EverBank Review: Top-Tier CDs, Money Market, and Checking Accounts
**EverBank Review: A User-Friendly Banking Option**
EverBank, previously known as TIAA Bank, offers a range of financial services and products to U.S. residents. One of its standout features is the EverBank PerformanceSM Checking and Savings accounts, which offer competitive interest rates without the hassle of fees or minimum balance requirements.
**Pros and Cons**
**Pros:**
– Easy online banking through the EverBank website and mobile app.
– Access to over 80,000 fee-free ATMs.
– High yields on qualifying checking, savings, and CD accounts.
**Cons:**
– Non-EverBank ATM fees are reimbursed only up to $15 per month unless you maintain a daily balance of $5,000.
– Limited physical locations, primarily in Florida.
– Fewer account options compared to some top competitors.
**Overview**
Based in Jacksonville, Florida, EverBank aims to meet the unique financial needs of its clients. Despite its physical presence being mainly in Florida, anyone in the U.S. can open an account and manage their finances online or via the mobile app. GOBankingRates has recognized EverBank as one of the Best Online Banks, Best CD Accounts, Best Checking Accounts, and Best Money Market Accounts of 2024.
**Key Features**
**Checking Accounts**
EverBank offers convenient online accounts with mobile check deposits and access to a vast network of fee-free ATMs. It provides two low-fee checking accounts, both highly rated by GOBankingRates for 2024:
– **Basic Checking:** Requires just $25 to open.
– **EverBank PerformanceSM Checking:** Earns interest on all balance tiers with a $100 minimum. It features no overdraft transfer fees, no monthly account fees, and competitive interest rates.
**Savings Account**
EverBank’s sole savings option, the EverBank Performance℠ Savings account, is a solid choice despite its lack of customization. Key features include:
– No monthly maintenance fees.
– No minimum balance requirements.
– Competitive APYs up to 5.05%.
**CD Accounts**
EverBank offers a variety of award-winning CDs, including the EverBank PerformanceSM CD and Intrafi® Network Deposits. CDs provide high returns with minimal risk, provided you don’t need to access the funds during the term. GOBankingRates has ranked EverBank’s CDs among the best for 2024:
– **EverBank Performance or Bump Rate CDs:** Require an initial deposit of $1,000 to $1,500. Performance CDs offer terms from three months to five years with competitive APYs. Bump Rate CDs allow you to increase your rate once if the bank’s rate rises, with a term of 3.5 years.
– **IntraFi Network Deposits CD:** Requires a $10,000 minimum investment and offers lower APYs but expanded FDIC insurance coverage, making it ideal for those needing to insure larger sums of money.
EverBank provides a user-friendly banking experience with competitive rates and a variety of account options, making it a strong contender for your banking needs.