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EverBank Review: CDs, Savings, Checking

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


NerdWallet’s rating: 3.5 / 5.0

EverBank
Learn more
at EverBank
If you’re hunting for a place to park your money, EverBank deserves a look. 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

Certificates of deposit


5.0 / 5.0
EverBank offers some of the best CD rates available. The minimum opening deposit for the bank’s basic CD is $1,000, which is about standard for large banks. The high-yield CD has a minimum of $5,000. 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. 

ProsCons
  • Term lengths from 3 months to 5 years
  • 1-year term: 2.05% APY
  • 3-year term: 2.40% APY
  • 5-year term: 2.65% APY
  • High minimum opening deposit of $5,000 for high-yield CD
  • Early-withdrawal penalties apply
Account reviewed for rating: Basic CD.

See how EverBank’s CDs compare

EverBank









1-year APY


2.05%



3-year APY


2.40%


5-year APY



2.65%



Minimum deposit



$1,000





1-year APY


2.10%



3-year APY


2.35%


5-year APY



2.75%



Minimum deposit



$500





1-year APY


2.10%



3-year APY


2.35%


5-year APY



2.75%



Minimum deposit



No minimum



Compare more banks and CD rates here

Checking


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.

ProsCons
  • No ATM fees; third-party ATM owners' fees reimbursed if you keep a balance of $5,000
  • Just $25 balance needed to waive $5 monthly fee
  • Low minimum opening deposit of $25
  • No interest
  • Small network of 9 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. 

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

Savings


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 1.50% 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 for balances of less than $25,000.

ProsCons
  • Low minimum opening deposit of $25
  • Low balance requirement of $25 to waive $5 monthly fee
  • 0.61% APY 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.

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

EverBank
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.


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.

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