Have a decent sized emergency fund already? Need a safe place to store the cash for one of the best returns on the market? Then check out the Yield Pledge Money Market Account at EverBank. EverBank has a diverse set of services (checking, money market accounts, CDs), but this review will focus on the money market account.
The first thing you notice about EverBank is the type of account they’re offering. It isn’t a traditional online savings account. It’s a money market account. Why does that matter? It doesn’t really. The account is still FDIC insured. The only difference is that EverBank has a bit more flexibility with how they invest your funds. This is why they have a higher return.
EverBank is a trusted, proven name in online banking. In 2007 they were named Money Magazine “Best of the Breed”. They also performed well over the past few years despite the banking industry woes.
Yield Pledge Money Market Account
Okay. Let’s quickly get down into the nuts and bolts of this yield pledge money market account. First off, EverBank has it’s drawbacks with this account: They have a minimum requirement of $1,500. Not a huge hurdle for someone with an established emergency fund. But newbies should look somewhere else. The second thing you notice is that they charge a monthly fee (around $9) when you keep a balance of less than $5,000. That fee would negate any interest you’d earn on the account with less than $5,000 earning interest. So, the way you should read this information is that EverBank is for people with a fund of at least $5,000 already built up.
They also have some restrictions on transfers you should read up on, which are typical of online banks. But I wouldn’t advise making this an account where you’re moving a lot of things around. Just open it up, dump the money there, and forget it till you’re ready to use it on it’s intended purpose.
What I Like About EverBank
- Very nice introductory rate. At the date of this review, EverBank sits at the top of list of top high-yield savings accounts, and this is due to the fantastic 6-month bonus rate.
- One of the highest yielding banks (even after the promo ends) – After the 6 month period it’s not like your rate drops to the floor. They still compete in the top tiers of the online interest rates. In fact, they’ve pledged to always be on top. See current interest rates.
- FDIC insured and proven. As with any online bank account, I have a need for security. I need my assets to be protected. Therefore I only roll with FDIC Insured institutions, like EverBank. Plus, I like that EverBank has a proven track record and isn’t just throwing out rates trying to get customers.
- Check writing abilities. With your EverBank account, you get checks. This would be ideal for someone saving up cash for a house down payment. You wouldn’t have to worry about a transfer to your checking account (which can take a week).
The bottom line on EverBank’s Yield Pledge Money Market Account is that it’s a no-frills account where big savers could earn top rate interest on their money. Perfect for a large emergency fund or other big savings goal. Consider signing up for an EverBank Money Market Account today.