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EverBank Review: Checking, Savings and CDs

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EverBank Review

NerdWallet’s rating: 3.5 / 5.0

3.5 stars out of 5

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.


3.0 stars out of 5
3.0 / 5.0
EverBank’s basic checking account comes with low fees, but it will only stay that way if you can meet the high balance requirement necessary to be reimbursed fees by ATM operators. Other checking accounts can offer better ATM access.

  • 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. 


4.0 / 5.0
EverBank’s basic savings rate is competitive, but it’s only half as good as the 1% offered by 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 1.11% introductory rate for new account holders with amounts up to $250,000. The special rate lasts for one year before the standard 0.61% rate kicks in.

  • 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).

  • A low APY of 0.51%; rate effective as of 1/10/17.
  • A $10 fee for exceeding six transactions in one month.
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.

  • 10 term lengths, ranging from 3 months to 5 years.
  • 2-year term: 1.42% APY.
  • 3-year term: 1.61% APY.
  • 5-year term: 2.18% APY.

    Rates effective as of 1/6/17.
  • 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

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: Twitter:@LissaLambarena.

Verified Jan. 10, 2017. 

Ratings methodology

NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, 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 tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.

What the ratings mean:
5 stars out of 5 — Among the very best
4.5 stars out of 5 — Very good; only minor caveats for most customers
4 stars out of 5 — Good; issues that might make a difference to some customers
3.5 stars out of 5 — Fair; make sure strengths and weaknesses are a good match for you
3 stars out of 5 — Poor; proceed with great caution
2.5 stars out of 5 (or below) — Best to avoid