EverBank (formerly TIAA Bank) Review: Checking, Savings and CDs

EverBank, formerly known as TIAA Bank, offers strong deposit accounts and a large ATM network.
Margarette Burnette
By Margarette Burnette 
Edited by Sara Clarke

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EverBank
Learn more

at EverBank, Member FDIC

  • Savings
  • Checking
  • Certificates of deposit
  • Customer experience
  • Overdraft fees

Overall institution rating

4.5

NerdWallet rating 
The bottom line:

Editor’s note: TIAA Bank is now called EverBank, but its product offerings remain unchanged and customers can continue to use the same services and banking products (including debit cards and checks) as usual.

EverBank, formerly known as TIAA Bank, is an online-focused bank that gives savers some nice options for parking their money. CD rates are competitive, and the interest checking account has a low minimum balance requirement. But there are caveats, including minimal branch access.

Best for: Those who want to earn some of the best rates on CDs, have access to a large ATM network and are unlikely to need in-person services.

Pros

  • No overdraft fees.
  • No monthly fees.
  • Competitive rate on savings and some certificates of deposit.
  • Large, free, nationwide ATM network.
  • No minimum opening deposits on savings accounts.

Cons

  • No cash deposit.
  • Limited branch access.

Full review

Savings

EverBank Performance℠ Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
5.15%
With $0 min. balance for APY
Learn more

at EverBank

The EverBank Performance℠ Savings account offers a competitive APY of 5.15% on all balances. This rate is higher than you’ll find at some big banks, and on par with some of the best rates from other online banks.

There is no minimum deposit needed to open an account, and there is no monthly fee.

Checking

EverBank Yield Pledge® Checking
EverBank Yield Pledge® Checking

Checking

Member FDIC

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.25%
With $0 min. balance for APY

You need $100 to open an EverBank Yield Pledge Checking account, and you’ll earn 0.25% APY for balances under $50,000.

EverBank offers more than 80,000 fee-free ATMs, and if your balance is less than $5,000, the bank will reimburse up to $15 in non-network ATM fees. If your daily average balance is more than that, reimbursements are unlimited.

Note that you can't deposit cash. You can deposit money through direct deposit, online transfers, wire transfers, or by sending a check through the mail.

Certificates of deposit

EverBank Basic CD
EverBank Basic CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
1-year APY
4.90%
3-year APY
4.20%
5-year APY
4.00%
Minimum deposit
$1,000

The Basic CD earns 4.90% APY for a one-year term. That's higher than the national average rate for 1-year CDs, 1.83%.

» COMPARE: Best CD rates

A five-year Basic CD earns 4.00% APY. If you can afford to lock away your money for that long, you can lock into a rate that beats those of regular savings accounts. (Compare how much you’d earn with the best savings accounts.)

To open a Basic CD, you’ll need at least $1,000, a somewhat lower minimum than some other online banks that require a minimum deposit of $1,500 to $5,000.

Customer experience

4.5

NerdWallet rating 

Representatives are available by phone on weekdays from 8 a.m. to 8 p.m. and on the Saturdays from 9 a.m. to 7 p.m. ET.

The mobile app offers check deposit and bill pay. It also earns high ratings in the app stores.

There are only nine branches, all in Florida, but EverBank offers free access to more than 80,000 ATMs, plus fee reimbursements for out-of-network ATMs.

Overdraft fees

4.5

NerdWallet rating 

EverBank doesn’t charge an overdraft or nonsufficient funds fee if you overdraw your account. It generally declines transactions that would lead to a negative account balance. Another option is its overdraft protection program, which offers free overdraft transfers.

How does EverBank compare?

Current Product

NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5

APY 

5.15%

With $0 min. balance for APY

APY 

4.60%

With $0 min. balance for APY

Bonus 

N/A

Bonus 

$300

Earn up to $300 with direct deposit. Terms apply.

Learn more

at EverBank

Learn more

at SoFi Bank, N.A.

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, banking 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.