Review
Updated
Fact Checked
Ashley Maready
Savings accounts exist to protect your savings and give them a little boost with an annual percentage yield (APY). The EverBank Performance℠ Savings account fulfills this purpose, but instead of a little boost, EverBank (formerly TIAA Bank) gives you a rocket-fueled APY. If you want to earn the utmost for your savings, without paying fees or meeting account minimums, read on to learn what the EverBank Performance℠ Savings account can offer you.
Member FDIC.
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Ratings Methodology
Rates as
of Apr 26, 2024
EverBank Performance℠ Savings
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair = Poor- Competitive APY
- No monthly account fee
- Branch access (if you live near one)
- FDIC insured
- Same-day ACH transfers
- Free wire transfers (incoming only)
- ATM access only available via optional checking account
- Branches only in Florida
EverBank Performance Savings has one of the top APYs on our savings account radar, especially among accounts that require no minimum deposit. There are no maintenance fees, as well as multiple options to make deposits into the account. And for customers who live in Florida, there are several physical locations to visit.
High-yield savings account comparison
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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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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EverBank Performance℠ Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| EverBank Performance℠ Savings | 5.15% | $0 |
Data source: EverBank.
The EverBank Performance℠ Savings account has one of the highest APYs among high-yield savings accounts. Even better, you don't need to meet high minimum deposits, which some banks require in order to snag the best APY. While you can certainly find savings accounts with slightly higher savings rates, EverBank's high-yield savings account is still ranked among the best for APY and no fees.
Full EverBank Performance℠ Savings review
EverBank has one of the best free savings accounts on the market. Here's what you can expect as an account holder.
Top perks
High APY: Very few banks offer savings accounts that compete with the EverBank Performance℠ Savings. With an APY of 5.15%, EverBank's high-yield savings account is more than 10 times the national average.
No fees: Nil. Zilch. Nada. You won't pay any monthly service fees to maintain ownership of this account. It also has no early account closing fees or incoming wire transfer fees (outgoing wire transfers start at $25 per wire).
No account minimums: Some banks require you to have a certain daily minimum balance to get the best APY. Thankfully, EverBank doesn't have any minimum balance requirements, so you could have $1 in your account and still earn 5.15%.
What could be improved
Limited branch access: Unlike some big national banks, EverBank doesn't have a branch location in every state. In fact, it only has nine financial centers, and they're all located in Florida. This might pose a problem if you value in-person banking and don't live near one of these centers, as you'll need to do all your banking online or through its app.
No ATM or debit card: The EverBank Performance℠ Savings doesn't come with a debit or ATM card. So, if you need to access cash, you'll need to transfer it out of your EverBank savings account first to another account, like a checking account. You could also visit an EverBank financial center.
How to access your money
The EverBank Performance℠ Savings offers a few ways to deposit and withdraw funds, most of them through mobile or electronic means.
Deposit options
EverBank lets you deposit money into your EverBank Performance℠ Savings account via the following methods:
- ACH transfer
- Direct deposit
- Deposit cash at an EverBank financial center
- Mail a check directly
- Mobile deposit (up to $50,000 a day)
- Transfer from another EverBank account
- Wire transfer
Most deposits will be made available for you on the day that EverBank receives them, including those made through electronic transfers, wire transfers, or deposits at an EverBank financial center. That said, if you deposit checks totaling more than $5,525 within a single day, only the first $5,525 will be available for you on the same day. The rest will be made available on the fourth business day after the deposit was received.
Withdrawal options
Withdrawals from your EverBank Performance℠ Savings include the following methods:
- ACH transfer
- Wire transfer
- Transfer to another EverBank account
As you can tell, withdrawals are limited to electronic or wire transfers. Because this account doesn't have an ATM or debit card, you can't withdraw cash from an ATM, nor write a check from your account. One way around this is to link your EverBank Performance℠ Savings to another EverBank account, like its checking account. This account does have a debit card, which you can use at over 100,000 fee-free ATMs to withdraw money.
EverBank Performance℠ Savings is right for you if:
- You want to earn a high yield on your savings.
- You don't want to pay monthly fees or meet any account minimums.
- You live near an EverBank financial center in Florida or you prefer online banking and don't need in-person consultations.
Keep reading about EverBank:
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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If you want to earn the most interest possible, stick with the EverBank Performance℠ Savings. However, if you want easier access to your money -- including ATM access with a debit card -- the EverBank Yield Pledge Money Market Account is a good runner-up. Its APY is lower (3.75%-4.75%), but it gives you check-writing privileges and access to ATMs.
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Yes, EverBank (formerly TIAA Bank) has FDIC insurance. Your deposits will be insured up to $250,000.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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