EverBank Yield Pledge Money Market Account Review

If you are look for a high-yield savings account, you may want to check out EverBank Yield Pledge Money Market Savings Account. Even though interest rates at online banks change very frequently these days, EverBank pledges that the rate of its Money Market account is always in the top 5% among its competitors.

How Does EverBank Compare with Other Online Banks?

Currently, the EverBank MM account offers a 2.51% bonus rate for the first three months after the account is opened. To be fair, the rate isn’t the highest available (check out online savings account rate history for latest rates), but it does beat many popular online banks such as ING Direct, HSBC Direct, FNBO Direct, and E*Trade easily. While the bonus rate is nice, it only lasts for three month, after that the rate will depend on the current rate, which is at 1.67% APY now. Combining both the bonus rate and current rate, the yield of the money market account is 1.87% 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.

What You Need to Open an Account with EverBank

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?

Finally, 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.

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