This review is for: Yield Pledge CD
At first I thought, "Yield Pledge? You pledge your CD yield will stay high? Isn't that the whole point of a CD, that you lock in a rate for the term of the CD?" The Yield Pledge is actually a promise that if you let your CD roll over from this term to another year-long term, EverBank will still have a pretty good rate next year (most CDs automatically roll over if you don't stop them within a week or so of when the term is up).
The Yield Pledge is actually kind of awesome. Lots of banks' CDs give you a great rate with the hope that you'll be lazy and let your CD roll over, and by the time it does they'll have a really terrible rate. EverBank's Yield Pledge CD doesn't offer an off-the-charts rate, but, at the time of this writing, it's a solidly competitive rate, and the pledge makes me think it will probably still be that way a year from now. If you think you might want to roll your CD over and you don't want to do this whole CD-picking exercise over again a year from now, or if you know yourself and figure that you might just forget, this is probably a really solid CD. If you're hardcore on personal finance stuff and looking for absolutely the best rate, you'll probably be able to find a better solution.
Posted by blisterTonkin -- Sept. 28, 2009
This review is for: FreeNet Checking
I've been with internet banks for a long time now, and was hit by the failure of the first internet only bank - Netbank. So the FDIC took it over and was sending the accounts to ING Direct, so in Sept 2007, I went to look for the best bank. At the time I came to the conclusion it was Everbank for me. Times have changed and rates went down and requirements went up. So it still tries to be in the top %5 of banks, but it uses a tiered system. As I don't like to keep a lot of money in low preforming places, I'm always on the bottom tier. Now I'm looking to move again when my paper checks run out, not because Everbank has been bad, I have had no problems. But because they pissed me off raising the requirement for Money Markets from $2500 to $5000, otherwise incur a fee of $8.50.
The checking account has been great for me though, I used a fee imposing ATM a couple times, and I got the fee money back. I just sent the receipts in with a deposit, and the fees were added back into my account. Overall can't say anything bad about Everbank. Their site allows for extra hard passwords, and it uses a double page entry. This might be the bank for you if you like to have a bank with more than one type of account, that all earn decent yields, and you keep enough money in the accounts to make sure you never get hit by a fee.
Posted by lightdark -- July 15, 2009
This review is for: Yield Pledge Money Market
I hadn't heard of EverBank until very recently, which is strange, because they seem exactly like my type of bank. I love the concept of the Yield Pledge, and how they promise to stay in the top 5% of competitive accounts. This is exactly the type of thing I want to hear from my bank. "You know our interest rates are going to change, but come with us, and we promise not to play any of those rate teaser games with you: sky high rate to start, and then drop it next week. Instead, you'll know that although our rates might not be at the very top, they'll be consistently high, and you can have some piece of mind."
Now of course there's no guarantee that tomorrow EverBank won't drop their Yield Pledge when other banks drop their rates with some "extenuating circumstances" argument, but all other things being equal, I think they're the only(?) bank out there that will currently come out and make this type of promise. That counts for something, right?
(To be fair, I did hear something similar from a BankProvident representative I spoke with recently, where she talked about staying at the top of banks in their "class" - although that was a lot more fuzzy, and certainly not on the website)
Posted by govygal -- March 21, 2009
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