The place to discuss EverBank. Please post your comments or questions below.
Submitted: Jul 17, 2007
Views: 10798
Comments: 21
Likes: 2
Updated: October 16, 2009
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, checking, 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 Account that currently pays a guaranteed 2.51% APY 3-month Bonus Rate on the first $50,000 deposited and then 1.51% APY. Blended this generates a 1.77% First-year APY (up to $50K).
- FreeNet Checking Account that currently pay a bonus 3-month guaranteed rate of 2.51% APY and then 1.51% APY on deposits over $50,000 for a first year blended APY of 1.77% 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.
Everbank also offers some interesting World Currency certificates of deposit (CDs). The CDs allow consumers to purchase FDIC certificates denominated in a foreign currency. If the foriegn currency appreciates, it can provide a significant return. Of course, if the currency depreciates versus the dollar, the investor will lose money.
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Comments Received:
Moved from the BestCashCow Forum:
medalian1
May 3, 2006
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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.
Posted: Jul 17, 2007
Moved from the BestCashCow Forum:
Unregistered
5/20/2006
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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!
Posted: Jul 17, 2007
I’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 CD’s, and withdraw cash anywhere in the world. Their service has always been exceptional, which is why I’m still with them. Plus, you can’t beat the convenience of withdrawing cash from any ATM, knowing that the bank will reimburse the fees.
Posted: Jul 19, 2007
José Rook
(Unregistered)
4 Oct 07
Where in the "hell" is this place located? India?, Russia? Panama?
Post your location fellas.
Posted: Oct 5, 2007
Tab
(Unregistered)
Located in New York.
Posted: Oct 12, 2007
Meen
(Unregistered)
No. Located in Florida.
Posted: Oct 20, 2007
extremely confusing to work with Everbank.
(Unregistered)
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.
Posted: Feb 4, 2008
Oleg
(Unregistered)
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.
Posted: Mar 3, 2008
Trevor
(Unregistered)
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.
Posted: May 9, 2008
skittle
(Unregistered)
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.
Posted: Jun 27, 2008
jiabgwh
(Unregistered)
Does anyone know how Everbank is looking now in terms of stability? (07-16-08)
Posted: Jul 16, 2008
Rate chaser
(Unregistered)
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.
Posted: Jul 19, 2008
John
(Unregistered)
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.
Posted: Sep 22, 2008
postman
(Unregistered)
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.
Posted: Oct 31, 2008
cargo
(Unregistered)
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!
Posted: Dec 18, 2008
Brad
(Unregistered)
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.
Posted: Feb 3, 2009
Brad
(Unregistered)
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!
Posted: Mar 5, 2009
David
(Unregistered)
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.....
Posted: Mar 5, 2009
Brad
(Unregistered)
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.
Posted: Mar 7, 2009
@Brad
(Unregistered)
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.
Posted: Jun 6, 2009
John
(Unregistered)
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.
Posted: Jul 1, 2009
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