Overview of EverBank
EverBank, now operating as TIAA Bank since August 1, 2023, is a leading provider of online banking services. In this comprehensive review, we’ll delve into the key aspects of EverBank, from its product offerings to customer service, and see how it compares with other major players in the industry.
Quick Overview
Before we dive into the details, let’s take a look at EverBank’s impressive Finance Devil scores:
- Overall Rating: 4.8 stars out of 5
- CDs Rating: 4.6 stars out of 5
- Checking Rating: 4.8 stars out of 5
- Savings Rating: 5 stars out of 5
- MMA (Money Market Accounts) Rating: 4.5 stars out of 5
About EverBank
EverBank, now operating as TIAA Bank, is an excellent choice for customers seeking a full-service online bank with competitive deposit yields. The bank provides a wide array of financial products, including checking, savings, money market accounts, and certificates of deposit (CDs). Here are the key highlights of EverBank:
Highlights
- ATM Fee Refunds: EverBank offers ATM fee refunds, ensuring that you have access to your money wherever you go.
- High APY: With EverBank, you can enjoy competitive Annual Percentage Yields (APYs) on your deposits.
- Low Fees: EverBank is known for its minimal fees, making it an economical choice for your banking needs.
While EverBank does maintain some physical branches, they are limited in number, primarily located in Florida. However, the online banking experience is robust and customer-friendly.
Pros
- EverBank offers highly competitive yields on CDs, making it an attractive option for savers.
- The bank provides access to thousands of surcharge-free ATMs, ensuring that you can access your funds conveniently.
- It offers a wide variety of services and financial products to meet your unique needs.
Cons
- The bank’s network of full-service branches is limited.
- EverBank does not offer a no-penalty CD, which might be a consideration for some customers.
EverBank Banking Products
Savings
EverBank’s Yield Pledge Online Savings account is a standout product, offering an Annual Percentage Yield (APY) that surpasses the national average. Key features of this account include:
- No minimum deposit requirement to open the account.
- The EverBank Yield Pledge promise, which ensures that the APY remains within the top 5 percent of all accounts.
- Competitive yields on all account balances.
Pros
- This account offers a very high APY for all balance levels.
- There are no monthly account fees, ensuring a cost-effective banking experience.
- Convenient mobile check deposit capabilities.
Cons
- The highest yield is only available during the first year of the account’s opening, with potential decreases in subsequent years.
CDs
EverBank offers a range of CDs with terms spanning from three months to five years. These include:
- Basic CDs
- Bump-up CDs
- CDs with expanded FDIC coverage
With a $1,000 minimum deposit requirement, EverBank’s CDs are competitive, although some banks have lower minimum deposit thresholds.
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Pros
- CDs at EverBank offer competitive APYs.
- Various CD terms provide flexibility for your savings goals.
- The Bump Rate CD allows you to lock in a one-time rate bump during its 3.5-year term.
Cons
- EverBank does not offer IRA CDs.
- No-penalty CDs are not part of their product offerings.
Money Market
EverBank’s Yield Pledge Money Market account is a great choice for those looking to maximize their savings. Key features include:
- A competitive variable rate with a yield pledge to maintain a top-ranking APY.
- No minimum account opening deposit.
- No monthly fees.
Pros
- EverBank offers a competitive APY on its Yield Pledge Money Market account.
- No monthly account fees make it a cost-effective option.
- The account comes with check-writing privileges.
Cons
- To earn the highest yield, you’ll need to deposit more than $100,000 into the account.
Checking
EverBank offers two checking account options:
- Basic Checking
- Yield Pledge Checking
Both accounts have their unique advantages and offer:
- No ATM fees for in-network and out-of-network ATMs.
- No monthly account fees.
- ATM fee reimbursements, especially for Yield Pledge Checking customers with balances less than $5,000.
Pros
- EverBank provides fee-free ATM usage, both in-network and out-of-network.
- Neither checking account charges a monthly account fee.
- The Yield Pledge account offers ATM reimbursements.
Cons
- Information about the Basic Checking account is not readily available on the EverBank website.
About EverBank (TIAA Bank)
EverBank, now operating as TIAA Bank, is an online bank accessible to customers in all 50 states. The bank prides itself on offering a user-friendly mobile app, access to a vast network of no-fee ATMs nationwide, low minimum balance requirements, and peer-to-peer payment capability through Zelle.
Bank Experience
EverBank serves customers in all 50 states, offering a highly-rated mobile app for both iOS and Android users. The bank provides access to thousands of surcharge-free ATMs and automatically reimburses customers up to $15 per month for any fees incurred at U.S. ATMs. For account balances of $5,000 or more, unlimited ATM fee reimbursements are provided.
Customers can conveniently send and receive funds using Zelle through EverBank online banking or the mobile app. Customer service is available by phone on weekdays from 8 a.m. to 8 p.m. Eastern time and on Saturdays from 9 a.m. to 7 p.m.
How Does EverBank Compare to Other Banks?
EverBank vs. Ally Bank
EverBank and Ally Bank offer similar banking experiences, with a focus on online services and high yields. Both banks provide a wide range of consumer deposit products and boast large ATM networks. Here’s a comparison of the two:
- CD Offerings: EverBank offers a few more standard CDs compared to Ally, with higher yields.
- Savings and Money Market: EverBank provides higher yields in these accounts, making it a more attractive option for savers.
To Recap
In conclusion, EverBank, now TIAA Bank, stands as a top contender in the online banking landscape, offering a range of products, competitive yields, and a user-friendly mobile app. Its commitment to customer convenience and cost-effectiveness makes it an appealing choice for banking in the digital age.
EverBank FAQs
What Makes EverBank Stand Out?
EverBank stands out for its high APYs, low fees, and access to a vast network of ATMs. It’s an excellent option for those who prioritize earning more from their deposits.
Who is EverBank Best For?
EverBank is an ideal choice for customers comfortable with online banking since it primarily operates online with limited physical branches, mostly in Florida. It’s especially suitable for those looking to streamline their finances and earn competitive yields on deposits.
Are There Any Special Features for CD Accounts?
EverBank offers Bump-up CDs, allowing you to take advantage of rate increases during your CD term. This feature can potentially earn you more on your savings.
How Can I Access My EverBank Account on the Go?
EverBank provides a user-friendly mobile app, ensuring you can manage your finances, check balances, and make transactions conveniently from your smartphone.
Is EverBank Safe?
Yes, EverBank is a safe choice for your banking needs. It is FDIC-insured up to $250,000 per depositor, per account, providing the peace of mind that your funds are protected.
In other related article, Ally Bank Review: A Comprehensive Evaluation
