EverBank (Formerly TIAA Bank) Review: Competitive Rates With Options to Suit All Types of Customers

The EverBank Performance℠ Savings account boasts a competitive APY with no monthly fees or balance minimums. Perfect for the casual and hardcore saver alike, the account requires $0 to open and offers mobile check deposits.

EverBank offers three types of CDs -- EverBank CDs, CDARS® CDs, and Business CDs.

EverBank Basic CDs

EverBank Basic CDs come in 10 different terms ranging from three months to five years. Rates are pretty competitive, especially for short-term CDs, and the minimum opening deposit is set at $1,000 for all terms. Your CD will automatically roll over into a new CD at maturity unless you specify otherwise (EverBank will notify you 20 days in advance).

EverBank CDARS® CDs

EverBank's CDARS® CDs are targeted to those with a lot of savings who are concerned about exceeding FDIC insurance limits. The bank helps customers disperse their money between other banks in the IntraFi® network, so they can keep all of their money FDIC insured, up to $50 million.

Each CD term has a different funding limit. For instance, you can put $10 million in a CD with a 3-month term, while a 3-year CD has a funding limit of $500,000. CD rates are decent, but nothing to write home about, and you can select CD terms ranging from three months to three years.

EverBank Business CDs

EverBank Business CDs are similar to its Basic CDs for personal banking customers. The big difference is that you'll need a slightly higher opening deposit ($1,500), plus you'll have to accept lower APYs for comparable terms. Terms range from three months to five years, and, like its other CDs, terms on EverBank's Business CDs will rollover into new contracts unless you state otherwise.

EverBank offers one type of personal checking account, plus a slew of different business accounts. Let's take a look more closely below.

EverBank Yield Pledge® Checking

The EverBank Yield Pledge® Checking is an interest-bearing account with no monthly fees and a small opening deposit of $100. This account's APY will stay within the top 5% of EverBank's competitors, assessed from a list of BankRate data.

This account has a slew of perks, like ATM reimbursements, free official checks, and waived fees on debit card replacements. It also gives you plenty of ways to access your money, from ATMs to external transfers to mobile check deposits.

EverBank Business Checking

EverBank offers five different checking accounts for business owners. These accounts have many of the same features -- waived fees for certain account minimums, for instance -- but differ in their interest rates and fees. Here's a quick rundown of each account:

• Business Checking: This is a run-of-the-mill business checking account. You'll need an opening balance of $1,500, plus an ongoing daily balance of $5,000 to waive account fees ($14.95). You're allowed 200 items processed each month (like deposits and ACH transfers), then it's $0.25 per item after.
• Small Business Checking: This account offers sole proprietors and single-owner LLCs a competitive APY on all balances, ATM fee reimbursements, a low opening minimum of $1,500, and no monthly fees.
• Non-Profit Checking: Designed for nonprofits, the Non-Profit Checking sports a decent APY and has no monthly maintenance fees for a $5,000 minimum balance. Like the Business Checking, you'll need at least $1,500 to open an account.
• Business Interest Checking: This account earns a flat APY on balances between $100,000 and $1 million. The $14.95 monthly maintenance fee is waived for balances above $5,000, and the opening deposit is set at a low $1,500.
• Business Analysis Checking: This account has an earnings credit rate of 0.20% (applied to 90% of your balance), which can be used to offset charges or transactions fees.

Customer reviews

EverBank has few online reviews, owing to the fact that it only recently formed out of TIAA Bank.

When it was TIAA Bank, however, it fared poorly in J.D. Power's 2022 U.S. Direct Banking Satisfaction Study, falling in the bottom four scoring institutions.

However, TIAA Bank managed to maintain an A+ rating with the Better Business Bureau (BBB) up until its acquisition by private investors.

Customer service

The only branch locations for Everbank are throughout Florida. While there are ATM locations across the U.S., the best way to contact customer support is by phone.

You can call Everbank's customer service at 1-888-882-3837 on weekdays from 8am-8pm ET and on Saturday from 9am-7pm ET.

Mobile app

Everbank partners with TIAA for mobile banking services. The TIAA app offers online management of accounts, mobile check deposits, online bill pay, and more.

• App Store rating: 4.7/5 stars
• Google Play rating: 4.1/5 stars

EverBank doesn't offer relationship benefits like waived fees or higher APYs to customers with multiple accounts.

But it does reward you for keeping larger sums in your accounts. Depending on your account, it's also possible to score high APYs with no fees regardless of balance.

If EverBank doesn't interest you, here are a couple of banks that might.

TD Bank

TD Ameritrade is a company known for its brokerage accounts. It offers checking accounts, savings accounts, and CDs. Note its selection of CDs is small compared to EverBank. TD Bank has a reputation for providing excellent customer support, making it a good fit for those who place a strong emphasis on customer service.

Charles Schwab Bank

Charles Schwab Bank is yet another broker offering banking services. It has a good selection of accounts, including checking, savings, and CD accounts. Like TD Bank, it's also fared well in customer satisfaction surveys. But its interest rates aren't quite as competitive as EverBank's.

EverBank may be the right choice for you if:

• You want to manage all your money, including investments, in one place.
• You want the freedom to use any ATM without worrying about fees.
• You want to earn competitive APYs on all your accounts.