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EverBank Review: Checking, Savings and CDs

Banking, Banks & Credit Unions, CDs, Checking Accounts, Savings Accounts
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EverBank Review


NerdWallet’s rating: 3.5 / 5.0

Learn more
at EverBank
If you’re looking for a place to park your money, EverBank deserves a glance or two. The bank has decent savings rates, and its certificates of deposit are especially hard to beat.

The bottom line

  • EverBank offers CDs with great rates
  • Savings accounts have good yields, too
  • This is primarily an online bank; there are fewer than 20 branches

» Want to compare EverBank’s rates and features with competitors? Check out NerdWallet’s best online checking accounts.

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


3.5 / 5.0

EverBank’s basic checking account requires only $25 to open. It’s not a free account — there’s a $5 monthly fee — but the service charge is easily waived. You just need to keep an average daily balance of at least $25. The basic account doesn’t earn interest, however. To have that option, you’ll need at least $5,000 to open a premium checking account.

  • 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 to get the the $5 monthly fee waived (the fee is waived for New York residents)
  • A low minimum opening deposit of $25
  • The account doesn’t earn interest
  • A small network of nine ATMs makes it hard 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. 

» Learn more about the best checking accounts with convenient ATM access, low fees and competitive rates.


4.0 / 5.0

EverBank’s basic savings account has a low minimum balance requirement and a decent annual percentage yield, though you can find better rates at other online banks. Similar to EverBank’s basic checking, the savings account is affordable. There’s a $5 monthly fee that’s easy to get waived; just keep an average daily balance of at least $25.

EverBank also offers a money market account with a generous 1.31% introductory interest rate for new customers. The rate earned EverBank a spot on NerdWallet’s list of best money market accounts. But you’ll need at least $5,000 to open an account. The promotional rate lasts for one year and applies to balances up to $250,000. After a year, a solid rate of 1.01% kicks in.

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

» Find savings accounts with no monthly fees in our roundup of best savings accounts.

Certificates of deposit

5.0 / 5.0
EverBank offers some of the best CD rates available. The minimum opening deposit is $1,000, which is about standard for large banks. If you can afford to lock away your money for a fixed time period, you could easily get a rate that beats those for regular savings accounts. Before you commit, compare EverBank’s CDs to others using our tool.
  • 10 term lengths, ranging from 3 months to 5 years
  • 1-year term: 1.60% APY
  • 3-year term: 2.00% APY
  • 5-year term: 2.30% APY

  • High minimum opening deposit of $5,000
  • Early withdrawal penalties apply
Account reviewed for rating: Basic CD.

» Find the highest rates with our monthly best CD rates roundup

Bank experience

3.0 / 5.0

EverBank was recently acquired by financial services giant TIAA, and the new company’s legal name is now TIAA, FSB. But EverBank continues to be its own brand, one with fewer than 20 branches, most of them in Florida. If you open an account, expect to do most of your banking online.

Customer service representatives are available 24/7 by phone and during normal business hours on Twitter, which is impressive. EverBank offers mobile apps for iOS and Android devices, but reviews contain several complaints about glitches.

Overdraft fees

3.5 / 5.0

EverBank offers free overdraft transfers from a linked account or line of credit. Without overdraft protection, the nonsufficient funds fee is $30 per transaction, up to two times a day. The fee is a little lower than the national median of around $35.

Parking your cash

Learn more
at EverBank
 EverBank provides savers with some good options for stashing their money. If you’re looking for a bank with good rates and don’t mind doing most of your banking online, this institution is worth a look.

Updated Sept. 18, 2017.


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.

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