EverBank Yield Pledge Money Market Account Review

These days, we all know that the money we hold at banks, whether it’s a traditional B&M bank or an online bank, won’t give us much in return as we used to get in the past. As I have discussed early in a post about 2011 best high-yield savings accounts that if you look around, you will probably be surprised, and disappointed at the same time, by how low the savings account yields are this year. And with the economy still struggling, things don’t seem to get better any time soon if the Fed keeps its current policy intact.

If you are look for a high-yield savings account that gives you an above the average return for your money, you may want to check out EverBank Yield Pledge Money Market Savings Account, the one that tops my best account list. The difference between EverBank and other online banks is that EverBank gives you a 3-months introductory period with a rate that’s much higher than what you would get from other banks normally. With the bonus rate, the actual rate for the first year is also higher than rates from other popular online savings account.

How Does EverBank Compare with Other Online Banks?

Currently, the EverBank Yield Pledge Money Market Account offers savers a 1.26% bonus rate for the first three months after the account is opened. As you can see from the 2011 savings accounts list, the EverBank MM account beats many popular online banks such as ING Direct, HSBC Direct, FNBO Direct, and Ally Bank easily. While the bonus rate is nice, the only issue is that it only lasts for three month, after that the rate will depend on the on-going rate, which is at 1.01% APY now. Combining both the bonus rate and current rate, the yield of the money market account is 1.07% APY for balance up to $50,000 for the first year. To earn the rates, a minimum account balance of $1,500 is required at account opening. If the minimum balance requirement is not met, a $8.95 monthly fee will be charged.

How to Open a EverBank Savings Account

To open an account with EverBank, you need to have your personal information ready such as name, email address, employer, SSN, and driver’s license. The online account opening process is rather straightforward, however, not every account opened online is approved right away. if their address does not match what the credit agency has on file, we cannot approve them instantly. For example, if during the account opening process, there’s an address match or answers to 4 random questions don’t match with what are on credit file, etc., the approval will be delayed for a few days for additional verification. I once had a conversation with a representative from EverBank and got the following information regarding the process:

Since we’re an online bank, we have a process in place that requires us to “know our customer.” Since we don’t do face-to-face account opens, we have to do credit checks, etc. We also still require a physical signature on all account opens. However, once an account is open (meaning, the customer has an account #) they can wire, ACH, etc. into that account. The lag time occurs when the account is open (the customer finishes the application) but we’re waiting on the signature page from the applicant. I know this sounds a bit tedious, but believe me, we are very careful with the “know your customer” rule (Privacy Act). We care about the lag time, but we care more about reducing our fraud. Right now, EverBank has pretty much, the lowest fraud rate in the industry.

And for every account that’s approved online, a physical signature card has to be mailed. I know some banks did this before (for example, HSBC asked for a signature card when I opened an account years ago), but it’s not a policy for many banks that do business solely online. Is it a good policy? Maybe.

How to Fund an EverBank Account

Once the account is opened, you can fund the account with either checks, wires (EverBank ABA Routing number is 063000225), ACH deposits(EverBank ACH routing number is 063092110), or ATM deposits. ACH is always the preferred method to transfer funds for me online. EverBank has the following policy regarding ACH transfer:

ACH funding is available for personal Checking, Money Market, and Asset Manager Service cash management accounts. You can fund just the minimum opening deposit or any amount up to a total of $25,000 per day. For funding more than $25,000, you’ll want to open now with $25,000 and send a check or wire for the additional amount.

For the ACH funding source account, you can use any account that supports check writing. You can verify ownership of your source account in 3 days through a small deposit and withdrawal.

Is EverBank Safe?

No matter where you decide to put your money, the first and most important question to ask is whether the bank is safe, whether it’s fiscally sound because without that, all others are meaningless. EverBank appears to be in a good financial shape. The bank has been FDIC insured since October 1, 1998 (FDIC Certificate number 34775). Bankrate.com’s Safe & Sound Ratings rates EverBank an impressive 4 stars out of 5, which means the bank is in very good fiscal condition. And it’s pending IPO is just another proof of the bank’s strength.

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