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.
|Certificates of deposit|
Read on for more details about EverBank’s checking and savings accounts, CDs, customer experience and fees.
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.
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.
Certificates of deposit
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.
» MORE: NerdWallet’s best CD rates
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.
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
Verified Jan. 10, 2017.
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:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid