bank rates

EverBank Offers 6-Month Guarantee On Checking, Money Market Account Rates

EverBank has a new promotional offer on its money market and checking accounts, guaranteeing a six-month rate of 1.05% APY for first-time account holders.

Now, that doesn’t beat the best nationally available account at 1.25% APY, offered by TIAA Direct, the online bank startup from retirement services provider TIAA-CREF. Nor does it beat the top nationally available MMA rate of 1.15%, offered by AmTrust Direct and My Banking Direct, both of which are online divisions of New York Community Bank.

But none of those rates are guaranteed.

EverBank (, a predominantly online bank based in Jacksonville, Fla., has different balance restrictions on its “6-month Bonus Rate” depending upon whether you open an MMA or a checking account.

For its MMA, the rate is good on balances of up to $50,000. Any portion of your balance greater than $50,000 will earn Everbank’s standard rate, currently 0.76% APY.

For the checking account, the rate is good on balances up to $100,000. Balance portions above $100,000 will earn a tiered rate of between 0.76% APY and 0.91% APY.

For both accounts, it takes a minimum deposit of $1,500 to earn this bonus rate, and the money to open the account cannot be transferred from another EverBank account.

If your balance falls below $5,000, you’ll be charged $8.95 a month on the MMA account. (If it falls below $5,000 in the checking account, you’ll be charged $8.95 if you want to use online bill pay.)

After the bonus rate expires, your account yield will match the standard rate offered by EverBank and can change at anytime.

(The 0.91% APY “First-Year APY” in the above photo is a blended annual yield based on what you’d earn in the second six months of the year with the current standard rate MMA rate. The first-year APY is lower with the checking account.)

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 0.85% APY. You’ll earn that rate from two banks: AloStar Bank of Commerce and KeySource Commercial Bank.

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Comments (1)
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One Existing Comment
  1. Romesh Chander said:
    on March 9th at 07:57 pm

    AmTrust Direct / Mybanking Direct may offer an attractive rate (1.15%) for their e-money market account, but their high fees cancel out all advantages. For electronic transfers from/to external banks requires the use of their MoneyHQ which costs $4.95 per month for transfers per month and $1.50 per additional transfer. Other banks have ACH transfers which are always free; this bank has no such mechanism for interbank transfers (both deposits and withdrawals).

    I just opened the account and found out all these problems; they never touched on these subjects in their consumer agreement. To avoid early closing penalty, I will be closing my account in 6 months; I hope they don’t charge me fees for closing the account and sending / mailing me a cheque (I don’t live in their territory).

    I have lot of experience with many banks, so I know what I am talking about. Other banks don’t charge for deposit / withdrawal services electronically. I have account with Capital One/ American Express / Ally; and none of them have any such charges.