Everything Finance

If you are looking for an online bank that offers higher than average interest rates (considering the current economic climate) and free online and mobile banking, you may want to consider EverBank.  In business since 1961 and FDIC insured, EverBank still has brick and mortar locations in Florida, but their business is currently nationwide through online banking.

While EverBank offers many of your banking needs including business banking and mortgage lending, they feature their Yield Pledge Accounts which are available for money market accounts, CDs, and savings.  However, if you want any of these accounts to be completely free of fees, plan to maintain a $5,000 balance (which may be a bit steep for many people).  If your account dips below a $5,000 average daily balance, you will currently be billed a fee of $8.95 a month.  In addition, if you make more than six transactions a month in your money market account, you face a $10 fine and your account could be closed if you repeatedly make more transactions than allowed.

If the average daily balance of $5,000 is possible for you, you can enjoy several benefits by banking with EverBank:

• No ATM fees.  EverBank will reimburse you any fee you may have to pay to use an ATM.
• Free mobile and online banking.
• Interest rates between .51% and .85% minimum, depending on the account you open; interest rates are tiered and increase as your minimum daily balance increases.
• Free funds transfer.  This is free whether you are transferring from one EverBank account to another or from EverBank to another bank or vice versa.
• Free online check images for up to two years

(Note that you will only be reimbursed for ATM expenses if you maintain $5,000 in your account.)

In addition to Yield Pledge checking, savings, and CD accounts, you can also open or transfer your IRA to EverBank.  IRA choices include diversification opportunities (world currencies and precious metals) and high yield opportunities.  As with any investment, these are not without risk.

You can round out your banking with EverBank with their credit card, which currently touts a 10% APR and no annual fee.  Further, you can choose from a points or cash back reward plan.  Their penalty fees are also lower than competitors’; if your balance is under $2,000, you will pay $15 for a late payment.  If the balance is over $2,001, you will pay a $25 late payment.

EverBank offers a strong record of growing assets.  In 2006 they had $4 million in assets; as of 2010, that number has grown to $12 million.  They offer a relatively high interest rate for the current economic climate and an account free of many fees (assuming you meet the minimum balance requirements), which is hard to find now.  For these reasons, EverBank is recommended.  However, many people may have trouble maintaining the $5,000 minimum balance for a savings or money market account.  In that case, EverBank probably isn’t the right bank for you.

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About Melissa Batai

Melissa is a freelance writer and mom to three children ages 7, 2 and 1. She blogs at Mom's Plans where she shares how her family is learning to live a fulfilling life on less.