EverBank $75 Cash Bonus on Money Market and Checking Accounts

EverBank, one of the future online banking giants (IMHO), has decided to offer up to a $75 cash bonus for new Money Market and Checking Accounts. If you haven’t heard of EverBank before, or were hesitant to test them out, you may want to take an even closer look now.  For a limited time, EverBank is offering $50 cash for opening up a Yield Pledge Money Market Account and $25 cash for opening up a FreeNet Checking Account. Just like many other promotions, there are rules that need to be followed and they are described in detail below.

As of September 17th, 2010, the $75 Cash Bonus promotion from EverBank has expired. See my Everbank Review.

Yield Pledge Money Market Account ($50 Bonus) – Money market accounts are similar to online savings accounts, minus a few restrictions in terms of use and withdrawals per month. If you’re an EverBank customer, you’ll earn a 2.25% bonus APY on your Yield Pledge Money Market Account for the first 3 months and a 1.26% APY after that. As as added bonus, if you make a deposit of at least $20,000, you’ll receive a $50 bonus on your 5th month’s statement. Make sure to keep your balance above $5,000 at all time however, because the one drawback to this account is a $8.95 monthly maintenance fee for accounts below $5,000.

FreeNet Checking Account ($25 Bonus) – Just like it’s brother above, the FreeNet Checking Account also provides customers with a 2.25% bonus APY during the first three months. However, following the bonus period, the interest rate is tiered:

• $100,000 and Up : 1.26% APY
• $50,000 – $100,000 : 1.20% APY
• $25,000 – $50,000 : 1.16% APY
• $10,000 – $25,000 : 0.70% APY
• Less than $10,000 : 0.51% APY

Also unlike the MMA account, there is no fee for maintaining a low balance. New customers that sign-up for a FreeNet Checking Account with a minimum deposit of $10,000 will receive a $25 bonus on their 5th month’s statement.  If you’ve been considering a money market account or online checking account, or are simply interested in receiving a free $75, take a long look at EverBank. The interest rates, customer service, product selection and convenience are better than any other online bank today and the $75 cash bonus offer is just gravy.