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.