bank rates

EverBank 3.51% Money Market Account

When you open a new money market account at EverBank you’ll get a three-month bonus rate of 3.51% APY. After that the rate drops to a less lucrative, but still respectable, 2.46%.

The return for your first year averages out to 2.73% APY, which is still more than a point higher than the national average for MMAs right now.

What’s in the fine print: There’s a $1,500 minimum deposit. If your balance falls below $1,500 you’ll be hit with a $4.95 monthly fee. And the rates quoted above are only paid on the first $50,000 in the account.

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Comments (6)
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6 Existing Comments
  1. marketsense said:
    on February 20th at 04:19 pm

    As long as you know about that fee for going below $1500 this could be a good deal. It only hurts when that stuff comes as a surprise. Thanks for the heads up. Like the more frequent posts!

  2. BloggingBanks said:
    on February 21st at 02:12 am

    3.5% for 3 months is ok. Of course after 3 months, there is no guarantee that the money market yield will be 2.73% and not 1.73%,..

  3. rw said:
    on February 22nd at 01:32 pm

    Can I close the account after 3 months

  4. Brad said:
    on February 22nd at 10:44 pm

    Rate after intro period is NOT 2.73%, it is more like 2.43%… the 2.73% is an average for the entire first year when you include the 3 month promo. Imagine if it was 4% intro (3 months) and 3% after, they would claim an average rate first year of 3.25%, but you would get 3% in month 4 and forward, not 3.25%. Also watch out because they like to take a LOT of time between when they receive your money and when they give you credit for it on your account (several days)

  5. sam said:
    on March 3rd at 04:35 pm

    went down to 2.51%

  6. Brad said:
    on March 5th at 07:00 am

    What went down to 2.51% is the 3 month BONUS rate…. the REGULAR rate beginning month 4 is 2.01%.

    I reiterate also that this bank is horrendous at floating your money whenever receiving or sending by ACH, and they are very unapoligetic when questioned about it. Be aware there will be a lapse of several business days when transferring funds either way.