Everbank Promo Rate Back - Six Month Checking and Money Market Promo Rate of 1.05% APY

For many years prior to 2011, Everbank used to offer a 3-month promo rate for new checking and money market accounts that was the highest rate in the country. For example on December 17, 2008, the bank offered a 4% APY promo rate for three months. After the promo period, the rate dropped to a good, but not as good level.

They discontinued the promo rate program sometime last year and this week they informed us that they are back with a six month promo rate. Starting on March 1, 2012, Everbank is offering a bonus rate of 1.05% APY to new Yield Pledge Checking and Yield Pledge Money Market customers.

I like to compare these promo rates to CDs, because in essence they are like liquid CDs. Everbank guarantees the rate for six month and you can withdraw the money at any time without penalty. The top 6-month CD online CD is 0.85% APY according to the BestCashCow rate tables. So, you'd be much better off stashing the $50,000 in the Everbank account instead of the CD. You'll receive a higher rate and the money is liquid.

Details are as follows:

Bonus Rate of 1.05% for 6 months (for either account)
Money Market Account First Year APY: 0.91% up to $50k (this includes the return you will receive once the promo rate expires)
Checking Account First Year APY: 0.83% on accounts with $25k - $50k
Eligible Accounts: All NEW Yield Pledge Checking & Money Market Accounts

Everbank also has a Yield Pledge Promise in which they guarantee that their rates will always remain in the top 5% of competitive accounts nationally, even after the bonus has ended.

Taking a look at their rates, the non-bonus rate for the money market account is:

$50,000 or less: 0.76% APY
$50,001 to $10,000,000: 0.76% APY

The 0.76% APY rate is competitive according to the best savings account rates on BestCashCow.

The non-bonus rate for the checking account is:

0.56% APY for balances between $10,000 - $24,999
0.61% APY for balances between $25,000 - $49,000
0.71% APY for balances between $50,000 - $99,999
0.76% APY for balances between $100,000 - $10,000,000

These non-bonus rate are also competitive. So, when the bonus expires, the rate doesn't appear to plunge into an abyss.

Everbank's Texas Ratio is 117.12% versus the nation average of 20.28% (the lower the Texas Ratio, the better). Everbank is an FDIC insured institution. The bank has nearly tripled over the past five years from $4 billion in assets in 2005 to $12.5 billion in assets in 2011. The bank primarily does business online but it does operate 15 branches in Florida.

Disclosure: Everbank is a BestCashCow advertiser. We'd like to thank them for their support of the site.