EverBank: Promising High Yields on Online Banking


It's often the case that online banks are able to offer better rates and higher yields than their brick-and-mortar counterparts, and with today's technology, it's easier than ever to do all your banking online. Of the many online banks to choose from, EverBank is definitely one to consider for its high yields and low fees. (See also 5 Best Online Checking Accounts)

Features and Benefits EverBank

EverBank offers a variety of products for your personal and business banking needs. Their line of Yield Pledge accounts promise that your yield will always be in the top 5% of competitive accounts — not bad, right? It’s available for their checking, money market, and certain CD accounts.

Yield Pledge Checking

With $1,500, you can open a checking account with a current first-year APY of 0.85%, which can go up to 1.01% depending on your balance. You also get a bonus interest rate of 1.40% on the first $100,000 for the first 6 months. Additionally, there's free bill pay and no monthly fee to maintain the account. To deposit a check, just use EverBank's online service, mobile banking app, or mail it in a free, postage-paid deposit envelope provided by EverBank. If you have at least $5,000 in your account, they'll automatically reimburse 100% of the ATM fees.

Yield Pledge Money Market

For accounts with $50,000 and lower, the current first-year APY is 1.01% with a bonus interest of 1.40% for the first 6 months. Naturally, a money market account is not as flexible as checking, but you are allowed to move money up to 6 times a month while enjoying the higher yield. Plus, this account is IRA eligible.

Yield Pledge CD

EverBank's Yield Pledge CD starts you off with an APY of 0.34% if you choose the shortest term, 3 months; with a 5-year term, the APY goes up to an impressive 1.90%. There's no monthly fee, and when your CD is close to term, you get a 20-day maturity alert along as well as automatic rollover. Like EverBank's money market accounts, their CDs are also IRA eligible.

WorldCurrency Accounts

If you want to diversify your portfolio, or if you work overseas, then check out EverBank's suite of WorldCurrency accounts. You gain access to global currencies and low conversion rates (which is great if you travel a lot), and can rest easy knowing your WorldCurrency accounts are FDIC-insured.


EverBank offers traditional mortgages, jumbo financing up to $3 million, and government-insured FHA and VA loans, as well as various refinancing options.


Besides the Yield Pledge CD and money market accounts, which can be opened as IRAs, and the WorldCurrency accounts, EverBank also offers investment options in precious metals and MarketSafe CDs. These CDs invest in new markets while keeping your deposited principal secure, which may offer some peace of mind to investors.

Business Account

EverBank has different checking options for small businesses, large businesses, and non-profit groups — they'll work with you to find the right fit. They also offer money market and CD accounts for businesses. Small businesses can get a package deal that includes three accounts: business checking, business money market, and Yield Pledge checking. Unlike the personal accounts, EverBank may charge a small monthly fee for the business version, depending on your balance.

Bottom Line

Though you need to deposit $1,500 to open an account with EverBank, with no monthly fees on personal accounts and no minimum balance requirement, it can be worth your while to leave the money in an account that promises such high yields. Use it alongside EverBank's other products, and banking becomes easy as pie.

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