EverBank’s Money Market Account Intro Rate: 3.01% APY
Here is a relatively decent deal coming out of EverBank. Currently they have a money market account yielding 3.01% APY for the first 3 months then succumbing to a much more average 2.00% APY interest rate after that.
What IS notable about Everbank’s rates is that they openly commit to keeping them within the top 5% of all savings rates nationally available. To both measure and ensure this they align their rates with those tracked by the bankrate.com national index, which surveys thousands of lenders on a daily basis.
As always, here is the “fine print” associated with EverBanks MMA:
Rates and Annual Percentage Yields (APYs) shown are current as of 6/26/2009 12:00:00 AM. Minimum opening deposit of $1,500 is required. In any month that your average monthly balance falls below $5,000 a $8.95 monthly fee applies. Fees may reduce earnings. This is a variable rate account and any of the rates may change at any time without notice. This bonus rate and New Account First-Year APYs are available to first-time EverBank account holders only and is limited to one account per household. The bonus rate of 3.01% will apply to the first $50,000 on deposit for the first three months after account opening (the “Bonus Period “) and may change at any time prior to account opening. New Account First-Year APY for Balances up to and including $50,000: This corresponds to an Annual Percentage Yield (APY) for the 12 month period after the account is opened (“New Account First-Year APY ” or “First Year APY”) based on the current ongoing rates shown here the current bonus rate and the average collected daily balance on your account of 2.00%. New Account First-Year APY for balances greater than $50,000: During the Bonus Period balances of $50,001 and greater will earn an interest rate of 3.01% for the first $50,000 and will earn the ongoing rate or current rate for all amounts above $50,000. The current rate is 1.64% and is subject to change without notice at any time, including during the bonus period. All funds in the account will earn the applicable ongoing rate or current rate, currently 1.64%, after the Bonus Period ends. Assuming the highest balance in the account is $10,000,000 the range of First-Year APYs available for this highest tier based on the bonus rate the ongoing rate and the average collected daily balance on your account for the 12 month period after the account is opened is 2.00%-1.66% APY. Without the Bonus Rate: Without this bonus offer the current APY for this account as of 6/26/2009 12:00:00 AM is 1.65% regardless of deposit amount.
