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The APY without this special offer is 1.51%


The Everbank 3.01% Introductory APY


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At Everbank, we are on a mission to provide you with consistent great values. The 3.01% Annual Percentage Yield (APY) on your e/Checking Account is an introductory rate for new customers as an added incentive to give us a fair try. After all, we know that once you try Everbanking, you will never go back to your old bank!
More importantly, you will continue to earn a great rate even AFTER the introductory period. That's because you have our pledge that the yield on your e/Checking Account will remain in the top 5% of interest checking and money market accounts as tracked by the BankRate.com National Index of the nation's 100 leading banks. That way, you can be confident that you are always earning one of the top FDIC-insured yields in the country!

Offer Details: The 3.01% Annual Percentage Yield (APY) is a special rate offered as of 7/5/2002 and will apply for three months after account opening. The bonus APY offer is good for new Everbank accounts only and is limited to one per customer. The APY without this special offer is 1.51% as of 7/5/2002, and may vary after account opening. Fees may reduce earnings. The full APY is paid, and there is no monthly maintenance fee for the account in any month that your average daily balance remains at $1,500 or higher. Otherwise a $4.95 monthly fee is charged for the month, and no interest is paid. Everbank is a division of Wilmington Savings Fund Society, FSB (WSFS). Deposits at Everbank are added together with deposits at WSFS for the purposes of the $100,000 limit on the FDIC insurance coverage.

If you have any questions about the introductory rate, a friendly Customer Care Specialist is standing by with answers. Simply call 888.882.EVER (3837) and press '4' at the prompt. We are available 24 hours/day, 7 days/week.

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No. of Recommendations: 8
"Bait and Switch" refers to a scam where the customer receives something of lesser value than what is advertised. Since Everbank has put forth the complete details of their offer, including the fact that the higher APY is only available for a limited time, this cannot be considered "bait and switch". One should compare this sort of offer to, say, an account opening bonus, or free toaster, or whatever other one-time benefits which are extended to new accounts.

I, for one, do not expect my bank to deposit each and every month the account opening bonus I initially received, nor do I call my bank a "bait and switch firm" for not doing so.
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I believe the extra click needed and then only in the fine print does one see the actual recurring rate suggests an ethical problem anyway.

Regardless, there are many better banking choices IMO, even without the ethical issue.
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RJM: one of your messages last night was removed by TMF. The individuals named in your post no longer participate here at TMF because they disliked being flamed by you (and "bn56", "ICLF", et al) here or at the Gomez boards. Most of them still have TMF memberships, but it's just not worth the hassle/headache for them. I rarely post here at TMF for the same reason.

Regarding Everbank, they could improve the ease of finding the e/Checking account terms and disclosures. The account offers a 3-month "teaser" rate. The regular non-teaser rate (1.51%) is not the very highest rate at an online bank, but it is competitive compared with money-market mutual funds and savings/checking rates offered at 95% of other U.S. banking institutions.

The other weakness in Everbank's e/Checking product is that if the account falls below the $1,500 minimum balance (note it is NOT an "average daily balance"), you get zero interest paid on your money. Interest is only earned if the minimum balance is over $1,500 for the entire month.

At least I give Everbank credit, they do spell out these terms in plain English. I have seen other banks use obfuscatory and evasive language, this is not one of those cases. SN

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The individuals named no longer participate because they were never interested in anything but disrupting the board & harrasing an honest poster.
Now that TMF charges for membership, the board has been cleaned up of the trouble makers.

Its clear to anyone that wants to see, that the problem poster(s) are gone or no longer post harrasing & disrupting posts here.
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and no interest is paid!!!!!!!!!!!!!!!!!!!!!

That is the first time I have heard of having to maintain a min balance to get your interest!!!!!!!!!!!

I can understand the fee, (which would cause me not to take the offer since I do bank with companies that charge me for not keeping a min balance), but then losing the interest is ridiculous!!!
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That is the first time I have heard of having to maintain a min balance to get your interest!!!!!!!!!!!

I belive First Internet Bank of Indiana does this, too. Just another way to intice people to keep their funds with them.

silverwing
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That is the first time I have heard of having to maintain a min balance to get your interest!!!!!!!!!!!

I belive First Internet Bank of Indiana does this, too. Just another way to intice people to keep their funds with them.


First IB uses your monthly average balance to determine the min. For their checking account you have to have an average balance greater than 500 dollars for the month or you get charged a maintenance fee and do not get interest for that month.

For the money market if the average balance is less than 4000 you get hit with a maintenance fee but you always get interest.

With this method you can dip below the mins but have to make sure the daily average over 30 days is greater.

Joe
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There are other banks (both Internet-only and B&M) which only pay interest on balances over a certain dollar amount.

For those with long memories, the 1992 Federal Truth-In-Savings Act was intended to address this practice. However, clever lawyers and consultants like Arthur Andersen have figured that as long as this cheezy method of paying interest only if the account balance is above a certain dollar amount is DISCLOSED to the customer, that it's "legal".

Caveat emptor!
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The other weakness in Everbank's e/Checking product is that if the account falls below the $1,500 minimum balance (note it is NOT an "average daily balance"), you get zero interest paid on your money. Interest is only earned if the minimum balance is over $1,500 for the entire month.

At least I give Everbank credit, they do spell out these terms in plain English. I have seen other banks use obfuscatory and evasive language, this is not one of those cases. SN


This is not so. Everbank makes it clear on their website that the $1500 figure means average daily balance. I have been banking with them for almost three years now and my account has often fallen way below $1500 for many days and I've always been paid interest--every month--because my average daily balance has always been above $1500.

Just want to make that clear so no one here is scared away from banking with Everbank. My experience with them has been good for the most part and I find their online banking to be the most user-friendly of any I've encountered. I couldn't imagine using an online-only checking account with anyone else.
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