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EverBank Review: Competitive Rates With Options to Suit All Types of Customers

Review Updated
Kailey Hagen
Steven Porrello
By: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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 and  Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for

EverBank

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

EverBank offers a wide variety of banking options with low or no fees, high APYs, and ATM access on most accounts. Some customers will qualify for out-of-network ATM fee reimbursements. It's a smart choice for those who want to manage all their accounts at one online bank.

Pros
  • Good variety of account types
  • High APYs
  • ATM access with out-of-network fee reimbursement
  • Some branch locations
Cons
  • Difficult to gauge customer service
  • No cash deposits
  • Higher APYs offered by other institutions

Our EverBank ratings

We gave EverBank a 4.50 out of 5 stars after evaluating annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

EverBank Accounts The Ascent's Star Rating (out of 5)
EverBank 4.50
EverBank Performance℠ Savings 5.00
EverBank Small Business Checking 4.00
EverBank Performance℠ Checking 5.00
EverBank Performance℠ Money Market Account 5.00

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Savings accounts

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.

Rates as of Jun 28, 2024

EverBank Performance℠ Savings

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
5.05%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Branch access (if you live near one)
  • FDIC insured
  • Same-day ACH transfers
  • Free wire transfers (incoming only)
  • ATM access only available via optional checking account
  • Branches only in Florida

EverBank Performance Savings has one of the top APYs on our savings account radar, especially among accounts that require no minimum deposit. There are no maintenance fees, and there are multiple options for making deposits into the account. For customers who live in Florida, there are several physical locations to visit.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Certificates of deposit

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

EverBank Performance℠ CDs

EverBank Performance℠ 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).

Rates as of June 7, 2024

APY = Annual Percentage Yield

Offer image for EverBank Performance℠ CD
EverBank Performance℠ CD
Bottom Line

EverBank offers the typically available CD term lengths, and APYs on shorter ones are decent. But unless you've got at least $1,000 to open one, EverBank Performance℠ CDs won't be a fit. Member FDIC.

MINIMUM DEPOSIT $1,000
Read Review
6 Mo. APY 9 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 30 Mo. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
4.00% 5.05% 4.80% 4.30% 4.30% 4.00% 4.10% 3.90% 3.90%

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 $12 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 EverBank Performance℠ 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.

Compare CD rates

Rates as of June 7, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD
APY: 5.25% Term: 1 Year Min. Deposit:  $1
Open Account for
APY: 5.10% Term: 9 Months Min. Deposit:  $1
Open Account for

Checking accounts

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

EverBank Performance℠ Checking

The EverBank Performance℠ Checking is an interest-bearing account with no monthly fees and a small opening deposit of $100.

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.

Rates as of Jun 28, 2024

EverBank Performance℠ Checking

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
0.40%
Min. To Earn APY
$0
  • Earns APY
  • Monthly ATM fee reimbursements
  • Purchase protections for debit cards
  • Higher APY available at other financial institutions

The EverBank Performance℠ Checking is a great fit for those who want no monthly fees. While those with larger balances will benefit the most from this account, just about everyone will appreciate the rare debit card protections and ATM fee reimbursements many other online checking accounts skip.

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.

Money market accounts

The EverBank Performance℠ Money Market Account is worth considering for those who don't want to choose between easy access to their cash and a competitive interest rate. It comes with a debit card and check-writing privileges, and there's no minimum balance requirement to open your account.

Rates as of Jun 28, 2024

EverBank Performance℠ Money Market Account

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
Monthly Fee
$0
Min. Balance
$0
APY
3.75%-4.30% Rate info Circle with letter I in it. $100,000 and up: 4.30% ongoing APY $50,000 - $99,999.99: 4.05% ongoing APY $25,000 - $49,999.99: 3.75% ongoing APY $10,000 - $24,000.00: 3.75% ongoing APY $0 - $9,999.99: 3.75% ongoing APY
Min. To Earn APY
$0 for minimum APY

No minimum to open/maintain account

  • Debit card and check writing
  • FDIC insured
  • Standard APY is not the highest we've seen
  • Minimum balance for ATM reimbursement

This account is a strong option for folks who have short-term savings needs.

Is EverBank FDIC insured?

Yes, EverBank carries the same FDIC insurance as traditional banks. Your money is protected up to $250,000 per person, per bank, and per ownership category.

Customer experience

Customer reviews

EverBank has few online reviews.

Under its previous name, however, it fared poorly in J.D. Power's 2022 U.S. Direct Banking Satisfaction Study, falling in the bottom four scoring institutions. EverBank itself has yet to appear in one of these surveys.

  • Better Business Bureau Rating: A+
  • Trustpilot Rating: 3.0

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 8 a.m. to 8 p.m. ET and on Saturday from 9 a.m. to 7 p.m. 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

Relationship benefits

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.

Alternatives to EverBank

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

TD Bank

TD Ameritrade (now at Schwab) 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.

Is EverBank right for you?

EverBank may be the right choice for you if:

  • You want the freedom to use any ATM without worrying about fees.
  • You want to earn competitive APYs on all your accounts.

FAQs

  • EverBank has FDIC insurance up to $250,000 per depositor. So, yes, it's a safe financial institution for your money.

  • The EverBank savings account rate is currently 5.05%. This is among the best savings account interest rates available today.