EverBank Review January 2025: checking, savings, CDs, and more
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 4.75% 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
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received 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 1/31/2026. 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 4.00% 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 4.00% 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 12/3/2024. 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
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