EverBank Checking and Money Market Accounts

EverBank has been advertising an intro-APY rate special for checking and money market accounts for several years now. Savers may even remember that the rate was high as 6.01% at one time. Of course, that seems unreal now. EverBank has done a good job of keeping their intro-rate at the top of the rate leaderboard. In that vein, Everbank increased their rate recently on both their Money Market and Checking account to 3.01% from 2.51%.

Checking Account

The EverBank high interest checking account pays a first-year APY of 1.96% on balances from $50,000 to $99,999 after you factor in the bonus rate for the first three months. Even if your average balance is below $10,000, you would still earn a first-year APY of 1.52%. Terms of the Everbank checking account include:

-  No monthly fees

- Free online bill payment service for accounts with an average monthly balance over $5,000

- $1,500 minimum opening deposit

- $6 per month in ATM reimbursements

Money Market Account

The money market account offered by EverBank has the same intro-rate, but varies in a few account details and features. First, the intro-rate only applies to the first $50,000 on deposit in the money market account. A depositor with less than $50,000 in their account will earn a first-year APY of 2.00% after factoring in the 90-day bonus rate. A second difference is that the account can be opened as an IRA for savers looking for retirements options. A monthly fee of $8.95 will be charged to your account if the balance averages below $5,000 for a month. Similar to most money market accounts, transfers and withdrawals are limited to six per month.

Everbank is a FDIC-insured bank that remains committed to being a deposit rate leader. While seeing a 3.00% intro-rate from Everbank is great, let’s hope we can return to the days of those 6% checking accounts.

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