bank rates

Checking Deal Pays 1.4% For Six Months

If you’re looking for a nationally available checking account that pays more than a pittance in interest, EverBank has a promising offer.

The Jacksonville, Florida-based bank’s Yield Pledge Checking is offering new customers a 1.40% APY bonus rate guaranteed for six months, with no minimum balance and no monthly fees.

That matches the yield on its best-in-the-country money market account and surpasses the 1.25% APY return UFB Direct offers on its top-paying national savings account.

This isn’t a rewards checking account, so you don’t have to jump through any special hoops to earn the 1.40% APY on balances up to $99,999. And unlike many checking accounts these days, you don’t have to meet certain requirements to avoid monthly service fees.

Just open a Yield Pledge account with a minimum deposit of $1,500, and the entire balance earns the top interest rate.

There are only two caveats to this deal.

EverBank’s current checking account customers can’t qualify for this rate, and the yield will decline after six months to:

  • 0.30% APY on balances up to $9,999.
  • 0.41% APY on balances from $10,000 to $24,999.
  • 0.46% APY on balances from $25,000 to $49,999.
  • 0.56% APY on balances from $50,000 to $99,999.
  • And 0.61% APY on balances over $100,000.

EverBank has about a dozen branches around Florida. If you use another bank’s ATM, your ATM fees will reimbursed if you keep at least $5,000 in your Yield Pledge Checking account.

It also has the top-paying nationally available money market account, paying 1.40% APY on balances to $50,000, though this, too, is limited to just six months.

Like the Yield Pledge Checking account, you need a minimum $1,500 deposit to open an MMA, but your whole balance earns interest. After the six-month period is up, you’ll earn 0.61% APY.

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