, no ACH. You have to send a paper signed by mail to activate your account. In my experience they don't have a customer service at all. I called them a few times, listened to their music for about 30 minutes every time and nobody picked up the phone.
John, September 23, 2008
I don't like banks that ask for your income info, when you are giving THEM money.... It is just a principle thing. There is no reason for them to ask. Zions & Countrywide (and Nationwide) do not ask for income numbers.
Rate chaser, July 20, 2008
5 days for an ACH is unacceptable. It negates the additional 1% over other money markets the 3 month promotional period. I've been down that road....No thank you.
jiabgwh, July 16, 2008
Does anyone know how Everbank is looking now in terms of stability? (07-16-08)
skittle, June 27, 2008
To the person who opened the CD - that sounds like the cash management account. According to their website that's where your matured CD money will go. Also the online financial thing you referenced is the online banking part. I wouldn't bank anywhere that didn't hav a online banking option. I've been an Everbank customer for 3 years, and I haven't had any complaints.
Trevor, May 09, 2008
Having to wait 3-5 days for an ACH is an inconvenience. All other banks reflect the deposit the next day and funds are available. The representative at Everbank claims some banks offer a "provisional credit" but they do not and that is why it takes that long to get the money in and out. I will use one of their checks to deposit it to my next bank once the 3 month promo is up. I only wish that Emigrant Direct hadn't lowered their rates so much. I much prefer doing business with them.
Oleg, March 04, 2008
The location is Jacksonville, FL. I am a customer since 2003, and I like it! There are few flaws though: ACH takes 5 days, and the limit of 10K per transfer FROM EverBank per day.
extremely confusing to work with Everbank., February 05, 2008
I just opened the Everbank world market CD. During the online application process, I had no choice but to open their checking account.... I think. I just wanted a CD. But what I got besides teh world market CD was... Everbank Asset manager account Everbank Freenet checking account Everbank Online Financial Center account Everbank world markets account Again, all I wanted was the CD. Extremely extremely confusing. If you call and talk to those guys over there, don't expet courteousness. These guys talk to you over the phone while typing. I can hear them. My guess is that the guys on the other end of the phone are bombarded with having to answer questions from people who are like me-- confused.
José Rook, October 05, 2007
4 Oct 07 Where in the "hell" is this place located? India?, Russia? Panama? Post your location fellas.
Anonymous, July 19, 2007
Iââ¬â¢ve been a customer of Everbank since 2000. Back then, it was one of the first truly on-line banks, which allowed me to pay my bills via internet, invest in some of the best CDââ¬â¢s, and withdraw cash anywhere in the world. Their service has always been exceptional, which is why Iââ¬â¢m still with them. Plus, you canââ¬â¢t beat the convenience of withdrawing cash from any ATM, knowing that the bank will reimburse the fees.
Anonymous, July 17, 2007
Moved from the BestCashCow Forum: Unregistered 5/20/2006 -------------------------------------------------------------------------------- I just wanted to say that Everbank is the Gold standard in online savings accounts. Their service is exceptional. The reason why they offer a 3 month promo rate is because they know that anyone who deals with them for three months isn't going to switch back to one of their competitors. After my promotional rate ended, I switched to just rolling over short term CDs with them in order to keep beating the top rates. ... I know that sounds like I work for the bank. I don't. I am just a guy who saw the promotional rate and decided to give it a try and got hooked. My wife says that there are many like me out there, including everyone in her office!
Anonymous, July 17, 2007
Moved from the BestCashCow Forum: medalian1 May 3, 2006 -------------------------------------------------------------------------------- They started my account pretty quick but I'm only earning 3.20% APY -vs- the 5.51% they advertised to me. I emailed them and they replied to email them "securely" from their website ... ugh. The website is confusing to say the least once you log-in. If they correct my APY, then I'm only going to stay with them 'til my 3 months is over, then back to ING or something.
