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EverBank: 2024 Banking Review

This full-service bank keeps up with the competition -- just be mindful of its minimum deposit requirements.

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EverBank, formerly TIAA Bank, brings the best of both worlds as a full-service bank with competitive rates, a variety of accounts and the convenience of banking online and in person.

The bank has minimal fees and regularly keeps track of other banks’ APYs to ensure it offers some of the best returns. EverBank also offers additional perks, including reimbursed out-of-network ATM fees, mobile banking and savings features to help you reach your financial goals.

But there are some factors to consider before opening an account with this bank. First, all of EverBank’s deposit accounts require a minimum deposit. And even though creating an account online is easy, you may not live close to a physical branch. EverBank has locations in 45 states, but there aren’t many branches in each state.

We recommend EverBank as an alternative to major national banks, but it has a few shortcomings worth considering as well. 

What we like

  • No monthly maintenance fees 
  • Different CD types and terms to choose from
  • Competitive APYs for deposit accounts 
  • Surcharge-free Allpoint and MoneyPass ATMs 
  • In-person and mobile banking
  • Debit card benefits, including purchase protection and extended warranties 
  • Send and receive money with Zelle
  • Set and track savings goals online 
  • 24/7 virtual customer support 

What we don’t like

  • Required minimum deposits for deposit accounts (waived for Rhode Island residents)
  • Unlimited ATM reimbursements only offered if your minimum balance is over $5,000 
  • Your checking account APY depends on your daily minimum balance 
  • Not as many branches as other brick-and-mortar banks

Who is EverBank suited for? 

EverBank offers competitive rates and may be a good fit if you want to grow your savings and also earn some interest on your checking account balance. You’ll want to be comfortable with managing your account online, however -- unless you live near one of the bank’s 133 branches located across the country. 

If you’d rather manage your money in person and don’t live by a physical EverBank branch, consider another option with high APYs and branch access, like Capital One or a local credit union. If you’d rather open an account that doesn’t require minimum deposits and don’t mind banking online, Ally might be a good fit. 

EverBank products


EverBank’s Yield Pledge Checking account lets you earn interest on your money and has a few other benefits. It’s closely comparable to Ally and Axos’ checking account options.


You’ll get a debit card with purchase protections and extended warranties on your transactions. And you can withdraw cash at over 80,000 Allpoint and MoneyPass ATMs, surcharge-free. Plus, EverBank will reimburse you up to $15 each month for out-of-network fees. However, you won’t have unlimited ATM fee reimbursements unless your EverBank deposit account average has a daily balance of over $5,000.


The APY you earn will also depend on your daily balance. As of now, all accounts have a 0.25% APY. This isn’t as high as EverBank’s savings or money market account APYs, but it’s still a better yield than most major national banks offer on their checking accounts.


You do need a minimum deposit of $100 to get started, and since there are no overdraft fees, your transaction will be declined if you have insufficient funds. But you can set up overdraft protection with EverBank to automatically transfer funds from a linked account to cover a transaction.


Checking Account Features


APY Minimum deposit Monthly fee Overdraft fee
0.25% $100 $0 $0


Rate as of March 16, 2023.


  • Checking account APY is better than major national banks

  • Debit card with purchase protection and extended warranty

  • Overdraft protection when you link to another account

  • No overdraft fees

  • No monthly maintenance fees


  • $100 minimum deposit required


EverBank’s high-yield savings account is a no-frills account, but it can inch you closer to your savings goals with minimal fees. If you’re looking for the best return on your savings, EverBank’s APY cuts close to other online banks.


There’s no monthly account fee, but a minimum of $25 is required to open the account. (The deposit minimum is waived for Rhode Island residents.) You can manage your savings via the EverBank app, online or at one of its branches nationwide. We do like that you can use your EverBank debit card to withdraw and transfer money from your checking, money market and savings accounts -- a convenient feature not all savings accounts offer. Lastly, you’ll have no-fee ATM access at Allpoint and MoneyPass ATMs. You’ll be reimbursed up to $15 per month for out-of-network fees.


Savings Account Features


APY Minimum deposit Monthly maintenance fee
3.70% $25 $0


Rate as of March 16, 2023.


  • Withdraw and transfer money with your EverBank debit card

  • Competitive APY

  • No fees at Allpoint and MoneyPass ATMs

  • No monthly maintenance fee


  • $25 minimum deposit to open a savings account

  • Deposit minimum is waived only for Rhode Island residents


We like that EverBank offers three types of CDs: basic, bump rate and IntraFi®, which cater to different financial needs.


Its basic CDs have terms from three months to five years, no account fees and require a minimum $1,000 deposit. Its bump rate CD has a 3.5-year term that allows you to lock in a new rate at any point during the CD term -- a helpful feature in case rates continue to rise. Currently, the bump rate CD APY is 3.80%. However, there’s a $1,500 minimum deposit.


Lastly, its IntraFi CDs span from three months to three years and come with more insurance on your deposits beyond the $250,000 that the Federal Deposit Insurance Company covers. Coverage goes up to $8 million, depending on your CD term. This CD requires a minimum deposit of $10,000 to get started.


EverBank has early withdrawal penalties for its CDs that equal one-fourth of the total interest you would earn during the term. For example, if you withdraw from a three-year basic CD, you’ll forgo approximately nine months of interest. Keep in mind that early withdrawal penalties are common for CDs unless the bank offers a no-penalty CD.


CD Account Features


CD term APY
3-month 4.00%
6-month 4.00%
9-month 4.35%
12-month 4.65%
18-month 4.50%
2-year (or 24-month) 4.30%
2.5-year (or 30-month) 4.00%
3-year (or 36-month) 3.80%
4-year (or 48-month) 3.95%
5-year (or 60-month) 3.85%


Rates as of March 16, 2023.


  • No monthly account fee

  • Three-month and five-year terms

  • Basic, bump rate and IntraFi® CDs available

  • Competitive APYs for all CD terms and types


  • A $1,000 to $10,000 minimum deposit, depending on the CD type

  • Its bump rate CD requires a 3.5-year term

  • Early withdrawal penalty that’s one-fourth of the CD term interest


We like that EverBank’s Yield Pledge money market account offers a competitive APY that’s higher than major traditional banks. The good part is that EverBank reviews its money market’s rates once a week to make sure its rates are among the top 5% of competitive accounts. If they aren’t, EverBank will automatically adjust its money market rates. However, the APYs are tiered depending on your daily balance. Here’s a closer look:


Money market APYs by account balance


Balance APY
Under $10,000 1.70%
$10,000 – $24,999.99 2.45%
$25,000 – $49,999.99 2.80%
$50,000 – $99,999.99 3.20%
$100,000 and over 3.55%


Rates as of March 16, 2023


  • No monthly maintenance fees

  • No overdraft fees

  • No in-network ATM fees and $15 per month reimbursement for out-of-network fees

  • Competitive APY that adjusts compared to other banks


  • $500 minimum deposit

  • You must carry a $5,000 average daily balance to qualify for unlimited out-of-network ATM fee reimbursement

  • APY depends on daily balance

Overdraft fees

EverBank doesn’t charge overdraft fees if an account has insufficient funds or overdrafts. However, transactions are usually declined if the full amount isn’t available to cover a purchase. Another option is to link an account to transfer money if your account has a low balance. There’s no additional charge for overdraft protection

Other banking products and services

Besides deposit accounts, EverBank offers these banking products that are worth considering: 

  • Brokerage accounts
  • Health savings accounts
  • IRAs
  • Mutual funds 
  • 529 Education savings plans

Banking experience 

We like that EverBank account holders can manage their accounts via the mobile app, online or in person at a local physical branch. Plus, deposit accounts have ATM access, and EverBank has an online ATM locator to help you find one nearby. 

EverBank’s mobile app automatically sends push notifications for deposits, and you can keep tabs on your balances using Peek View without logging in. Other mobile banking features include bill pay, mobile check deposits, Zelle payments and transfers. You can also manage your investments using the app. According to Trustpilot, EverBank scores 3.4 out of 5 stars. 

Customer service 

Customer service hours are limited for banking assistance. You can reach EverBank on weekdays from 8 a.m. to 8 p.m. EST and Saturdays from 9 a.m. to 7 p.m. EST. The bank has separate hours and availability for investing and loan help. You can also reach out via mail or email. All contact information and frequently asked questions are on EverBank’s contact page

About the bank 

EverBank was founded in 1918, and its headquarters are in Jacksonville, Florida. It’s a full-service, FDIC-insured bank that is available to all states. Its physical branches are limited, but EverBank’s mobile app and website let you fully manage your account online if a branch isn’t nearby. 

Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
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