NerdWallet’s rating: 3.5 / 5.0
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.
3.0 / 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.
» 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, the regular rate — currently 0.86% APY — kicks in.
» 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.
» Compare CD rates with our monthly best CD rates roundup.
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.
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
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.