EverBank Review July 2024: checking, savings, CDs, and more

Our review details personal banking options offered by EverBank. All rates and fees are current as of July 1, 2024, and are subject to change. 

EverBank

Checking accounts:	Open with as little as $25
Savings accounts:	Open with as little as $0
Certificate of deposit (CD):	Earn up to 5.05% annual percentage yield (APY)

View offer

at Fiona

Pros and Cons 

Pros

• It does not charge nonsufficient funds (NSF) fees
• Reimburses $15 of non-EverBank ATM fees each month
• Interest compounds daily, meaning you earn interest on your interest

Cons

• Its branch locations are only in Florida, meaning you must bank online if you’re not in that state
• Minimum deposit applies for its Yield Pledge Checking accounts
• Limited product range

Who is EverBank good for?  

EverBank is ideal for customers who want the convenience of online banking and the APY you’d find in a high-yield account. These competitive interest rates are suitable for those looking to maximize their returns with any balance amount as it has no minimum deposits on checking or savings accounts for its first year. It also doesn’t charge any maintenance fees, making it a free checking account option typically found in online banks.

Who shouldn’t use EverBank?  

If you prefer physical branches to stop into for your banking needs and don’t live in Florida, consider an alternative bank. EverBank is primarily online and also doesn’t offer some products one might expect from a bank, including insurance and loans.

View offer

at Fiona

EverBank rates and products

EverBank offers a variety of deposit products with attractive APYs, including checking, savings, money markets, and CDs. 

Checking accounts 

No matter your balance, a Yield Pledge checking account will earn you 0.45% APY. These have a minimum opening deposit of $100. Its standard checking account, EverBank Checking, requires only $25 to open. With a standard checking account, you won’t earn any interest, though. 

Like most free checking accounts, it doesn’t offer a checking account bonus. If that’s important to you, look into other free checking account options and their promotions. 

Savings accounts

EverBank’s high-yield savings account is called EverBank Performance Savings. It offers an attractive 5.15% APY no matter your balance, no monthly fees, minimum balances, or minimum opening deposits required. 

Read this primer on high-yield savings accounts to understand better what to expect from yours.

EverBank savings rates compared to current top rates*

Although EverBank is an attractive choice, there are banking institutions with higher interest rates. For comparison, see the rates from these competitors:

CDs

A CD holds your money in a savings account, earning you a specific interest for a specific term length. If you take your money out before that term is up, you’ll almost always pay an early withdrawal penalty. EverBank requires a $1,000 minimum deposit and offers term lengths up to five years. 

Money market accounts (MMAs) 

An MMA often provides the liquidity you want with a checking account but offers the yields of a savings account. Think of it like a hybrid. With EverBank’s MMA, you get 4.30% APY for your first year and then a tiered APY that’s still competitive after that. 

Other services EverBank offers 

• Credit card: EverBank offers just one credit card, earning rewards and carrying an annual percentage rate (APR) of 15.25% to 29.00%.
• Investment accounts: Through its Diversified Investing account, you can invest in precious metals, foreign currencies, and Marketsafe CDs. It’s important to note that precious metals are not Federal Deposit Insurance Corp. (FDIC)-insured, and these investment options may require deposits anywhere from $100 per month to $20,000 as a one-time deposit.

Online banking

With branch locations only offered in Florida, EverBank must create an incentive for customers to use its banking services elsewhere. It does this by offering online banking, though its mobile app is currently still serviced by TIAA. 

The EverBank platform and customer support 

Its phone hours are Monday through Friday from 8 a.m. to 8 p.m. Eastern time and Saturday from 9 a.m. to 7 p.m. ET. If you need to speak with an agent because of a lost or stolen debit or credit card, it has a dedicated team available 24/7.  

Its Diversified Investing hours differ slightly. These are Monday through Thursday from 8:30 a.m. to 5:30 p.m. ET and Friday 8:30 a.m. to 4 p.m. ET.

While customers have access to their account via a mobile app, the app is still serviced by TIAA. 

Is EverBank secure?

EverBank itself has not experienced any breaches. However, EverBank recently merged with TIAA (Teachers Insurance and Annuity Association of America) which was involved in the MOVEit data breach, which affected 2.6 million leaked Social Security numbers. Whether this incident served as a catalyst for its sale and subsequent rebranding to EverBank is yet to be determined.

EverBank user reviews

With such a brand-new transition, there is very little in the way of consumer reviews about EverBank. Reddit users all seem to be asking, is this too good to be true? One user mentioned finding reviews where EverBank froze a user's account for months with little in the way of resolution, although we were unable to verify this claim. Another Reddit user says they've faced delays in receiving their debit card during the TIAA transition and encountered restrictions in linking their outside business account for automated clearing house (ACH) transfers.

Compare EverBank alternatives

EverBank	SoFi	Ally
Standard checking account bonus	Standard checking account bonus	Standard checking account bonus
None	Up to $300*	$0
Top standard CD APY	Top standard CD APY	Top standard CD APY
5.05%	N/A	4.75%
Online banking	Online banking	Online banking
Yes	Yes	Yes
Learn more	Learn more	Learn more
View offer at Fiona	Read our review of SoFi	Read our review of Ally

*New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Is EverBank right for you?

EverBank is ideal if you're looking for a high-yield checking account, savings account, or CD and online banking. However, if you want to keep all your transactions in-house, such as mortgages, insurance, and brokerage accounts, you're better off finding an alternative. EverBank is still in a transitional period where it’s finding its footing and may offer more features in the future. 

Frequently asked questions