Consumer Boomer

EverBank Yield Pledge Money Market Account Review

Posted: 27 Apr 2010 03:50 AM PDT

Are you a boomer that’s fed with earning nothing on your savings account? Do you feel like your paying your bank interest on your own savings? If so, it might be time to explore other options. Online savings accounts are a popular alternative with their competitive interest rates and easy to use 24/7 access. One of the more competitive online banks right now is EverBank. If you never heard of EverBank, this post will get you familiar with this online savings option and get you to start actually making money for once.

First, let’s take care of a slight technicality. EverBank is actually a money market account and not a savings account. Does it matter? Absolutely not. At the end of the day, it’s all about making money and EverBank’s money market account does exactly just that.

Who is EverBank?

EverBank Financial Corp is a $3.6 billion unitary thrift holding company headquartered in Jacksonville, FL, employing over 1,800 employees nationwide. They are growing rapidly and current service over 525,00 customers in all 50 states. Currently they have over $8.1 billion in deposits. While they’re know Bank of America, they are definitely a banking force to recognize.

What's a Everbank Yield Pledge Money Market Account?

Everbank Yield Pledge Money Market Account

EverBank's Yield Pledge Money Market Account is a money market account offering, and there is a minimum balance requirement of $1,500 when opening an account. Traditional money market also limits withdraws per month, but since the limit is six for EverBank, it is a non-issue as online savings accounts are also limited to six per federal regulation. In addition, features include:

FDIC Insurance
High Yield
The Ability to Write Checks (3 a month) – A nice feature that the competition doesn't have

Open an EverBank Account in 5 Easy Steps

Take 10 minutes right now and apply to a better banking experience

Follow the 5 simple steps below and you’ll be on you way to opening a new account at EverBank^®. To make your application experience go faster and easier, be sure to check out the required information you’ll need before you start. If you’re currently an EverBank customer, you may be able to expedite an application with your existing account information.

Step 1: Choose your account
Step 2: Provide your personal information and confirm your identity
Step 3: Select the options you prefer and your opening balance
Step 4: Review and accept disclosures
Step 5: Print application, sign signature card and mail them with any other required forms

Required information you’ll need before you start

Please note: Date of Birth, employment information and Social Security Number will be required from all account holders, including trustees and signers on the account.

Yes, it’s that easy! After a ten minute setup, you’re ready to start making some dough!

Does EverBank Make Sense for You?

The introductory rate of 2.25% is unbeatable in this market, and 1.51% thereafter is still very high.

They have a minimum requirement of $1,500. Not a huge hurdle for someone with an established emergency fund. But newbies should look somewhere else. The second thing you notice is that they charge a monthly fee (around $9) when you keep a balance of less than $5,000. That fee would negate any interest you'd earn on the account with less than $5,000 earning interest.

Also check out: They also have a checking account and certificates of deposits which are great. Why not start making more on your hard earned cash?

EverBank Conclusion

Very nice introductory rate. At the date of this review, EverBank sits at the top of list of top high-yield savings accounts, and this is due to the fantastic 3-month bonus rate.
One of the highest yielding banks (even after the promo ends) – After the 3 month period it's not like your rate drops to the floor. They still compete in the top tiers of the online interest rates. In fact, they've pledged to always be on top. See current interest rates.
FDIC insured and proven. As with any online bank account, I have a need for security. I need my assets to be protected. Therefore I only roll with FDIC Insured institutions, like EverBank. Plus, I like that EverBank has a proven track record and isn't just throwing out rates trying to get customers.
Check writing abilities. With your EverBank account, you get checks. This would be ideal for someone saving up cash for a house down payment. You wouldn't have to worry about a transfer to your checking account (which can take a week).

Ready to start making money? Click here or the Apply Now button to get started today.