Updated: September 27, 2008
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. In the last business quarter on record, the second quarter of 2008, they reported record earnings from continuing operations of $18.5 milion, a 8% increase from the period last year.
Bauer Financial rates them as 3 1/2 starts for financial soundness and safety. To date, they seem to have escaped the worst of the mortgage meltdown and appear to be a relatively healthy bank.
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), their yields will always be in the top 5% of competitive banks as determined via a Bankrate index.
Everbank's financial products include:
- Yield Pledge Money Market Account that currently pay a 4.65% 3-month Bonus Rate on the first $50,000 deposited and then 3.51% APY. Blended this generates a 3.82% First-year APY (up to $50K).
- FreeNet Checking Account that currently pay a bonus 3-month rate of 4.65% APY and then 3.45% APY on deposits over $50,000 for a first year blended APY of 3.60% APY.
These rates are all top money market and checking rates according to the BestCashCow rate tables.
They also offer some very rate competitive certificates of deposit. They currently offer the top 3 month cd rate and 6 month CD rate according to the BestCashCow rate tables. Their 3-year cds and 5-year cds are also competitive.
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 foreign currency appreciates, it can provide a significant return. Of course, if the currency depreciates versus the dollar, the investor will lose money.
Learn more about Everbank's
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