EverBank Offers Better Rates: 4.76% Bonus Rate

I am always on the lookout for better banking deals.

Recently I opened my fifth online savings account with Capital One after considering the move for a long time. At the time when I opened the account, the interest rate was at 3.75% APY which was pretty good given how much bank interest rates have fallen since last September. Too bad I didn’t get much time to enjoy the high rate as Capital One dropped the rate to 3.50% APY shortly after , putting it at the same level as FNBO Direct, a bank that I have been using for more than a year.

One trend I have noticed in the last two months is that online banks, after aggressively cutting their rates after the Fed started the current round of rate reduction campaign last fall, have quietly raised the interest rate of their online savings account. Examples include, E*Trade, HSBC, and FNBO Direct. The latest addition to this trend is EverBank, which last week raised their three-month bonus rate of their Money Market Account to 4.76% 3.93%! The on-going rate of 3.51% APY is also higher than rates from banks I am currently using, such as FNBO Direct and Capital One, both at 3.50% APY.

As far as I know, EverBank’s rate is probably the highest out there, much better than the 3.50% intro rate from HSBC. The 4.76% rate is applicable to balance up to $50,000. Any balance over this limit will earn the on-going rate, though there’s no guarantee what the rate will be after the three months introductory period. Other information regarding the EverBank MMA account include (more from fee schedule):

• A low $1,500 minimum balance requirement to open an account;
• A $4.95 fee for monthly balance lower than $1,500;
• Free ACH fund transfer;
• Up to six withdraws per month;
• A $30 fee for closing the account within 30 days of its opening.

I have never dealt with EverBank before, so I don’t know whether the bank is easy to use or not or whether they have a good customer service. Is anybody using this bank now? What’s your experience?

In addition to the high yield money market account, EverBank is offering a good interest checking account, FreeNet Checking Account, which offers the same 4.76% 3.93% intro rate for three months. Afterward, the checking account has a tiered rates:

• $100,000 and Up: 3.51% APY
• $50,000 - $99,999: 3.21% APY
• $25,000 - $49,999: 2.81% APY
• $10,000 - $24,999: 2.51% APY
• $9,999 or less: 2.26% APY

which are better than the popular ING Direct Electric Orange Checking Account. Including the 3-month bonus rate, the first-year APY is 3.82% for balance up to $50,000.

Interested? Open a EverBank Money Market Account and start to save now.

BTW, you can find the latest online bank savings and checking account rates here.

Featured Financial Products

• Get the most out of your money with these online banks that pay top interest rates: EverBank: 4.75% APY, Dollar Savings Direct: 4.00% APY, FNBO Direct: 3.25% APY, WTDirect: 3.31% APY.
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