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Opening an Everbank Yield Pledge Money Market Account

After closing my Emigrant Direct account last week, I figured I’d add to my paperwork and open up a new bank account! This time I turned to a bank I’ve talked about in the past but never dealt with personally – EverBank. They have all the characteristics I look for in an online bank – FDIC insured, competitive interest rate, and informative website. They’ve been been in business for many years, as a mortgage lender, before they started taking deposits in 1998 (when they were FDIC insured). Since then, they’ve won a ton of awards such as Money Magazine “Best of the Breed” in 2007 and Kiplinger’s “Best Checking Account” in 2006. Most importantly, they don’t appear to be too affected by the credit crisis… all good things, so I opened an account today.

Why EverBank?

I chose EverBank [3] for three reasons:

Money Market Accounts

The one big difference between the EverBank account and some of the other online banks [9] is that it’s a money market account, rather than a savings account. With EverBank’s Yield Pledge MMA, you can have checkwriting privileges, three checks a month, which adds some flexibility. Everbank is still among the best when it comes to the best money market account rates [10] but her certificate of deposit rates [11] are a little weak.

WorldCurrency CDs

EverBank currently offers eighteen different types of international currency CDs [12]: Australian dollar, Brazilian real, British pound, Danish krone, Euro, Hong Kong dollar, Icelandic krona, Indian rupee, Japanese yet, Mexican peso, New Zealand dollar, Norwegian krone, Singapore dollar, South African rand, Swedish krona, and the Swiss franc. Their terms range from 3-months to 12-months, though only nine currencies are available for 12 months and two of them have returns of 0.00%). Again, I’m not planning on investing in international CDs (the currency risk is far too great) nor do I advocate them, but it’s nice to have the option.

Account Opening Process

The account opening process was pretty quick, took about five minutes to get through the screen, but it ends with you printing out an application and signature card that you have to mail in. A signature card isn’t unusual, but usually banks offer a fax option. It will have to be a few days before the account is officially opened and funded.

Good bye Emigrant, hello Everbank!