When it comes to unique savings and investment products, EverBank is one of the industry's leaders. While it has 10 brick-and-mortar banking and lending branches in Florida, its online accounts -- and the terms that come with them -- are the source of much of the attention around this institution.
Headquartered in Jacksonville, Florida, EverBank has been FDIC-insured since 1998, and the roots of this financial institution go back to the 1960s. Like many direct banks, EverBank is able to offer higher interest rates than some of its traditional competitors because of the reduced overhead that comes from not having to maintain a large branch network.
As evidence of its commitment to high rates, EverBank offers a "Yield Pledge" on its traditional deposit accounts. This pledge promises to keep interest rates on these accounts in the top 5 percent of similar accounts offered by other leading financial institutions. EverBank customers can choose from a money market account, savings account, checking account, certificate of deposit (CD) or CDARS (CD Account Registry Service) account.
The Yield Pledge Money Market Account and the Yield Pledge Checking Account also offer a six-month bonus rate for new customers. You'll need a minimum opening balance of $1,500 for the checking account and the money market account, but the savings account does not have a minimum balance requirement.
EverBank CDs feature terms ranging from three months to five years. Each requires a minimum opening deposit of $1,500, while the CDARS requires a minimum opening deposit of $10,000.
In addition to its traditional deposit accounts, EverBank also offers several FDIC-insured foreign currency accounts. These accounts allow investors to potentially take advantage of the currency appreciations in foreign countries, and can also act as a hedge against domestic inflation.
The WorldCurrency Access Deposit Account, which has a minimum opening balance of $2,500, works like a money market account and allows you to deposit, withdraw and make up to six transfers between major currencies.
WorldCurrency CDs and WorldCurrency CD Baskets are also available. The WorldCurrency CDs require a minimum opening balance of $10,000 and allow you to choose a foreign currency and earn interest in that currency for a variety of terms. The WorldCurrency CD Baskets require an opening balance of $20,000. You can choose between a variety of CDs comprised of multiple foreign currencies, with terms between three and six months.
These accounts are fully FDIC-insured up to the maximum of $250,000 per depositor, but it's important to note that loss of principal is still possible with these accounts due to currency fluctuations.
EverBank's online banking system allows you to pay bills, check balances and transfer funds to internal and external accounts. You can also deposit checks through your computer or even on the go with the EverBank mobile app. Its customer service operation is available 24 hours a day, seven days a week.
If low yields on your savings have gotten you down lately, EverBank's wide range of deposit accounts and investment products could offer the answer. You can view the latest information on EverBank in the rate tables below.