TIAA Bank assumed new ownership in August 2023 and is now operating as EverBank. The bank’s business checking account offerings remain unchanged and are now offered under the EverBank name.
EverBank is a mostly online bank based in Florida that offers business and personal banking products and services. Among its business account offerings is the Small Business Checking account, an interest-bearing everyday account for sole proprietors and other small businesses.
This review dives into EverBank’s business checking account products and how they stack up to accounts offered by competing banks. We also look at the bank’s other business accounts and services.
Annual percentage yields (APYs) and account details are accurate as of Sept. 27, 2023.
Account Basics
EverBank offers five business checking accounts that focus on different businesses’ sizes and transaction needs.
EverBank Small Business Checking
EverBank created Small Business Checking explicitly with sole proprietors and single-owner LLCs in mind. This business account is loaded with perks to help manage your company finances more efficiently.
Small Business Checking is an interest-bearing checking account, currently earning 0.50% APY on all balances. There are no monthly management fees to worry about with this checking account. Opening an account requires a $1,500 minimum deposit.
This account reimburses for third-party ATMs fees. If you keep a balance of $5,000 or more in your account, EverBank Bank will reimburse you for all ATM fees charged by other banks. Accounts with balances under that amount still get reimbursed up to $15 each month for ATM fees from other banks. EverBank accounts have fee-free access at any Allpoint and MoneyPass ATM in the U.S.
You can also opt for overdraft protection through the use of a EverBank Business Money Market account or a line of credit.
EverBank Business Checking
For small businesses with finite monthly transaction needs, EverBank offers Business Checking. Like Small Business Checking, you’ll need a $1,500 minimum deposit to open an account. With the account, you’ll get 200 transactions each month with no fees.
EverBank Business Checking carries a $14.95 monthly maintenance fee that is waived with a minimum daily balance of $5,000 or more. This checking account doesn’t earn interest.
Keep in mind that there are additional fees if you go over the transaction limits. Business owners pay 25 cents per transaction over the monthly limit.
Non-Profit Checking
This checking account is geared toward nonprofit and faith-based organizations. The account requires a $1,500 opening deposit and at least a $5,000 minimum daily balance to avoid the $14.95 monthly fee. The checking account currently earns 1.35% APY to 2.10% APY depending on your balance.
Business Interest Checking
Similar to other EverBank business checking accounts, Business Interest Checking requires a $1,500 opening deposit and carries a $14.95 monthly maintenance fee, waived with a minimum daily balance of $5,000 or more. The account currently earns 0.55% APY on all balances.
Business Analysis Checking
Business Analysis Checking is set up a little differently. Account holders earn a 0.20% earnings credit rate on 90% of the account balance, which can help offset account fees. The account also requires a $1,500 minimum opening deposit.
Other EverBank Banking Products and Services
In addition to its primary business checking accounts, EverBank also offers a couple of other notable business bank accounts that could be a good option for your company, depending on your banking needs. Here’s a look at other business accounts offered by EverBank.
Business Money Market
EverBank offers a Business Money Market account for interested business customers. The account provides similar features as many of the bank’s business checking accounts.
The money market account requires a $1,500 minimum opening deposit and a $5,000 minimum daily balance to waive the $14.95 monthly fee. The account currently earns 1.35% APY on balances under $100,000, 1.85% APY on balances of $100,000 to $999,999.99, and 2.35% APY on balances of $1,000,000 or higher. Official bank checks, often used for larger purchases, cost $10 each.
Business CDs
Business CDs are another option available through EverBank. CD terms range from three months to five years, and APYs go from 2.10% to 4.75%. Like most banks, EverBank doesn’t charge monthly fees on its CD accounts, but you will need a $1,500 minimum deposit to open a CD.
Distinguishing Features
EverBank offers standard add-on business services and online tools to help with payables and receivables. Still, there is one notable business service that helps it stand out from other online banks. It’s called CDARS (Certificate of Deposit Account Registry Service). If the maximum allowable FDIC insurance coverage isn’t enough, you can opt for EverBank’s CDARS service, allowing protection for multimillion dollar deposits by businesses. When you make a large deposit, that money is split up and distributed into CD accounts at partner banks. CDARs is a service run by the IntraFi Network, a privately held firm based in Virginia.
Access on the Go
Business account customers have access to all of EverBank’s digital banking tools. There’s 24/7 account access through its multiuser business online banking platform. Features included within the online platform include:
- Account management
- Fund transfers
- Deposits
- ACH originations
- ACH file upload
- QuickBooks and Excel exports
- Online bill pay
- Wire transfers
The EverBank Business mobile app, available for iOS and Android, allows you to perform the same functions but from anywhere in the world.
The bank only has a handful of physical branches for in-person services, all located in Florida. Phone support is available through EverBank’s business solutions team at 866-371-3831 Monday through Friday from 8 a.m. to 5 p.m. Eastern time. Business customers can also get help via email through the online form on EverBank’s website.
Pros
- Five different checking accounts available
- Waivable monthly maintenance fees
- Relatively low opening deposit requirements
- Several interest-bearing accounts available
Cons
- Monthly fees if you can’t meet balance requirements
- Few physical locations, all located in Florida
- $25 late payment charge on overdraft protection
- $25 fee on domestic wire transfers and $35 fee on international wire transfers
How Everbank Bank Stacks Up
With so many account options, EverBank is an excellent choice for a variety of business and personal banking needs. Its checking accounts have relatively low opening deposit requirements and monthly maintenance fees are waived so long as you meet the minimum balance requirements. It also helps that many of the checking and other accounts earn interest, allowing businesses to capitalize on funds kept with EverBank. Overall, EverBank is a solid choice for small business owners who want simple banking services with 24/7 account access.
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Frequently Asked Questions (FAQs)
Is EverBank FDIC insured?
Yes, EverBank is FDIC insured (FDIC# 34775). With FDIC insurance, the federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Does EverBank offer a business savings account?
EverBank does not offer a traditional business savings account at this time. The online bank offers several other interest-bearing accounts that allow you to maximize your savings, including its Business Money Market account, CDs and several checking accounts.
How can I open a business checking account through EverBank?
You can open a business checking account online through EverBank’s website or by calling 866-371-3831. During the process, you’ll be asked to provide additional personal and business information.
