bank rates

EverBank Boosts Its Rate Guarantee

It pays 1.25% APY for six months on checking and money market accounts.EverBank has increased its offer to savers who open a new checking or money market account, promising a rate of 1.25% APY for six months.

The Jacksonville, Fla.-based bank for several months had been offering a 1.05% APY rate guarantee.

Both the Yield Pledge Money Market and the Yield Pledge Checking accounts require a $1,500 minimum deposit to open, but there are no minimum balance requirements to earn the 1.25% APY.

That’s the same rate MMA leader TIAA Direct ( pays for its money market accounts, but without the rate guarantee.

However, if you don’t keep at least $5,000 in your EverBank MMA, you’ll pay an $8.95 monthly fee.

EverBank’s rate is available to anyone who hasn’t had an MMA with the bank before and is good on balances up to $50,000. Balances above $50,000 earn 0.76% APY, the standard rate.

After the bonus rate expires, your account yield will match the standard rate.

The bank estimates your “First-Year APY” with the MMA deal will be 1.01% APY. The blended annual yield is based on what you’d earn in the second six months of the year with the current standard rate MMA rate.

In comparison, TIAA Direct pays 1.25% APY on nationally available MMAs, regardless of how big your balance is. You only need to make a $25 minimum deposit to open an account. TIAA Direct is a division of TIAA-CREF Trust Co., the large retirement services firm known mostly for its work with teachers.

If you’re looking for a checking account, EverBank’s Yield Pledge Checking pays a guaranteed 1.25% APY on balances to $100,000. Balances above that amount currently earn 0.76% APY. There is no minimum balance requirement and no monthly fee.

On top of that, EverBank ( offers a customer satisfaction guarantee.

While some banks have started penalizing customers for closing out accounts after a short time, EverBank will pay you $50 if you’re not happy with your Yield Pledge Checking account and close it within three months.

If you decide to close your account and want the customer satisfaction guarantee payment, you’ll need to have made at least three online bill payments.

But you’ll have to make sure you have an average daily balance of at least $5,000 in your checking account, or you’ll pay an $8.95 monthly fee for using the bill pay feature.

EverBank is primarily an online bank, but it also has 14 Florida locations.

Since this rate is guaranteed for six months, it might be helpful to compare this deal with the top 6-month CD rates.

On that score, this offer wins.

The best nationally available 6-month deal on our CD Rates Leaderboard pays 0.81% APY.

Share your experience with EverBank with us. You don’t have to login or sign up to add a comment to this post. Just start writing in the box below.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)
No Existing Comments

Comments are closed.