Everbank Raises Promo Rate to 3.01% APY

Everbank raised the promo rate on its yield pledge money market account from 2.55% to 3.01%. This reverses six months of rate cuts and may be another sign that we are reaching the bottom in savings and money market rates.

Everbank's 1 year APY has increased from 1.87% to 2%. What we've always found interesting about Everbank's offer is that the three month promo is a guaranteed rate for three months. That means, in essence you get an account equivalent to a 3-month CD that is paying 3.01% APY and that is totally liquid. The best 3-month CD rate according go the BestCashCow rate tables is 1.70% APY.

At times like this, when rates seem to have bottomed and are increasing on the longer-term CDs, parking money for a short-term in a higher yielding account like Everbank may make a lot of sense.

Everbank has always had a competitive promo rate. Starting last fall it began to drop, along with savings and money market rates in general. This increase reverses the trend of six months of rate cuts and may be another indicator, along with a leveling of the decline we've seen, that savings and money market rates have bottomed and will start trending up.