EverBank review 2024: Top-tier rates, minimal fees, but transitional growing pains

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EverBank, a primarily online bank, stands out for its exceptional interest rates and fee-free accounts. Its savings account has an APY of 5.05%, outperforming many competitors. 

All EverBank accounts have no monthly maintenance fees, no overdraft fees, and low or no minimum balance requirements. They also offer free ATM withdrawals and reimbursements for out-of-network ATM fees.

While EverBank has limited physical branches — only in Florida — it’s a solid option if you’re looking for an online bank.

About EverBank Bank

EverBank, founded in 1994, recently transitioned back to its original brand after a period under TIAA ownership. The bank is now focused on delivering online banking services and plans to introduce new features throughout 2024.

EverBank bank accounts

EverBank offers a few personal bank accounts, including a checking account, savings account, money market account, and CDs. 

EverBank Performance Checking

Most banks don’t offer interest on their checking accounts. Not only can you earn 0.40% APY with the EverBank Performance Checking account, but you don’t have to maintain a certain balance to earn interest or worry about monthly maintenance fees.

This checking account also offers many accessibility features, including mobile check deposit, Zelle® integration, and online bill pay. You can withdraw cash at one of 100,000 fee-free ATMs.

EverBank even reimburses customers for out-of-network ATM fees — if you keep a minimum balance of at least $5,000 in your account, you’ll get unlimited reimbursements. Lower balances get up to $15 in monthly ATM fee reimbursements.
 

EverBank Performance Savings 

The EverBank Performance℠ Savings Account offers 5.05% APY with no minimum balance requirements and no monthly maintenance fees. This APY is among the highest available from online banks, and you’ll earn that rate no matter how much money you deposit. 

One notable feature of this account is that interest is compounded daily, allowing your money to grow faster compared to accounts with monthly or quarterly compounding. 

The Performance Savings Account does not have an ATM card or check-writing privileges. This is standard for most savings accounts, though some online competitors may offer these features. 

EverBank CDs

EverBank offers a wide range of CD options, with terms ranging from 3 months to 5 years and competitive APYs of 3.90% to 5.05%. The highest rate — 5.05% APY — is available on the 9-month CD. 

You’ll need $1,000 to open a CD with EverBank. While this may be higher than some online banks, it is still accessible for many savers. Early withdrawal penalties apply if you withdraw funds before the CD's maturity date.

For those with larger sums to invest, EverBank also offers CDARS (Certificate of Deposit Account Registry Service) CDs, which provide FDIC insurance coverage on up to $50 million in deposits through the IntraFi Network. 

These CDs require a minimum $10,000 deposit and offer competitive rates, making them an attractive option if you’re looking for more enhanced deposit insurance. Rates range from 3.22% to 4.17%, depending on the term.

EverBank Performance Money Market 

The EverBank Yield Pledge Money Market Account offers a competitive interest rate and the flexibility of check-writing and ATM access. This account earns up to 4.30%, placing it among the top-yielding money market accounts available.

Interest rates are tiered based on daily account balance: 

• Balances below $50,000: 3.75%
• Balances between $50,000 and $99,999: 4.05%
• Balances above $100,000: 4.30%

Although the rates for lower balances are still competitive, it's clear that this account favors those with larger sums to deposit.

Like EverBank’s other accounts, there are no minimum deposit requirements and no monthly maintenance fees.

Other EverBank Bank products and services

EverBank also offers commercial and business accounts, including financing, checking, savings, CDs, and more. 

While EverBank doesn't offer traditional investment products like IRAs or retirement accounts, it offers some distinctive options to diversify your portfolio:

• Precious metals: You can invest in gold, silver, platinum, and palladium for as little as $5,000 or $100 monthly. EverBank gives you the option for physical delivery or secure storage. 
• Foreign currency accounts: EverBank also allows you to hold deposits in over 20 different currencies. This option is ideal for frequent international travelers or investors seeking currency diversification. 

While large national banks like Chase or Bank of America offer more personal bank accounts and additional financial services, EverBank's unique offerings cater to investors looking for alternative assets. But, if you're seeking a one-stop shop for all your banking and investment needs, you might find EverBank's options limited.

EverBank fees

EverBank stands out in the banking world with its customer-friendly fee policy. Here's a breakdown:

• No monthly maintenance fees on any accounts
• Zero overdraft fees (rare among banks)
• No charges for online bill pay or replacement debit cards
• Free withdrawals from EverBank's network of nearly 100,000 ATMs

Plus, you’ll get out-of-network ATM reimbursements: 

• Accounts with a $5,000+ balance: Unlimited reimbursement
• Accounts below $5,000: Up to $15 reimbursement per month

While online banks like Ally and Capital One 360 also offer no-fee accounts, EverBank's combination of no overdraft fees and generous ATM reimbursements puts it ahead of many competitors.

EverBank Bank banking experience

EverBank is primarily an online bank, with its digital platform at the core of its services. Let's explore what this means for customers.

Online and mobile banking platform

EverBank's digital platform is a cornerstone of its service offering. Currently, EverBank customers use the TIAA mobile app (rated 4.0/5.0 on Google Play and 4.6/5.0 on the Apple App Store), but EverBank plans to launch its app in 2024. The new app promises:

• An all-in-one financial dashboard
• Enhanced online bill pay
• Improved debit card management 
• Real-time rate updates and push notifications

While EverBank's current app (inherited from TIAA) is solid, it lags behind digital leaders like Chime or Revolut in terms of features. However, the 2024 app update could catapult EverBank into a higher tier of digital banking.

Customer service

EverBank's customer service is primarily phone-based, which may not suit all customers. You can reach support at 1-888-882-3837 from 8 a.m. to 8 p.m. EST Monday to Friday or 9 a.m. to 7 p.m. EST Saturday. They don’t appear to have email or live chat support options. 

EverBank is primarily an online bank, but they have a few branch locations throughout Florida. It’s not ideal for those who prefer face-to-face banking. 

Account security

EverBank takes several measures to ensure the security of your funds. For one, all EverBank accounts are insured by the FDIC up to $250,000 per depositor (higher limits available for certain CDs). EverBank also employs features like advanced encryption, multi-factor authentication, and fraud monitoring to protect your account. 

How EverBank Bank stacks up

EverBank stands out with its competitive interest rates across all of its accounts. Its savings account is significantly higher than many of its competitors, and its checking account outperforms many traditional banks and even some online banks. 

EverBank's fee structure is also one of its strongest selling points. The bank has eliminated many common fees customers often face at other institutions. EverBank also offers generous ATM fee reimbursements — a rarity among online banks. 

EverBank offers a solid range of core banking products, but its overall product lineup is less extensive than some full-service banks. For instance, EverBank doesn't offer credit cards, personal loans, or mortgage products, which are available from competitors like Capital One 360. 

Is EverBank right for you? 

Choosing the right bank is a decision that depends on your unique financial situation, goals, and preferences. Here’s how to determine if EverBank is a good fit for you: 

EverBank may be right for you if: 

1. You're a rate chaser: If maximizing your interest earnings is a top priority, EverBank's high-yield savings account (5.05% APY) and competitive CD rates could be very appealing. 
2. You're fee-averse: EverBank's no-fee policy on monthly maintenance and overdrafts can save you significant money, especially if you've struggled with overdraft fees or maintain a low balance.
3. You're comfortable with online banking: If you rarely visit physical branches and are comfortable with mobile and online banking, EverBank could be a great fit.

EverBank might not be the best choice if:

1. You prefer face-to-face banking: EverBank has limited physical branches (only in Florida), so it isn't ideal if you value regular in-person interactions. 
2. You need complete banking services: If you're looking for a one-stop shop for all financial services, including loans, credit cards, and investment products, EverBank's offerings might be limited compared to those of full-service banks.
3. You require 24/7 customer support: Though EverBank offers extended customer service phone hours, it isn't available 24/7. 

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score: 

The bottom line

EverBank shines brightest for savers who want high interest rates and low fees over branch access and comprehensive banking services. It's particularly well-suited for those with higher balances who can take full advantage of its premium features.

However, banking needs often change over time. If you're considering EverBank, consider your current financial situation and future goals. Will you need services that EverBank doesn't offer down the line? How important is branch access to you in the long term? 

This will help you decide if EverBank is not just a good fit now but will continue to meet your needs in the future.

Remember, it's also possible to use EverBank for certain aspects of your banking (like a high-yield savings account) while maintaining accounts with other institutions. This approach allows you to maximize the benefits of EverBank's rates and low fees while ensuring all your banking needs are met.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.