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Everbank has a money market account with a bonus interest rate of 1.26 percent annual percentage yield (APY) and a first-year rate of 1.07 percent. The Yield Pledge Money Market Account is offering the three-month bonus rate to people opening a money market for the first time.

The bonus interest rate is for balances up to $50,000. Balances above that amount earn a variable ongoing money market rate of 1.01 percent APY. Interest rates are current as of May 20, 2011.

Other details of the high-yield money market offer include:

  • Minimum opening balance of $1,500
  • Six withdrawals/transfers per month
  • Free online and mobile banking
  • Make deposits from home
  • Available as an IRA
  • $8.95 monthly fee if balance falls below $5,000
  • Insured by Federal Deposit Insurance Corp. (FDIC)

Islandia, N.Y.-based Everbank is also offering $500 off an appraisal if you apply for a mortgage loan. The appraisal offer applies to new mortgage applications only, not previous applications or those already in progress. The appraisal fee would be reimbursed at closing. The offer cannot be combined with any other offer.

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