EverBank is a relatively new brand that offers competitive savings account rates.

When it comes to finding a good banking experience, the balance usually boils down to high APYs and low fees. For anyone seeking a brick-and-mortar banking experience, this can be an almost impossible quest.

But EverBank, formerly TIAA Bank, offers competitive rates, low fees, and access to physical branches in Florida.

We will take a closer look at what EverBank has to offer so you can decide if it is the right fit for your situation.

EverBank, formerly known as TIAA Bank, holds $36.2 billion in assets as of December 31, 2023. The bank is headquartered in Jacksonville, Florida and branches around the Sunshine State. But the bank works with anyone across the nation through its strong online platform.

EverBank offers a wide range of financial products, including personal investing accounts, business deposit accounts, and commercial funding solutions. But for the purposes of this review, I will focus on the personal deposit products available through EverBank.

EverBank’s Yield Pledge Checking account is an interest-bearing option. As of writing, you can tap into a 0.40% APY for all balances.

This account doesn’t come with any monthly maintenance fees. You can move your funds with Zelle, online bill pay, internal transfers, external transfers, and checks.

Related:
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EverBank offers a Performance Savings account, which comes with a 5.05% APY on all balances, which matches some of the best high-yield savings accounts. 

The account doesn’t require a minimum opening balance and you won’t encounter any monthly maintenance fees. Interest compounds daily in this account, which means you’ll make the most of your savings. 

If you are opening a money market account for the first time with EverBank, you can tap into a 4.30% APY. This APY is locked in for the first year you have the account, and it applies to balances up to $250,000.

After the one-year mark, the rate switches to a variable one that depends on your balance. As of writing, here is the breakdown of rates by your balance:

• For balances of $0 to $9,999.99, the APY is 3.75%.
• For balances of $10,000 to $29,999.99, the APY is 3.75%.
• For balances of $25,000 to $49,999.99, the APY is 3.75%.
• For balances of $50,000 to $99,999.99, the APY is 4.05%.
• For balances of $100,000 and up, the APY is 4.30%.

This account doesn’t require a minimum deposit and you won’t have to deal with any monthly maintenance fees. Through the money market account, you can access your funds through debit cards and checks.

EverBank offers CDs with terms of three months to five years. You’ll need $1,000 to open a CD, which will automatically renew at maturity. But you’ll get a 20-day alert to remind you that your CD is about to mature.

Here’s a look at the current EverBank CD rates:

• 3-month CD comes with a 3.95% APY.
• 6-month CD comes with a 4.00% APY.
• 9-month CD comes with a 5.05% APY.
• 1-year CD comes with a 4.85% APY.
• 1.5-year CD comes with a 4.40% APY.
• 2-year CD comes with a 4.50% APY.
• 2.5-year CD comes with a 4.10% APY.
• 3-year CD comes with a 4.20% APY.
• 4-year CD comes with a 4.00% APY.
• 5-year CD comes with a 4.00% APY.

Overall, these CDs have relatively attractive APYs attached.

The fees you’ll encounter with EverBank vary based on the accounts you open and the actions you take. For example, withdrawing your funds from a CD before the maturity date will lead to an early withdrawal penalty. Or if you need to stop a check, there is a $25 stop payment fee.

But all in all, the fees attached to EverBank accounts are relatively light. There no monthly account fees on the accounts listed here and no fees at EverBank ATMs. You can also get unlimited ATM fee reimbursements if you have over $5,000 in your checking account, and up to $15 a month in ATM reimbursements if your balance is under $5,000.

EverBank isn’t the only banking opportunity out there. Here’s how it stacks up.

Ally Bank is an entirely online bank that offers a checking account with a 0.25% APY. It also offers a savings account with a 4.20% APY. Both rates are lower than what you’ll find with EverBank. But Ally Bank is entirely online and has a good reputation.

CIT Bank is an online-only option, complete with an interest-bearing checking account that offers 0.25% APY on balances above $25,000. It also offers a savings account with a 5.05% APY. Both are lower than what EverBank offers. But CIT Bank offers a no-penalty CD, which could be a good option for savers seeking more flexibility. 

If you want to open an account with EverBank, you can do so online or in-person at a physical branch. Regardless of your venue, come prepared to provide some details like your Social Security number, funding account information, physical address and more.

It should only take a few minutes to set up your account. 

EverBank is FDIC-insured, which means your funds are protected against loss for up to $250,000 per person. Additionally, the bank takes other steps to secure your funds, like strong encryption, two-factor authentication, and account number masking.

If you need to get in touch with EverBank, you can call 1-888-882-3837. Additionally, you can head to a physical branch in Florida for more support. These branches seem to be open from Monday through Friday during regular banking hours.

Since the bank is relatively new, there are limited customer reviews available. For example, the bank only has two reviews on Trustpilot, a 4-star and 2-star review. But there’s not enough information to make a definitive call about what to expect when working with EverBank.

The accounts offered by EverBank tend to come with relatively high APYs. Although it’s a good idea to shop around right before opening your account, the rates you’ll find with EverBank right now are almost at the top of the pack.

It’s surprising that the bank offers such good rates with their collection of physical branches in Florida. But if you want high rates and physical branches in the Sunshine State, EverBank might be the way to go.