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Author: , on July 17, 2007

The place to discuss EverBank. Please post your comments or questions below.

altUpdated: February 10, 2010

Bauer Stars: alt

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.


  • 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 20, 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

    peter this side from Canada. This blog really have valuable information for everyone.


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  • 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 07, 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.

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