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EverBank Review

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EverBankWhen EverBank offered that teaser rate of 4.65% APY for three months, followed by an equally impressive 3.60% APY afterwards, I was impressed. That’s a pretty competitive rate for a checking account. Unfortunately, that rate wasn’t guaranteed (no savings rate is guaranteed) and it recently fell to a more pedestrian 3.93% APY promo with a 3.18% APY follow up on balances over $50,000 (blended, that’s 3.40% APY).

That being said, EverBank was still worth a look after the rate drop. I didn’t open an account at the time but I did want to poke around the site to see what else they offered in addition to the high yield FreeNet Checking Account.

EverBank History

I first heard about EverBank a few years ago when international currency CDs were more popular. Back then, a sagging dollar meant international CDs were offering high rates and EverBank was one of the few places known to offer them to the public. Everbank is more than a traditional bank, it offers all sorts of baning and investment services.

The history of the bank can be traced back to 1962 but its brand as it operates today began more in 1994, when EverBank acquired a Florida-based mortgage company. As with any bank I’d consider, they’re FDIC insured (Certificate 34775) up to $250,000 (through December 2009, then presumably the $100k limit applies) and you can read more about their history on Wikipedia. According to thier history, they recently spiked in growth a little before the dot-com boom and have been growing, in terms of assets, since then.

International CDs

As I mentioned earlier, I first heard about them and their international currency CDs, called their World Currency CDs.

From their site:

If you seek to diversify your portfolio globally, then foreign currencies could be a beneficial addition. And our WorldCurrency® certificates of deposit can make adding currencies a simple process—and potentially rewarding too. You earn interest in the currency of your choice and potentially benefit from appreciation against the U.S. dollar. However if your selected currency depreciates against the U.S. dollar, you could experience a loss to some of your principal deposit. We also offer competitive conversion exchange rates within 1% of the wholesale spot price EverBank® pays for the currency—among the lowest in the nation.

It’s a cool way to get exposure but you do face currency risk. The same concerns I had for high yield international accounts apply for CDs based on international currencies too. FDIC insurance can protect you against bank failure, but it won’t protect you against currency-price fluctuations. There’s a reason why yields are higher, the risk is higher as well.

High Yield FreeNet Checking Account

Getting back to the headline offer, the FreeNet Checking Account offers a 3-month bonus rate of 3.93% APY followed by a 3.18% APY on balances above $50k. Blended, that’s a rate of 3.40% APY – competitive but certainly not tops at the moment. The requirements of the account are that you open with at least $1,500 though there are no minimum balance requirements to earn interest and no monthly fee. You get all the usual trappings of a checking account (online/mobile banking, Visa check card, unlimited check writing, optional online bill pay, no Everbank ATM fees, $6/mo ATM fee reimbursement, and overdraft protection).

When you couple that checking rate with a 1-year CD rate of 4.15% APY (as of this writing), it’s a decent offer. I’m not yet ready to open up another bank account but if you’re in the market for a new account, you won’t be wasting your time taking a look at EverBank.

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32 Responses to “EverBank Review”

  1. Eric N. says:

    Yup, not looking for another one unless it’s outstanding. Thanks for the review though….online banks are now a dime a dozen aren’t they?

  2. jim says:

    They seem like it huh? Surprisingly, very few people who don’t read blogs are familiar with it. I’ve asked so many of my friends whether they have an ING Direct account (so I could hook them up with ING Direct referrals) and the majority have no idea what I mean. These are people savvy with the web and comfortable with online banking too, they just don’t know about them.

  3. Dave says:

    Jim – have you heard or seen anything about their mortgage programs? They have really good rates and I’m currently looking into refinancing my mortgage (I bought my house 8 months ago and the interest rate is 1.75% lower)and they look pretty good. I actually found this post via a Google for Everbank, which is pretty hillarious since I come here at least 3-4 times a day… :)

    • Julie says:

      I got a mortgage with them and I’m already thinking of refinancing just because of the customer service. Our closing date was postponed four times. We kept sending them the same documentation over and over and they kept asking for the same things, and we were using e-mail. We started sending things by FedEx and they still did not get them. When we began to complain about the service we were totally ignored, then insulted with the insults copied to the management by the associate! The management never responded or apologized to us. They simply do not care about their terrible customer service and what seems to be a good rate in the beginning will end up costing you time and money due to their incompetence.

      • Monique says:

        I’m looking around for FHA loans for mortgages they are one of the institutes we are looking at how would you say they are in a whole

  4. Jim says:

    I’m afraid I haven’t seen anything about their mortgage programs, but I do know they built their business on it.

    You should just email me man, don’t use search haha :)

  5. ClaireTN says:

    Longtime lurker, first time poster here. Thanks for the great blog.

    I’m curious whether anyone has looked at Evantage. It is owned by Southwest State Bank, which also has a 4-star safe and sound rating. Right now they’re offering 5.25% for a rewards checking that only requires 10 signature debit transactions per month plus receiving statements via e-mail. I’m considering signing up. Any sense of whether this is a good bank?

  6. BrewCrewFan says:

    Effective March 1, the teaser rate on the money market account is down to 2.51%

  7. Gareth says:

    Beware everbank! In the fine print with May statements they notified account holders that minimum balance for Checking must stay above $5000 instead of $1500 to avoid fees (and the low balance fee has increased from $1500 to $5000).

    In general, Everbank’s fees are gradually increasing and their interest rates are becoming less competitive. As a long term account holder, I am now looking for a better bank

  8. Joel says:

    Your review of Everbank sounded great and it it covered all the good points except ACH money transfers. They take 5 business days to make sure the money is “good”. I forgot to mention that they don’t pay interest on the time lag. Try a once a week transfer of funds and then calculate the true interest rate.

  9. David says:

    The bugaboo is their $8.95 monthly charge for not having the minimum when others(see Schwab)dont make such charges!

  10. Rusty says:

    The provide clarification, the introductory 3 month rate starts as soon as you sign up for the account. If you have any issues with your initial deposit or future deposits within the first 3 months, then you will miss out on a portion of the introductory rate. Thus, reducing the anticipated return.

  11. bob says:

    A week back, I went through a part of Everbank’s sign up process in the hopes of transfering my money. I actually didn’t mind the credit check and the request for employment details, even though it seemed like overkill just for setting up an MMA to handle my money. (If anything, they should provide me their credit ratings to indicate that they are qualified to handle my money!) But I became concerned when they did not have the linking up of an ACH account as part of the sign up and initial funding process. The only way I could fund it was to send a check or wire the money. That was a red flag.

    So began a more extensive research on this bank — visited several sites, read hundreds reviews by different people. Reviews dated 2006 and before were overwhelming positive, while more recent reviews were overwhelmingly negative. Shoddy customer experience seems to have been the norm with them for the past few years — in the MMA/CD-type accounts as well as in mortgage accounts. Many reported experiencing a horrid sign up process. I counted at least two dozen ’stay away from Everbank’-type warnings recorded just within the past year. In short, Everbank’s customers are screaming Buyer Beware. In the end, I decided to heed their suggestion and not to sign up.

    Though my money earns less now, I decided that the additional few decimal percents was not worth all sign up and customer service hassles that seems to be the norm with Everbank. At this day and age, any bank that does not allow the setting up of an ACH account during the sign up process seems suspicious.

    If banks can sign me up for a credit card account with over $20,000 of their money, effect balance transfers in less than 10 days and send me the card in less than a week, surely they should be able to do better when dealing with my money. Everbank’s shoddy sign up processes and shoddy service strike me as designed and intentional incompetence to milk customers in every little way they can. How such a bank has been well-rated by some sites is beyond me. I suspect that some of these reviews were posted by Everbank’s own people as someone suggested.

    I’m posting this here so some may potentially benefit off of my research — hopefully, it will at least minimize the amount of research for some.

    • glenn says:

      I was considering this bank, your research was very appreciated. Thanks Glenn

    • Julie says:

      I’m happy you did not join with them, your analysis is completely correct, they are intentionally incompetent with terrible customer service and it really does end up costing you in the end.

    • Gene says:

      Bob, thank you for this info. I too was considering opening an account. The ACH transfers would be important to me as well. Thanks for saving me the research time. I will continue searching.

    • Anonymous says:

      My EverBank mortgage application was submitted two weeks ago and I still have not heard from them. The silence has caused me to research the company. Thank you ALL for the time you took to write in. I am not going to proceed.

  12. Dr. H says:

    Would you do this with a 401k?

  13. bh says:

    I a solvent financially, and had no problem signing up., the procedure to set up ACH was standard. I statement each month show the addition of the Interest, and I’m surprised on how much is being added to my account. I don’t plan to stay with them after the 3 month period, because my broker can get me better interest, tax free. I only put a limited amount in the bank, but before I did it, I checked with the FDIC never put a directly, and I

  14. Trying to Refinance says:

    Do NOT recommend refinancing with Everbank. Total nightmare at this point. Lack of communication. SLOW. Let my lock go long ago, and we’re pat 90 days. I provided all the paperwork, etc. Do NOT do it… See above.

  15. Rwdyryd says:

    I have started refinancing one of my investment properties and have had multiple issues with communication, and changing requirements @ Everbank. I will probably abandon this application, and search for a reliable Bank. What a waste of time and $$ and inquiries on my fico.

  16. TRADITIONAL IRA WARNING says:

    EverBank charges a penalty if you withdrawn funds from a Traditional Ira for the Required Minimal Distribution that the government requires you to take after you reach 70.5 years of age. MANY other banks do not assess a penalty. Learned this lesson about EverBank the hard way when I needed to withdraw funds to meet the Required Minimal Distribution. When the CD matures, bye, bye EverBank.

  17. JoeDoaks says:

    thank you, Thank You, THANK YOU ! !
    YOU to all of the above. Saved me a lot of time.
    I found this site w/Google & Luv-et.

  18. Darrel Frame says:

    Everbank has better interest rates than most banks. However, my experience trying to transfer money has been concerning. I am trying to close my account and have been unable to move my money. I would not recommend working with this bank. I have been with them since 2010 or thereabouts and will breathe a sigh of relief when all my money is transferred and my account is closed.

  19. Bob says:

    Yep… dint pass the smell test. Florida has the worst bunko laws in the Nation anyway.Remember… there’s lots of swampland to sell you in Florida. Ah… the 70′s… what a time.

  20. Bob says:

    Ah… you wont publish my comment…. I’ll make sure the word gets out about Everbank censorship.

  21. diann says:

    A local banker recommended EverBank. So I submitted a mortgage application two weeks ago. I still have not heard anything from them. The silence caused me to research the company. Thanks to all the comments posted here I am not going to proceed.

  22. Disappointed says:

    Very disappointing experience – you get use of 5000 of your deposits, but the balance is locked forever. Tech support is inferior. Rates reverted to sub par very quickly. Customer service is pleasant but dumb – they do not have the answers. They say things that they do not follow through on. Don’t Bother with this bank – I was very disappointed.

  23. Mark says:

    No transparency – I got a BRIC CD 3 years ago, and never got any information on how it was doing in the interim. Finally, it comes to maturity, and there’s been virtually no appreciation. I got all my money back, and from what I could tell from the BRIC index, indeed prices were lower than in 2009, but I feel like they just got to use my money for 3 years with no documentation of what was going on. I got a final pricing after it was closed out, but it didn’t make any sense. Feels pretty scammish. I’ll never lock funds up again in such an investment. Much better to put it in an ETF you control yourself, and get exit when you need to. I checked their gold and silver funds out as well, and the way they calculate the returns also seems very suspect. Don’t plan on working with them again, although for all I know their basic banking might be very good. But the “no-risk” CDs seem to give them a lot of latitude in making them “no-return” CDs, while they have your money locked up for 3 years. Sweet deal – for them.

  24. Simone says:

    Everbank is totally clueless.
    The customer “service” is awful.
    Say things they never do.
    Period.
    Ally Bank is the deal.


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