EverBank (Formerly TIAA Bank) Review 2024

EverBank offers two checking accounts: the EverBank Basic Checking account and the EverBank Yield Pledge Checking.

EverBank Checking

EverBank Checking accounts are basic bank accounts with few requirements and few perks. You’ll need to deposit $25 to open the account, but it has no minimum daily balance requirement or monthly maintenance fee. This account does not earn interest.

EverBank does not charge ATM fees for this account and reimburses customers for ATM fees charged by other banks. Two reimbursement tiers are offered for this based on your account balance:

• Balances of $5,000 or more: Unlimited monthly ATM fee reimbursements
• Balances under $5,000: Up to $15 in monthly ATM fee reimbursements

Yield Pledge Checking

EverBank Yield Pledge Checking is an interest-bearing checking account fixed with a guarantee that its rate will always be among the top 5% of competitive checking accounts.

Yield Pledge Checking account holders earn 0.40% APY on all account balances. An initial deposit of $100 is required to open a Yield Pledge Checking account.

This checking account charges no monthly maintenance fees, few service fees and no EverBank ATM fees. In addition, all accounts qualify for ATM reimbursements. The same balance tiers outlined above apply to ATM reimbursements for this account.

Performance Savings

EverBank offers one savings account: the Savings EverBank Performance℠ Savings account. This high-yield savings account has no minimum opening deposit, balance requirements or monthly maintenance fees.

EverBank Performance Savings earns a high rate of 5.15% APY on all balances. However, this is not a Yield Pledge product, so EverBank does not promise its rate will always compete with top accounts. EverBank previously offered Yield Pledge Online Savings accounts, but these are no longer available to new customers.

Interest is compounded daily and credited monthly for this account.

Money Market Account

The EverBank Yield Pledge Money Market account earns an intro APY of 4.30% for the first year on balances up to $250,000; then the ongoing rate of 4.05% applies.

Like the Yield Pledge Checking account, Yield Pledge Money Market accounts come with EverBank’s pledge to offer rates that fall in the top 5% of the best money market account rates. This account has no monthly service fee and no minimum initial deposit requirement. It offers a complimentary debit card, checks and ATM fee reimbursements.

As with both checking accounts, balances of $5,000 or more receive unlimited ATM reimbursements, while balances of less than this receive up to $15 per month.

CDs

EverBank offers multiple types of certificates of deposit (CDs), including standard accounts, bump-rate accounts and CDARS accounts.

EverBank Basic CD. EverBank CDs are available in terms ranging from three months to five years. These earn between 3.95% to 5.05% APY and require a minimum deposit of $1,000. These CDs automatically renew at maturity by default, but customers receive a 20-day maturity alert.

Early withdrawal penalties apply if you remove your deposit before maturity, but you can opt to receive interest payments during your term when opening your account.

CD Term	APY	Minimum Deposit
3 Months	3.95%	$1,000
6 Months	4.00%	$1,000
9 Months	5.05%	$1,000
12 Months	4.85%	$1,000
18 Months	4.40%	$1,000
24 Months	4.50%	$1,000
30 Months	4.10%	$1,000
36 Months	4.20%	$1,000
48 Months	4.00%	$1,000
60 Months	4.00%	$1,000

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EverBank Bump Rate CD. EverBank Bump Rate CDs require a $1,500 deposit to open, with a $250,000 account maximum. Bump Rate CDs are only available in terms of 3.5 years earning 4.10% APY. What makes these CDs attractive is that existing customers can increase their interest rates if the bank starts offering better APYs for new accounts. If available rates increase after you’ve opened a CD, you can request to lock in the higher rate for your certificate once during your term.

EverBank Bump Rate CDs are IRA-eligible and automatically roll over. Customers can only hold one of these CDs at a time.

CDARS CD. For those seeking extended FDIC insurance on balances of millions of dollars, EverBank CDARS CDs might be suitable. These CDs place deposits with multiple banks through the IntraFi Network to provide expanded coverage. These CDs require a minimum $10,000 deposit to open and offer FDIC insurance up to $50 million.

EverBank offers business and commercial accounts and services in addition to its lineup of personal products. These include:

• Several types of general and specialized business checking accounts
• Business money market accounts
• Business CDs and CDARS CDs
• Foreign currency deposit accounts
• Treasury, merchant and foreign exchange services
• Commercial financing options

EverBank also provides some unique investing services and accounts for personal use. Metals Select accounts let investors add metals to their portfolios, and WorldCurrency Access Deposit Accounts and WorldCurrency CDs let investors hold multiple currencies in one place.

EverBank’s Yield Pledge promise ensures that customers always earn some of the top rates available for equivalent products. This policy, though not applied to every account, distinguishes EverBank from some of the best online banks.

EverBank has online and mobile banking tools to help customers manage their money. Features of online banking include:

• Online bill pay
• Tracking accounts
• Setting budgets and savings goals
• Online electronic transfers
• Online payment through Zelle

EverBank’s mobile app features the same tools, along with offering mobile check deposits. The highly rated TIAA mobile app is available for iOS and Android. EverBank customers have 24/7 access to their funds from almost anywhere in the world. You also can integrate your EverBank payment cards with other mobile payment programs, like Apple Pay, Google Pay and Samsung Pay.

EverBank customers can access nearly 100,000 fee-free EverBank, MoneyPass and Allpoint ATMs across the country. If you find yourself using another ATM, EverBank checking and money market customers also receive fee reimbursements for third-party ATM surcharges.

In addition to not charging monthly service fees on its personal deposit accounts, EverBank does not charge any of the following:

• NSF fees
• Overdraft fees
• ATM fees
• Incoming wire fees
• Returned item fees
• Account closing or inactivity fees

EverBank only charges a few service fees. These include fees for outgoing wire transfers, stop payments and expedited bill payments. Early withdrawal fees also apply for CDs.

EverBank offers both competitive APYs and a full-service online banking experience that will meet the needs of many consumers. The bank is an excellent alternative to traditional banking for those seeking consistently high rates and several types of digital accounts to choose from, but it might not be right for everyone. Learn how it compares to two other online-only banks.

EverBank vs. Ally

EverBank and Ally both offer high interest rates and low fees, but they may appeal to separate audiences. Ally offers a more robust array of peripheral products such as credit cards, auto loans, mortgages and investment accounts. EverBank’s product suite is leaner, focusing only on deposit accounts, but it offers business banking, while Ally does not.

Both offer user-friendly online banking features and low account minimums, but EverBank provides far better free ATM access, and only Ally offers 24/7 customer support. If you happen to live in Florida and like the idea of visiting a physical branch, EverBank could be the better choice for you.

EverBank vs. Citizens Bank

EverBank and Citizens Bank are similar in some ways but different in many others. While they both come with a long history of trust and reliability, EverBank is a digital-only institution, while Citizens Bank is a traditional brick-and-mortar bank.

Citizens Bank offers far more products, including credit cards, loans and investing solutions, as well as savings and checking accounts, but EverBank’s products have fewer fees and may pay better interest rates. For a more comprehensive banking experience and relationship benefits, Citizens Bank is ideal. For the highest earning potential, choose EverBank.

Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of  one to five stars, with one star as the poorest rating and five stars as the best.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.