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EverBank Review: Checking, Savings and CDs

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EverBank Review

EverBank
NerdWallet’s rating: 3.5 / 5.0

3.5 stars out of 5

EverBank
Learn more
at EverBank
If you’re looking for decent savings rates, EverBank deserves a glance or two. The bank’s certificate of deposit rates are especially hard to beat. 

And with only a handful of ATMs, this Florida-based bank doesn’t charge ATM fees. Customers can still be charged third-party ATM owners’ fees, but EverBank reimburses those with balances of $5,000 or more.

It’s a convenient one-stop shop if you can meet this requirement. Otherwise, consider shopping elsewhere for better checking options.

The bottom line

  • A small network of branches and ATMs
  • A $5,000 balance avoids out-of-network ATM operator fees
  • Accounts must be managed by phone or computer

» MORE: NerdWallet’s best online checking accounts

Our Ratings
Basic checking3.0 stars out of 5
Basic savings4.0 stars out of 5
Certificates of deposit5.0 stars out of 5
Customer experience3.0 stars out of 5
Overdraft fees3.5 stars out of 5
Overall3.5 stars out of 5

Read on for more details about EverBank’s checking and savings accounts, CDs, customer experience and fees.

Checking

3.0 stars out of 5
3.0 / 5.0
EverBank’s basic checking account comes with low fees. The bank also does not charge for using out-of-network ATMs, but it doesn’t reimburse fees charged by ATM operators unless you meet a high balance requirement.  Other checking accounts may offer better ATM access.

ProsCons
  • EverBank doesn't charge any ATM fees and will reimburse third-party owners' fees if you keep a balance of $5,000.
  • A low balance requirement of $25 waives the $5 monthly fee (waived for New York residents).
  • A low minimum opening deposit of $25.
  • The account doesn’t earn interest.
  • A small ATM network of 9 ATMs makes it difficult to deposit cash.
  • For those who can't keep a balance of $5,000, a small ATM network can result in out-of-network ATM charges.

Account reviewed for rating: Basic Checking. 

Savings

4.0
4.0 / 5.0
EverBank’s basic savings rate is competitive, but you can find better at other online banks. Still, the rate is higher and the fees are lower than those found at big banks.

EverBank does offer a money market account with a generous 1.21% introductory rate for new account holders; your balance cannot exceed $250,000. The special rate lasts for one year before a rate of 0.71% kicks in.

ProsCons
  • A low minimum opening deposit of $25 (waived for Rhode Island residents).
  • A low balance requirement of $25 waives the $5 monthly fee (waived for Rhode Island residents).

  • APY of 0.61% on basic savings; you can find a better rate at other online banks
Account reviewed for rating: Basic Savings. 

» MORE: NerdWallet’s top high-yield online savings accounts

Certificates of deposit

5.0 stars out of 5
5.0 / 5.0
EverBank offers some of the best CD rates out there. The minimum opening deposit is a bit high, but with these rates you’ll want to deposit more money to give it a boost.

ProsCons
  • 10 term lengths, ranging from 3 months to 5 years.
  • 2-year term: 1.71% APY.
  • 3-year term: 1.90% APY.
  • 5-year term: 2.20% APY.

  • High minimum opening deposit of $1,000.
  • Early withdrawal penalties apply.
  • Matured CDs renew automatically after 20 days.
Account reviewed for rating: Basic CD.

» MORE: NerdWallet’s best CD rates

Customer experience

3.0 stars out of 5
3.0 / 5.0
There are fewer than a dozen branches, all in Florida, although EverBank representatives are available 24 hours a day by phone and during normal business hours on Twitter. The mobile banking app lacks features to transfer money to friends or family at other banks. You can still transfer money, just online.

Overdraft fees

3.5 stars out of 5
3.5 / 5.0
EverBank makes up for a small ATM network in other ways. It offers free overdraft transfers with a linked account or line of credit. But if you don’t set up overdraft transfers, you can still be charged a $30 fee for insufficient funds that can be applied up to two times a day.

CD rates that will grow your money

EverBank
Learn more
at EverBank
EverBank’s CD rates eclipse those of many banks. If you’re looking to stash your money, choose a term that offers a rate higher than 1%. You’re locking away your money for a fixed term, so it might as well be for a rate that you can’t get in a savings account. 

Melissa Lambarena is a staff writer at NerdWallet, a personal finance website. Email: mlambarena@nerdwallet.com. Twitter:@LissaLambarena.

Verified Jan. 10, 2017. 


Ratings methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, customer experience and overdraft fees.

Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.