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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2 Responses to “EverBank Money Market Account Opened”

  1. Adam |  Aug 21, 2009 at 2:41 pm

    When I opened an EverBank account they asked me to fax over quite a bit of information; several documents that I did not expect to need. It took much longer for me to open. I did it at the end of December and my first deposit was credited Jan 21st.

    The weblinks tend to be hilariously broken in the web banking center. The Multi-tab, multi-layer navigation is system is absolutely cringe-worthy and at best poorly named and typically confusing, but once you find out what they want to call things and where they hide them you can manage.

    Their teaser rate is quite good, and the checking rate is much higher than ING’s checking rate and their money market account compares favorably with ING’s savings rate. Their CDs are a bit higher though not significantly.

    A major advantage to the EverBank (in my opinion) are the various investment CDs: World Currency and the MarketSafe CD which is very appealing, though you should call ahead and get the details. The forex cds take up to a week to fund, charge rather high transaction fees (these fees typically wipe out the “interest” earned on your CDs giving you just currency appreciation for potential upside) and always exit their positions on a particular day of the month so you may get into a 3 month CD but you missed the exit day so you have to wait for the next one.

    Small quibbles to be sure, and I still have the account and am keeping the majority of my cash with them mostly because I keep it separate from the ING accounts. “Out of sight, out of mind” isn’t just a nice saying, it is a little discipline assistant.

    Overall I’m not impressed, but I am not disappointed either like I was with BoA. I hope to read other opinions on this bank and any other high quality ones. If you get a chance, hit the link for the “Daily Pfennig”. Its a good read whether or not you agree completely with the assessment given.

  2. Forex Robot |  Apr 01, 2010 at 1:46 pm

    The money market is a volatile industry. With the current predicament of the global economy, companies are in dire straits to stay as liquid as possible in their financing system. Having said this, it has become requisite for the latter to look for the financing supports that could fuel their company’s goals in the years to come. It is refreshing to know that Ever Bank Money market has opened its doors for potential investors. Although the system is not perfect as compared to the other financial institutions that you have mentioned, any addition to the money market industry that opens itself for several investment opportunities is always welcoming in this bleak economy.