The Internet wasn't around in the early 1960s, but online banker EverBank was. The company's history goes back 50 years to when it originally served as a regional bank in Florida. While EverBank has evolved into a major direct bank, it has never forgotten its roots, and customers can still visit one of its branches while in the Sunshine State.
Although it has branches only in and around Florida, EverBank serves customers across the country. Its high CD rates and money market rates make the institution an attractive option for those seeking a convenient way to maximize their interest.
EverBank promises top yields
Online banks typically offer the best CD rates and money market rates, but they generally don't guarantee them. However, EverBank promises its customers will receive account yields that are in the top 5 percent of competitive accounts. The promise applies to the following products:
- Yield Pledge Checking Accounts
- Yield Pledge Money Market Accounts
- Yield Pledge CDs
Competitive accounts are defined as those from the top five banks and top five thrifts doing business in the 10 largest U.S. markets. In addition, the top banks and thrifts are determined by their deposit base as of the last Wednesday of each month.
Mobile banking and other services
EverBank customers have access to more than top account yields. The bank also offers a variety of convenient account features. For example, checking accounts currently feature:
- No monthly fees
- Free bill pay service
- ATM fee reimbursements for those maintaining a certain minimum balance
- Mobile check deposits
In addition, the company offers home loans and refinancing options at current mortgage rates. Other services offered by EverBank and its affiliates include credit cards, investment products and retirement accounts.
Stable finances in an uncertain time
Despite the recent rocky economic climate, EverBank has continued to receive high marks for financial stability. As of 2013, the company had a four-star rating from Bauer Financial, the highest rating possible. Meanwhile, Institutional Risk Analytics gave the bank an A rating.
Even in the midst of the Great Recession, EverBank seemed to thrive. The company reports it had 197 percent annual growth in 2009. By 2013, the bank said it was managing $18.2 billion worth of assets.
EverBank may not be one of the largest banks in the country, but it does promise some of the best rates. That, combined with its financial stability and convenient account features, make it a worthy option for any savvy saver's money.