Intro: EverBank Reviews
Despite its impressive growth, many Americans still have not heard of EverBank. This bank has gained a lot of traction over the last two decades, as consumers continue to search for high-interest options for their money.
So, what is Everbank, and is Everbank a safe option for your financial service needs?
What is EverBank? EverBank Reviews
Everbank is a financial services company that offers banking and investment services to consumers and businesses.
While the majority of its physical locations are in Florida, the company has opened branches across several other states. The company has also heavily promoted its online financial services, growing its business through the non-traditional method of virtual banking.
We have put together an overview of EverBank reviews, what the company does to help consumers with their finances, and what services it offers.
Image Source: Everbank Reviews
Due to the financial industry’s many indiscretions, many of us are skeptical about financial firms and banks. This is especially true for companies that claim to offer something better than we have seen before. Everbank is offering rates much higher than the few cents that we are used to receiving in our traditional savings and checking accounts.
Your money is important, so it is a good idea to check reviews before trusting a firm with your hard-earned paycheck.
So, is Everbank safe? There are several places online where you can find Everbank reviews, but it important to consider context and find objective reviews that will truly help you make the right decision.
Review of Everbank Services and Rates
What draws consumers to this bank instead of the countless other choices? The answer is simple: consumers are willing to search high and low for a decent interest rate on their checking and savings accounts. In today’s low interest rate environment, high-interest offers are incredibly attractive. Everbank aims to be in the top 5% of best interest-offering banks. The bank calculates its rates by using Bankrate’s BRM National Index each month so that it is able to offer truly competitive rates.
The company offers several products to its consumers that allow them to take advantage of the above-average interest rates. There are a few requirements for these accounts, however (discussed below), that may be an issue for consumers who have less cash to save. Everbank’s banking services include:
- Yield Pledge Checking
- Yield Pledge Money Market (in lieu of a traditional savings account)
- Yield Pledge CD
- LIBOR Index CD
Unlike traditional banks, which generally have very low minimums to open an account, Everbank requires a minimum of $1,500 to open an account for its Yield Pledge Checking, Yield Pledge Money Market, Yield Pledge CD, and LIBOR Index CD. The interest rates on these accounts are designed to help customers earn more money. However, it may not be a realistic option for many, as the average savings for many Americans is less than $1,000.
Everbank — Too Good to Be True? EverBank Reviews
In addition to the high opening minimum, there is another downside to Everbank’s banking services. According to many Everbank reviews online, the “too good to be true” interest rates that are advertised at the beginning only last for one year. After the first year is complete, the interest rates on the checking and money market accounts take a significant drop. However, despite the drop in the initial advertised interest rate, the normal interest rate still tends to be much higher than a traditional bank.
It is easy to get excited about the 1.11% rate listed below, but it is important to remember that this is only for the first year. After that, at current rates, if your account has under $10,000, you will receive an interest rate of just 0.25%, which is still much higher than the average interest rate on savings accounts in America, which is around 0.05%.
Image Source: EverBank
Despite the drop in the interest rate, the current minimum rate of 0.25% is not too shabby. Consumers will not get rich over Everbank’s minimum interest rate. In fact, the minimum interest rate would likely only equal a few dollars a year. Despite this low bottom line, it is still something extra for the bank’s customers that most banks aren’t offering.
Review of Everbank’s Notable Terms (EverBank Reviews)
Any Everbank review will tell you about the generous interest rates that are offered, but it is worth pointing out that the bank also offers some decent terms as far as account pricing and fees.
- There are no monthly fees for Everbank’s banking accounts.
- Everbank does not charge ATM fees at its bank or at other ATMs (This is only for accounts with a balance over $5,000).
- There is no closing account fee.
- There is no fee for using online bill pay (This is only for accounts with a balance over $5,000).
- Free check writing privileges.
Make sure you read the fine print, as there are some hidden specifics when it comes to minimums. It is also important to note that there are penalties for customers whose accounts dip under $5,000, such as small fees charged for services like ATMs and online bill pay.
Review of Everbank Investing Services (EverBank Reviews)
Everbank also offers several options for brokerage and wealth management services. Unlike its banking services, there are no dollar minimums to open up a brokerage account with Everbank. The investment services offered by Everbank include:
- Everbank Wealth Management, Inc.
- Everbank Direct Brokerage, Inc.
- WorldCurrency Accounts
- Metals Select Accounts
- MarketSafe CDs
Everbank offers commission rates that are in line with discount brokerage prices. Its current rate for trading is $9 per trade and $40 per broker-assisted trade (up to 10,000 shares). The company also offers foreign security purchasing.
Everbank Mortgage Review
Image Source: EverBank Reviews
Everbank offers its customers 15-year or 30-year fixed mortgages in the form of traditional, jumbo, and FHA/VA mortgages. The company also offers refinancing options for customers.
The company’s rates compare with the average mortgages rates in the United States. The Everbank website offers mortgage payment examples based on an $180,000 loan, 740 credit score, and other factors. Below is an example of what Everbank’s current mortgage rates look like:
Image Source: Everbank
Everbank’s mortgage services are offered through its network of local providers and physical locations throughout the United States.
Before choosing a mortgage, you may want to read some of the many Everbank mortgage reviews that are available for free online.
Customer Service Matters, Too (EverBank Reviews)
Aside from the high interest rates offered, many Everbank reviews will make note of the firm’s customer service reputation. According to a review published by Wealth Pilgrim, Everbank guarantees customer satisfaction on its accounts. If you are not happy with their services, they will give you $50. According to the reviews posted online, this $50 deal is as simple as it sounds.
For many consumers, customer service is an essential part of the decision to use a service or not. This can be especially true for a financial services company that may be used virtually by many customers.
If this is something that is important to you, give them a call, and see it their customer service meets your expectations. After all, it’s your money, and you should be able to see if the company meets your standards.
Is Everbank the Bank for You? (EverBank Reviews)
There are a few things to remember when considering a bank like Everbank. First, not only will the 1-year introductory rate decline, but the bank’s rates are also variable.
The company’s commitment to remain in the top 5% of interest rates will benefit you if interest rates go down. If interest rates in general decline, Everbank may be as good an option as any; at least you will have had one year of high-interest earning.
Second, make sure that you have the cash available to meet the minimum account fees. The company advertises free ATM services and online bill pay, but only for accounts that have at least $5,000. If your account dips below this minimum, you will be hit with fees.
If you are not aware of the minimum balances required, the earned interest that brought you to the bank in the first place, may be erased.
Before making any decisions about your banking services, be sure to shop around and research other firms and products. Reading Everbank reviews and Everbank mortgage reviews online will help you decide if this company is the right place for you to save or invest your money.
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