EverBank Money Market Account Opened
a long time ago.
When I updated our July net worth early this month, I mentioned that I opened another savings account. That’s was barely one month after I got an account from Ally Bank. The reason is that I became extremely disappointed by Ally Bank, not only because of all the troubles with Ally bank, but also the rate. I thought I got a good deal from a bank with a long track record of offering competitive rates. It turned out to be a big mistake.
Before getting the new account in July, I already own a bunch of accounts from a bunch of banks. However, none of them really deserve my money since their rates are all in the 1.40% to 1.70% APY range, far below than the 2.00% APY that I’d like to have. Then I looked around, but didn’t find many options. Good rates are very, very rare these days. After some research, I decided to go with EverBank. The bank currently offers a bonus rate of 3.01% APY, which is much higher than any other bank I have an account with is offering. However, the rate rate is only good for the first 3 months, then it will drop to the current rate, which is at 1.75% APY right now, still better than what I get from Ally Bank or Dollar Savings Direct.
The process of opening a EverBank Yield Pledge Money Market Account is quite simple, though it does have a couple of more steps than other banks. For example, after the online application is completed, then bank asked me to print out the signature page, which certifies that the SSN I provided during the application is correct, and mail it back to the bank. I heard before some people said that EverBank was more difficult to deal with because of their verification process. To me, however, everything appeared going quite well (read more from EverBank Money Market Account review including minimum deposit and monthly fee). I opened the account on July 22nd. On July 28th, the bank informed me that they have received my signature page and the account is good to go. The processing time is a little longer than that of other banks I have dealt with, but still acceptable (I’d like to have the entire process finished online only, no paper work involved though).
Once the account is up, the next step is set up external ACH transfer so I can move money between EverBank and my checking account at Bank of America. EverBank uses trial deposit to verify account ownership which takes about 2 days to complete. However, setting up the external account is a little bit tricky with EverBank. On the account home page, it has a button to “Add External Account”. But I can’t use that function because Bank of America (New Jersey) isn’t in the list of institutions that EverBank supports. To add my BofA checking account, I had to go to Transfer Funds, then External Transfer, then Add Transfer Account, and manually enter the routing number to find my bank. I wish EverBank has the option to enter bank routing number on the “Add External Account” page instead of only listing some banks and letting you select from there.
Another thing I noticed at EverBank is that the ACH fund transfers take a little bit longer to appear in the account than at other banks. I made two transfers on the same day, one to EverBank and one to another bank. The one to EverBank, which was my initial deposit, took exactly 5 business day to appear in my account while only 3 days to the other bank.
Once the external transfer accounts are set up, EverBank seems to be working fine for me. Of course, I don’t really use a savings account that much, so I rarely have issues with the bank (Ally Bank is an exception though).
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