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EverBank (formerly TIAA Bank) is a digital bank that offers savers some of the most lucrative places to park their cash. Known for its "Yield Pledge" promise, which ensures that certain accounts are also earning at a competitive rate, EverBank keeps your savings growing with no account fees or balance minimums. Find out if EverBank is the right place for your banking needs in our expert review.
EverBank offers a wide variety of banking options with low or no fees, high APYs, and ATM access on most accounts. Some customers will qualify for out-of-network ATM fee reimbursements. It's a smart choice for those who want to manage all their accounts at one online bank.
EverBank offers a single high-yield savings account: EverBank Performance℠ Savings account.
The EverBank Performance℠ Savings account boasts a competitive APY with no monthly fees or balance minimums. Perfect for the casual and hardcore saver alike, the account requires $0 to open and offers mobile check deposits.
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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EverBank offers three types of CDs -- EverBank CDs, CDARS® CDs, and Business CDs.
EverBank Basic CDs come in 10 different terms ranging from three months to five years. Rates are pretty competitive, especially for short-term CDs, and the minimum opening deposit is set at $1,000 for all terms. Your CD will automatically roll over into a new CD at maturity unless you specify otherwise (EverBank will notify you 20 days in advance).
APY = Annual Percentage Yield
EverBank offers the typically available CD term lengths, and APYs on shorter ones are decent. But unless you've got at least $1,000 to open one, EverBank CDs won't be a fit.
6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
---|---|---|---|---|---|---|---|
4.00% | 5.50% | 4.75% | 4.60% | 4.40% | 4.10% | 4.05% | 3.95% |
EverBank's CDARS® CDs are targeted to those with a lot of savings who are concerned about exceeding FDIC insurance limits. The bank helps customers disperse their money between other banks in the IntraFi® network, so they can keep all of their money FDIC insured, up to $50 million.
Each CD term has a different funding limit. For instance, you can put $10 million in a CD with a 3-month term, while a 3-year CD has a funding limit of $500,000. CD rates are decent, but nothing to write home about, and you can select CD terms ranging from three months to three years.
EverBank Business CDs are similar to its Basic CDs for personal banking customers. The big difference is that you'll need a slightly higher opening deposit ($1,500), plus you'll have to accept lower APYs for comparable terms. Terms range from three months to five years, and, like its other CDs, terms on EverBank's Business CDs will rollover into new contracts unless you state otherwise.
EverBank's CD rates are competitive but they're not the highest we've seen. If you're aiming to earn the most for your savings, check out our list of the best CD rates.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | ||
APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | ||
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
EverBank offers one type of personal checking account, plus a slew of different business accounts. Let's take a look more closely below.
The EverBank Yield Pledge® Checking is an interest-bearing account with no monthly fees and a small opening deposit of $100. This account's APY will stay within the top 5% of EverBank's competitors, assessed from a list of BankRate data.
This account has a slew of perks, like ATM reimbursements, free official checks, and waived fees on debit card replacements. It also gives you plenty of ways to access your money, from ATMs to external transfers to mobile check deposits.
EverBank offers five different checking accounts for business owners. These accounts have many of the same features -- waived fees for certain account minimums, for instance -- but differ in their interest rates and fees. Here's a quick rundown of each account:
EverBank has few online reviews, owing to the fact that it only recently formed out of TIAA Bank. When it was TIAA Bank, however, it fared poorly in J.D. Power's 2022 U.S. Direct Banking Satisfaction Study, falling in the bottom four scoring institutions. However, TIAA Bank managed to maintain an A+ rating with the Better Business Bureau (BBB) up until its acquisition by private investors.
EverBank doesn't offer relationship benefits like waived fees or higher APYs to customers with multiple accounts. But it does reward you for keeping larger sums in your accounts. Depending on your account, it's also possible to score high APYs with no fees regardless of balance.
If EverBank doesn't interest you, here are a couple of banks that might.
TD Ameritrade is a company known for its brokerage accounts. It offers checking accounts, savings accounts, and CDs. Note its selection of CDs is small compared to EverBank. TD Bank has a reputation for providing excellent customer support, making it a good fit for those who place a strong emphasis on customer service.
Charles Schwab Bank is yet another broker offering banking services. It has a good selection of accounts, including checking, savings, and CD accounts. Like TD Bank, it's also fared well in customer satisfaction surveys. But its interest rates aren't quite as competitive as EverBank's.
EverBank may be the right choice for you if:
RELATED: How to Open a Checking Account
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
Yes. In August 2023, TIAA Bank was sold to a consortium of private investors and rebranded as EverBank. Many of EverBank Yield Pledge® Checking's savings products are similar to those under the TIAA brand, though some have been modified and others renamed. TIAA will remain a separate company from EverBank Yield Pledge® Checking and plans to focus more on its investment and retirement services.
EverBank Yield Pledge® Checking has FDIC insurance up to $250,000 per depositor. So, yes, it's a safe financial institution for your money.
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