Skip to main content
No. of Recommendations: 0
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.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.