EverBank Yield Pledge Checking Account Now Offers 1.05% Bonus Rate

I have been a customer of EverBank Money Market Account for a while now.  The reason for getting yet another savings account while already owning a few of them was that I considered it as one of the highest yield savings accounts out there. In an environment where banks have been slashing interest rates for years, EverBank’s rate and the promotional offers stand out for people who want to get better returns for their hard earned money.

Actually, the money market account isn’t the only high interest rate account offered by EverBank. They also offer a checking account that has the same rate as the savings account. The EverBank YieldPledge Checking Account (formerly called FreeNet Checking Account) is an interest checking account that has a tiered rate structure. Depending on the account balance maintained in the month, the current yields of the YieldPledge checking account are:

  • Account balance $9,999 or less: 0.39% APY
  • Account balance from $10,000 to $24,999:  0.56% APY
  • Account balance from $25,000 to $49,999: 0.61% APY
  • Account balance from $50,000 to $99,999:  0.71 APY
  • Account balance from $100,000 – $10,000,000: 0.76% APY

To give you an idea on how these rates stand up against other leading interest checking accounts, take a look at what ING Direct Eletric Orange Checking Account, one of the most popular online interest checking accounts, has to offer. ING Direct Orange currently pays 0.20% APY for account balance all the way up to $50,000. Ally Bank, another well-known online bank, has an interest checking account that offers 0.50% APY for balance under $15,000 (for account balance over $15,000, Ally BanK Interest Checking Account becomes a better choice with an yield of 0.80% APY). So as you can see,  if you have a smaller account but still want to have a good yield, then EverBank YieldPlege is definitely worth considering.

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

  • No monthly account fee
  • No debit card fee
  • Free online banking
  • Free unlimited check writing
  • Optional online bill pay (free for balance of $5,000 or more)
  • Overdraft protection
  • ATM fee reimbursement (unlimited for balance of $5,000 or more)
  • $50 satisfaction guarantee

The last item is a pledge that EverBank makes to guarantee your satisfaction. The bank encourage you to try the Checking Account, but if it turns out that you are not happy with it, then EverBank will give you $50:

Try the YieldPledgeChecking 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.

Currently, EverBank is offering new customers a bonus rate of 1.05% for six months starting this month. If you have a balance of $25K or more, with the bonus rate, the equivalent APR for the first year will be 0.83%. Not too shabby.

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One Response to “EverBank Yield Pledge Checking Account Now Offers 1.05% Bonus Rate”

  1. Susie |  Oct 20, 2011 at 3:26 pm

    This looks like an easy bonus. Do you know if they do a soft or hard pull on your credit bureau?