EverBank's Money Market Account Review: Great Rates and Slick App!

June 19, 2012 3 Comments »

"everbank money market review 2012"EverBank continues to grab headlines here on BankVibe.com with continual interest rate hikes on their widely popular “Yield Pledge” money market account (which as of June 2012 is yielding 1.25% APY for the first 6 months followed by a 0.76% APY afterward) along with consistent innovation in online and mobile banking.

Because of the increased popularity with EverBank in 2012, we decided to take a deeper look into the account and weigh-in on both it’s features and rates when compared to the rest of the competition.

First let’s start with rates.

EverBank’s Interest Rates

Anyone who has ever considered Everbank for a savings account has undoubtedly heard of their now infamous “Yield Pledge Money Market Account.” It’s by far EverBank’s most popular product on the savings side of banking. With this account, Everbank has made the pledge that the “rate will always be in the top 5% of competitive accounts offered by leading banks.” And since BankVibe.com’s inception in 2008, we’ve never seen them dip below this mark. Ever. In fact, if you head over to our money market database, you’ll notice that they currently hold the number 2 spot for rates. And for most of 2012, they’ve either been number 1 or 2. The only word of caution we would suggest with this account is that you keep a close eye on your daily balance. EverBank requires a minimum deposit of just $1,500, HOWEVER, they will impose maintenance fees when your balance dips below $5,000, so unless you plan on keeping your sum above this number, you may want to consider a $1 minimum online savings account. If you do dip below the $5k mark, a fee of $8.95 will be imposed which will likely eat away at any potential accumulated interest.

Now, let’s talk features.

EverBank’s Mobile Banking Features

"everbank mobile banking snapshot"Despite having a number of physical branches in Florida, EverBank has always been at the forefront of online banking in regards to features. Similarly to any other online bank, their lack of a network of physical branches (outside of Florida) has allowed them to save considerable capital on those expenses and instead put a heavy focus (and investment) in technology and above average savings rates for their customers.

Their most recent streak of innovation came just this month with the launch of their new mobile banking app. Currently customers of Everbank can now make remote check deposits by snapping a picture of their check and sending it to the bank. Your funds are then promptly added to your account. “Remote check deposit” was called the number 1 most desired mobile banking feature of 2012, so we are glad to see EverBank promptly get on board with this feature!

Additional Mobile Banking Features Offered by EverBank:

  • Updated balance and transaction reports. Check your balance anytime using your smart phone and the EverBank mobile app.
  • Locate nearest ATM. Not only do you have free access to over 500,000 ATM’s within the United States, their mobile banking app allows you to track down the nearest one at anytime.
  • Pay bills on the fly. Using Everbank’s mobile app allows you to make payments with your smartphone on the go.
  • Make internal transfers: Transfer funds between accounts using your smartphone.
  • View and search transaction history.

 

Our Take:

EverBank has had a solid reputation as a privately held mortgage company years before they entered the online savings game. And when researching the savings side of this bank we found that it’s largely the same story. Very solid reviews on both BBB and a variety of independent financial sites and blogs. There is the occasional negative review mixed into the pot but these primarily revolve around isolated incidents. If you’ve got a decent sized chunk of change sitting around and are looking for a solid liquid savings account, EverBank is certainly one of the best options out there. They are also very straight forward with their fee structure and do not attempt to tuck potential fees away in their fine print like many banks are getting away with currently.

Related: You may also want to check out EverBank’s CD rates.

Have any experience with EverBank’s money market account? Let us hear about it in the comment section below!

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  • Chad Peterson

    I’ve had this account since early 2012 and love it. I can see how maybe the minimum balance requirements might be steep for some people, but the only bone I have to pick is actually with the maximum requirements. You can only earn the 1.25% APY intro promo rate on balances up to $50k. The interest rate applied to balances above that is 0.76% APY, albeit still much better than the current national average.

  • BankVibe

    Thanks for sharing Chad!

    You are correct about the cap on the intro rate… still quite a bit above today’s national average for money market rates – 0.50% APY though!

  • Chris

    The first year Apy comes out to 1.05 percent. And Even though the min deposit requirement is just 1500 dollars, if you keep less than 5k in the account you’ll get hit with a monthly fee of like 7.50. Still a good online bank, but don’t go under 5k