EverBank FreeNet Checking Account Review

Last week, I took a look at EverBank Money Market Account, which I consider is one of the highest yield savings account. Actually, the money market account isn’t the only high interest rate account offering from EverBank. They also offer a checking account that has the same rate as the savings account.

The EverBank FreeNet Checking Account has a promotional bonus rate of 2.51% APY for the first three months after the account is opened. After the promotional period, the rate will be determined by the account’s ongoing rates. Currently, the checking account has a tiered rate structure. Depending on the account balance, the current yields of the checking account are:

• Account balance $9,999 or less:  1.02% APY;
• Account balance from $10,000 to $24,999:  1.11% APY;
• Account balance from $25,000 to $49,999:  1.25% APY;
• Account balance from $50,000 to $99,999:  1.60% APY;
• Account balance from $100,000 – $10,000,000:  1.65% APY;

Even with a lower balance ($9,999 or less), the yield of the FreeNet Checking Account is still significantly higher than the yield of another popular interest checking account, ING Direct Eletric Orange Checking Account, whose yield is only 0.25% APY for balance below $50,000. If you have that amount of money in your checking account, you will get a full percentage point higher yield with EverBank. In fact the first year overall yield of the checking account is as high as 1.84% APY for balance between $50,000 and $100,000. For balance less than $10,000, the effective first year yield is still $1.35% APY. Not too bad.

In addition to the high-yield, the FreeNet Checking Account also offers:

• Free Visa check card;
• Free online banking;
• Free unlimited check writing;
• Free online bill pay;
• Overdraft protection;
• $6 ATM fee reimbursement per month.

The checking account requires a $1,500 initial deposit, the same as the money market account. There’s no monthly fee for the account as long as the balance is above $1,500. Otherwise, a $4.95 fee per month will be imposed.

Sounds good so far, right? Well, EverBank will make the deal even sweeter with a pledge to guarantee your satisfaction:

Try the FreeNet Checking Account for three months. If you’re not completely satisfied, we’ll send you a check for $50 to show how much we appreciate you for giving us a try. To qualify for the $50 satisfaction guarantee, you must have used our Online Bill Pay feature at least three times and your account must have been closed within 30 days of your three-month anniversary.

What do you think?

More information on EverBank, such as account opening process, rating, and routing number, ect., can be found in my previous EverBank Money Market Account post.

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