Posts Tagged ‘EverBank’
Best Black Friday Bank Deals for 2011
A number of new checking account promotions have come out towards the end of 2011, however any avid bank deal hunter knows that Black Friday in particular is a prime time to scoop up substantial deals from banks and credit unions.
This year’s number one institution with the best Black Friday rewards comes from Service Credit Union out of New Hampshire. So for all you New Hampshire residents – have at it!
As for everyone else, scroll down to find the best nationwide bank deals available this Black Friday.
Service Credit Union’s Black Friday Bank Deals:
1) 3 month CD yielding 10% APY! – Here is a phenomenal savings account promotion especially for first time savers or students. It comes with a minimum deposit requirement of $250 and a maximum deposit of $1000. If you’re able to maximize the benefits of this offer by depositing $1k into this account, you’ll have earned almost $25 in just 3 months from your investment!
2) Open a Savings Plus Checking Account with Service Credit Union and set up a direct deposit and get a $150 bonus! This could end up being quite the lure for those looking to switch from big banks. The end of 2011 has been huge for credit unions with the threat of new checking account fees by some of the nation’s largest banks.
3) 1% off auto loans with Service Credit Union. Rates as low as 2.24% APR depending on credit history.
4) $25 new gift card with each new visa credit card opened with SCU.
Bank Deals (2011) Available Nationwide:
1) CitiBank Checking Accounts paying new account holders either $200 or $400 in gift cards depending on which checking account you sign up for.
2) ING Direct has a $50 sign up bonus for new online checking account holders. ING is well known for being a Black Friday specialist! With this checking account, you’ll get a very respectable interest rate on your balance, the largest network of free ATM’s, zero fees, and a cool 50 bucks!
3) EverBank has a $60 sign up bonus for new account holders, but you’ll need to maintain a minimum balance of $5,000 with this account to avoid fees. There is also an interest rate associated with this account. Get the run down here.
EverBank Yield Pledge Money Market Account: 1.51% APY
EverBank® Yield Pledge(SM) Money Market Account is currently featuring a first year APY of 1.51% thumping the national average for money market rates by nearly 75%. The 1.51% APY does, however, come with a few strings attached.
For starters, the rate is actually 1.26% APY but it comes with a 3 month promotional rate of 2.25% APY which averages out to 1.51% over the course of 12 months. As of now the second year will feature the 1.26% APY but keep in mind this is a variable interest rate that is subject to change at anytime.
Secondly, although the minimum balance required for this account is $1,500 you will have to maintain a minimum balance of at least $5,000 to avoid the monthly fee of $8.95. So if you were to simply open this account with the minimum balance requirements your accrued interest would be completely wiped away with fees (and them some).
In a nut shell… unless you can maintain a $5,000 monthly balance this account is probably not for you, however, if you generally keep a large amount of money in your liquid savings accounts then this account will provide you with one of the top FDIC insured yields on the market.
EverBank has been around for over 40 years and boasts roughly $11.2 billion in assets. And of their personal IBA’s (interest bearing accounts) this “Yield Pledge Money Market Account” remains one of their most popular. With this account EverBank will keep your interest rate amongst the top 5% of competitive accounts at leading banks.
Additional Account Details:
- Earn a yield within the top 5% of competitive accounts. Always.
- Low $1,500 initial-deposit requirement
- No-fee Online and Mobile Banking
- Up to six withdrawals per month
- FDIC insured
Tags: EverBank
Top 5 Online Bank Accounts for 2010
Since their inception in 1994 when Stanford Federal Credit Union began offering their members online interest banking services, online banks have generally been able to offer customers better savings rates and efficiency. Due to reduced overhead expenses, online banks have been able to pass their savings on to customers in the form of better interest rates. Today, because of the increasing number of FDIC insured online banks, they must differentiate themselves further – competing on interest rates, functionality and online features. And since savings rates (certificate of deposit, money market, etc) are all offering record low interest rates, we’d like to go over our top 5 online banking institutions that not only offer rates above the current national average but also have some fairly cool and handy features to boot!
BankVibe.com’s top 5 online banks:
1) Sallie Mae’s Online Savings Account – Since Sallie Mae came out with their savings products this year, they have consistently been listed at the top of the charts for interest rates. In fact, their online savings rate has been number one for the last two months! Want more than a great rate? This product also comes with NO fees, NO minimum balance required and daily compounded interest.
2) Discover Bank High Yield Savings Accounts – Claiming to earn you 5x the national rate average, Discover Bank’s online savings account offers a very clean user interface, 24/7 live support and fast and free online money transfers. They also offer the second best interest rate behind Sallie Mae.
3) Smary Pig’s Online Savings Account – Smarty Pig’s online account is one of the first we’ve seen with social networking features. Although it can be used as a standard online savings account it was originally designed to help you save for specific “big purchase items” such as college tuition, a new or used car, or a vacation in which your facebook/myspace friends could help you save for by contributing. They also offer highly competitive interest rates to their customers.
4) EverBank’s Online Savings Account – EverBank offers customers some of the top rates available and also throws in a bonus interest rate for the first 6 months your account is open. This bonus rate changes regularly but always hovers far above the current national average. This account comes with a minimum balance of $1,500 and you are allowed 6 withdrawals per month.
5) Ally Bank’s Online Savings Account – You may have heard of Ally Bank even before they had that name. Ally Bank is the former GMAC (the banking branch of General Motors). Since GMAC collapsed, they attempted to re-brand themselves with a new name. Today, Ally Bank frequently offers top rates, however, lately they have slipped in BankVibe.com’s charts, however they still offer a very easy to use banking interface and their accounts come with no minimum balances and no monthly fees.
A few years back MSN’s money central disclosed their 10 top online banking institutions (shown below or linked to here) and highlighted the desirable features each offered. However, many of these institutions either collapsed in the 2008 bank collapse or have been defeated by some of the new comers.
| Top 10 e-banks (MSN MONEY) | ||||||
|---|---|---|---|---|---|---|
| Rank/site | Score | Transfer funds to other banks | Receive bills online | Low-balance e-mail alert | Receive Web-only statements | Stop payment on a check |
| 1. Wellsfargo.com | 80 | x | x | x | x | |
| 2. Citibank.com | 79 | x | x | x | x | |
| 3. Bankofamerica.com | 77 | x | x | x | x | x |
| 4. Bankus.etrade.com | 74 | x | x | x | ||
| 5. Huntington.com | 69 | x | x | |||
| 6. Firstnational.com* | 68 | x | x | |||
| 6. Hsbc.com | 68 | x | x | x | ||
| 6. Usbank.com | 68 | x | x | |||
| 9. Chase.com | 67 | x | x | |||
| 9. Wachovia.com | 67 | x | x |
EverBank’s Yield Pledge money market bonus rate: 2.25% APY
EverBank’s “Yield Pledge Money Market Account” is one of the top money market accounts available if you can maintain a balance of at least $5,000. EverBank is known for offering good sized bonus rates on their MMA’s for new account holders. Right now they are offering 2.25% APY for the first 3 months. And even though the interest rate is variable, their “yield pledge” makes the promise to stay within the “top 5% of competitive accounts.”
Once you factor in the rate succeeding the promotional period, the first year’s APY settles at a respectable 1.51 percent. Considering the national average for money market rates sits at an abysmal 0.80% APY, this deal looks pretty good. Just be sure to keep at least $5,000 in your account because if your monthly average balance slips below $5,000 you will incur a 9 dollar fee ($8.95 to be exact) and this fee could put a big dent in your monthly interest earnings.
* The minimum deposit required for this account is $1,500 and $5,000 avoids a monthly fee of $8.95.
Recently we have made note of several respectable liquid-accounts such as this one. A couple weeks ago we mentioned how the use of a cash back checking account may actually provide better returns than an interest bearing checking account or money market if you plan to spend a good amount from the account every month.
Details of Yield Pledge MMA by EverBank:
- Earn a yield within the top 5% of competitive accounts. Always.
- Low $1,500 initial-deposit requirement
- No-fee Online and Mobile Banking
- Up to six withdrawals per month
- FDIC insured
Tags: EverBank
Top Online Savings Accounts: November 2009
Despite the consistent downward trend in CD rates over the last several months, online savings accounts have (at least momentarily) stabilized. In fact, a select few have even seen their rates increase, albeit from abysmal levels to begin with. Etrade, for example, was providing a yield of 0.60% APY for a few months this past summer and has since seen it’s interest rate rebound to 0.95% APY.
Online savings accounts, in general, function the same way as money market accounts do and are sometimes even synonymous. The most notable benefits of online savings accounts are their flexibility, lucrative returns, and FDIC protection. Most people, especially those who carry a large balance on their checking accounts, tend to opt for these particular accounts in order to have their idle cash earn some extra interest.
Top 3 FDIC insured online savings accounts (November 2009):
If we have left out your online bank which happens to provide an exceptional interest rate, please share by leaving a comment!
EverBank’s promotional money market rate: 2.51% APY
EverBank has a promotional money market account which is currently yielding 2.51% APY for the first 3 months. This interest rate then drops down to a still respectable 1.77% APY after the promotional period. To put this offer in perspective, the average interest rate for money market accounts nationwide sits at roughly 1.20%. This account used to provide 3.01% returns (for the intro period) but has since dropped.
Money market account through EverBank:
- Earn a yield within the top 5% of competitive accounts. Always.
- Low $1,500 initial-deposit requirement
- No-fee Online and Mobile Banking
- Up to six withdrawals per month
- FDIC insured
Tags: EverBank
Foreign Currency Index CD’s – What yields should you expect?
Below are some of the highest yielding “World Currency Index CD’s.” Compare different strategies and find the best match for your portfolio.
If your looking to get into foreign currency CD’s but are having a difficult time overlooking their risk factor, then you may wish to diversify into a foreign currency index CD (or as EverBank calls it, a “world currency index CD”). Basically all these financial products do is diversify your foreign currency CD’s into multiple currencies with varying interest rates.
Remember, when dealing with foreign currency CD’s you must always take into account how your desired currency will compare with the US dollar throughout the life of the CD. If the US dollar weakens against the currency you have invested in, you stand to make more money than the fixed interest rate would indicate, however, you can also lose money if the opposite occurs.
Foreign currency index CD’s mitigate this risk by assigning portions of your overall investment to different currencies and rates. Typically the overall amount is broken up into 3-6 currencies. Below are some of EverBank’s World Currency Index products:
Commodity Index CD (foreign currencies)
This index product is built around four different currencies from “commodity-based countries.” Below is the break down.
Australian Dollar (25% of total) yields 1.63% APY for 6 month terms
Canadian Dollar (25% of total) yields 0.13% APY for 6 month terms
New Zealand Dollar (25% of total) yields 1.88% APY for 6 month terms
South African Rand (25% of total) yields 6.09% APY for 6 month terms
As an overall index, the commodity Index CD yields 2.52% APY for both 3 month and 6 month maturities. The current US national average for certificates of deposit with these same maturities is 1.45% and 1.51%, respectively.
As an index, this will supposedly outperform US CD (certificates of deposit) with the same maturities primarily due to the lucrative rate provided by the South African Rand. However, if you were to solely invest in the South African Rand you would encounter a substantial amount of risk. This index CD hedges against that risk by countering 25% invested in the South African Rand with 75% invested in very stable and developed nations (with lower accompanying yields).
Petrol Index CD (foreign currencies)
This is another EverBank product. It is built on 3 currencies from non-middle eastern, oil producing (and exporting) nations. The currencies and their overall percentage of the index are as follows:
British Pound – (33% of total) yields 0.13% APY for 6 month terms
Mexican Peso – (33% of totatl) yields 5.83% APY for 6 month terms
Norwegian Krone – (33% of total) yields 0.75% APY for 6 month terms
As an index, the Petrol Index CD yields 2.01% APY for both 3 month and 6 month maturities. Again, beating the US national average by over 0.50% APY on the same maturities. A common theme with EverBank’s “World Currency CD’s” is to have atleast 50% of an index comprised of stable currencies from stable countries with modest rates complimented by more lucrative rates by “iffy” nations, to bring the overall yield to a respectable percentatge.
To learn more on foreign currency CD’s you may want to review EverBank’s World Currency center.
Are foreign currency CD’s a good investment strategy?
I suppose if you’re looking to diversify your portfolio and hedge against a falling US dollar, foreign currency CD’s may be a decent place to start. And although we have a fundamental hang-up (if you will) with this investment strategy, due to the potential to lose a portion of one’s principle, we find them alluring simply because of the high annual percentage yields they provide and the well known fact that our dollar is being overprinted, and thus stands a chance to suffer from future hyper-inflation.
In the US, when we invest or even consider investing in our own country’s bank deposits, our primary attraction to these products is our guarantee from the FDIC that even if our bank fails when our money is deposited with them, we will receive our principle plus promised return on our investment from the FED (currently up to $250k). In contrast, foreign currency CD’s may not have this safe guard of governmental insurance and therefor may take a little more due diligence by the consumer in determining how trustworthy the foreign bank is.
The other fundamental liability in this particular investment strategy is the potential of one to lose a portion of one’s principle if the particular currency invested in suffers losses against the US dollar. For example, while in late 2010, India was offering 9.0% APY on 3 month deposits, had their currency lost more than 9.0% in it’s relative value compared to the US dollar, your investment would have lost you money. Remember you would have needed to convert your US dollar into the Indian Rand before investing in that particular deposit product.
The positive side, however, to the foreign currency CD strategy is that you have the freedom to invest in practically any currency the developed (or even undeveloped) world has to offer. Below is a chart (provided by EverBank.com) displaying the yields of these investments:
3-month South African Rand CD yielding 8.00% anyone?
(*Rates accurate as of 2009. Visit our CD rates center for updated rates.)
| 3 month | 6 month | 9 month | 12 month | |||||
|---|---|---|---|---|---|---|---|---|
| Currency Name | Rate | APY | Rate | APY | Rate | APY | Rate | APY |
| Australian Dollar | 2.25% | 2.27% | 2.25% | 2.26% | 2.25% | 2.26% | 2.50% | 2.50% |
| Brazilian real | 7.50% | 7.71% | na | na | na | na | na | na |
| British pound | 0.25% | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 0.63% | 0.63% |
| Canadian dollar | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Czech koruna | 2.75% | 2.78% | 2.75% | 2.77% | na | na | na | na |
| Danish krone | 1.75% | 1.76% | 1.50% | 1.51% | na | na | na | na |
| Euro | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 1.00% | 1.00% |
| Hong Kong dollar | 0.25% | 0.25% | 0.75% | 0.75% | na | na | na | na |
| Icelandic krona | 0.00% | 0.00% | na | na | na | na | na | na |
| Indian rupee | 6.00% | 6.14% | na | na | na | na | na | na |
| Japanese yen | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Mexican peso | 6.00% | 6.14% | 6.25% | 6.35% | na | na | na | na |
| New Zealand dollar | 3.50% | 3.55% | 3.50% | 3.53% | 3.50% | 3.52% | 3.63% | 3.63% |
| Norwegian krone | 1.75% | 1.76% | 1.75% | 1.76% | 1.25% | 1.25% | 1.25% | 1.25% |
| Singapore dollar | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | na | na |
| South African rand | 8.00% | 8.24% | 8.25% | 8.42% | na | na | na | na |
| Swedish krona | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Swiss franc | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EverBank CD Rates
EverBank frequently tops the BankVibe CD rate charts with yields well above the national average. Below is a brief history of the company as well as some key statistics.
EverBank has $6 billion in assets with roughly 1,500 employees.
The EverBank “Family of Companies” builds upon a long-standing commitment to deliver innovative banking, lending, and investment products and services of exceptional value. Over 450,000 customers benefit from our high yields on checking and saving products, unique global market products such as foreign currency CDs, and award-winning Online Banking service.
Their corporate headquarters are located in EverBank Plaza, at 501 Riverside Avenue in downtown Jacksonville, FL.
EverBank CD Rates:
6 month – 2.85% APY
12 month – 3.25% APY
5 year – 4.0% APY
Recent Awards and Recognition for EverBank:
Money Magazine “Best of the Breed” (2007)
Both Yield Pledge Money Market Account and FreeNet Checking Account recognized by Money magazine and published on CNNMoney.com as the “Best of the Breed.”
Kiplinger’s “Best Checking Account” (2006)
Considered by Kiplinger’s Personal Finance magazine to be the best checking account in 2006, “EverBank’s FreeNet Checking Account offers ten times the yield of the average interest-bearing checking account.”
Forbes.com “Best of the Web” (2000-2005)
EverBank® is a five time recipient of Forbes.com Best of the Web.
VERIBANC Superior Rating (2007)
For the quarter ending March 31, 2007, VERIBANC rated EverBank with its highest classification—Green/***1
Online Banking Report “Best of the Web” (2000, 2005)
Online Banking Report recognized the EverBank Online Financial Center (formerly EverOne® Financial Center) for overall superior design and innovations in account aggregation and integrated banking.
Online Banking Report “Top 10 Most Significant Innovations and Developments” (2004, 2005)
More than once, EverBank earns Online Banking Report’s nod for innovation and product development, particularly for the EverBank Online Financial Center and its “market-safe certificate of deposit” offering.
Mortgage Technology “Top 25 Tech-Savvy Lenders” (2003, 2004)
EverBank makes the magazine’s annual list of lenders in the country who best utilize technology to originate mortgages. Each year, Mortgage Technology singles out companies who continue to “move the technology ball forward.”
Freddie Mac Top Tier Platinum Servicer (2005)
In its performance report on loan servicers, the Federal Home Loan Mortgage Corporation (FHLMC) bestowed EverBank with Platinum Status for its efforts to minimize credit losses and help delinquent borrowers avoid foreclosure.
IDC Financial Publishing, Inc. (2007)
EverBank is highly rated by IDC Financial Publishing, Inc. For more information see the IDC Financial Publishing, Inc. website.
Allen C. Ewing (2001, 2002, 2004)
Recognized as the #1 bank in Florida for highest Return on Equity (ROE), EverBank receives top ranking in the Allen C. Ewing’s annual High Performance Award, honoring the top ten high-performing Florida banks and thrifts.
FNMA PEAK Excellence (2003, 2004)
As one of the country’s leading mortgage providers and servicers, EverBank is extremely proud to receive “Excellent” and “Superior” ratings from the Federal National Mortgage Association (FNMA) for our entirety of Fannie Mae portfolios.
Bankrate.com “Top Tier” Award (1997-2005)
For eight consecutive years, EverBank proves it’s leading the way with the industry’s highest yields. The Bankrate.com “Top Tier” Award is given to national financial institutions providing the best bank rates to their customers. EverBank consistently receives this honor due its unique yield pledge that assures returns ranking in the top five percent, as tracked in the BankRate.com National Index™ of leading banks and thrifts.
Tags: EverBank
