|
Rates and Account Review
Last Update: July 1, 2008
EverBank's claim to fame was the 6.01% apy 3-Month introductory yield on the FreeNet Checking and Yield Pledge Money Market accounts. The bank had offered that 6.01% apy on the FreeNet Checking account since September 2006.
Unfortunately, the yield succumbed to the Federal Reserve rate cuts starting on October 31, 2007 and was chopped to a low of 4.01% apy.
But the trend reversed on July 1, 2008 when EverBank raised the introductory yield to 4.76% apy.
| | Balance | APY | Interest Rate | 3 Month Bonus $1 - $50,000 | 4.76% | 4.65% | Post Bonus
$1.00+ | 3.51% | 3.45% |
| www.everbank.com
(888) 882-3837
>> Reader Reviews |
Minimum Deposit
$1,500 | Monthly Fee
$4.95* | Minimum Balance
$1,500 | Compounding
Daily |
*The $4.95 fee is charged only when the account balance falls below $1,500.
To open the Yield Pledge Money Market account and receive that introductory yield, a minimum deposit of $1,500 is required. That minimum balance must be maintained to avoid a $4.95 monthly fee.
Account opening has been reported to be slow. Sign-up will be done online at Everbank's web site, but customers will need to print-out and sign the application, then mail it in to Everbank with the opening deposit. It could take 1 to 3 weeks to get access to your new account.
The Yield Pledge Money Market account does feature limited check writing. The first book of 40 checks comes free. That will last a long time since there is a limit of 3 check transactions allowed per month.
One important item to note is that the 3-Month introductory yield will apply to the first $50,000 only. The balance above $50,000 will receive the post introductory yield.
FreeNet Checking Account
|
RSS
