EverBank Yield Pledge Money Market Account Review: An Awesome Intro APY Great for Short-Term Savings

Love your checking account features, but wish you could enjoy the high APY of a savings account? Take a look at the EverBank Yield Pledge Money Market Account, which pairs the best of both worlds. You get a competitive APY for the first year, plus the ATM and check-writing features of your favorite checking account. See all the pros and cons in our full EverBank Yield Pledge Money Market Account review.

Top perks

Competitive intro APY: The introductory APY (annual percentage yield) for a EverBank Yield Pledge Money Market Account is definitely near the high end of our top picks at 3.75%-4.75%. But note that word "introductory." That rate only lasts for the first year, then you're dropped to the standard rate, which varies based on your balance. While this isn't ideal, even the standard APY for a low balance is still better than you'd get from many brick-and-mortar banks.

"Yield Pledge®" promises constantly high rates: EverBank offers what it calls the Yield Pledge®, which is explained like this: "We guarantee that your yield will always be high. On a monthly basis, we assess competitor yields and will adjust ours as needed to ensure they're among the top 5% of Competitive Accounts."

No minimums and no fees: Unlike some competitors, you don't need to have thousands of dollars to deposit to open a EverBank money market account. You don't have to meet a minimum deposit requirement at all, to open or maintain your account. You also don't need to meet any kind of requirements to waive a monthly fee, because there isn't one.

Debit/ATM card and check writing: What really sets money markets apart from the best high-yield savings accounts is checking-like features. Specifically, this account comes with ATM access via your own debit card. You can also write paper checks, if you're into that.

FDIC insured: You don't need to worry about bumps in the banking industry when your account is covered by the FDIC. Account holders get standard FDIC coverage of up to $250,000.

What could be improved

Standard APY is far less competitive than intro rate: By its very nature, the introductory APY doesn't last forever. In fact, it only lasts for the first year. Then, it takes a significant drop -- one that makes your new normal APY far less competitive with the best money market accounts. Because of the lower standard rate, consider this an account that's best for short-term savings.

Intro rate capped at $250,000: This is probably not an issue for a huge number of people, but it's worth a mention. You'll only earn the higher introductory APY on balances up to $250,000.

Minimum balance to get ATM fees reimbursed: It's nice that EverBank doesn't charge ATM fees on its end, but that doesn't help when you need to use another bank's ATM. A lot of online banks will reimburse ATM fees, and EverBank does it, too -- if you have at least $5,000 in your money market account. If you have a high-enough balance, you'll get up to $15 a month back for ATM fees. If not, well, no reimbursement for you.

Although EverBank has a few financial centers around, most of these locations do not handle everyday banking. Instead, think of EverBank as an online bank so far as accessing your money is concerned.

Deposit options

You have all the standard deposit options for an online bank:

• Transfer online from an eligible EverBank account
• ACH transfer from an external bank account
• Wire transfer from an external account
• Mobile check deposit
• Automatic direct deposit
• Mail a paper check directly to [bankaccount_issuer slug=tiaa-bank-general field=name

One thing to note is that mobile check deposits are only accessible after you set up your online account. As such, you can't use a mobile deposit to initially fund your money market account unless you already have an existing EverBank account.

Withdrawal options

The main perks of a money market account over a standard savings account is you have a few extra withdrawal options:

• Online transfer to another EverBank account
• ACH transfer to an external bank account
• Write a paper check
• Request an official bank check
• Use your debit card to withdraw from an ATM (fees may apply)
• Get cash back at eligible retailers
• Complete a wire transfer (fees may apply)

EverBank customers have access to a network of around 80,000 fee-free ATMs. If you use an out-of-network ATM and have at least $5,000 in your account, you can get up to $15 a month in ATM fees waived.

The EverBank Yield Pledge Money Market Account could be right for anyone who wants a competitive APY, low fees, and convenient ATM access. You don't even need to meet a balance minimum to earn a great rate the first year. Unfortunately, the intro rate only lasts for a year, and the standard APYs are much lower and not as competitive. Consider this for short-term savings needs.

Keep reading about EverBank:

• EverBank Yield Pledge® Checking
• EverBank Basic CD

Our money market account methodology

At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

• APY: 60%
• Brand and Reputation: 15%
• Fees and Minimums: 15%
• Perks: 10%

Learn more about how The Motley Fool Ascent rates bank accounts.