EverBank Yield Pledge Money Market Account

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.

 

Yields and Rates

Contact

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

 

Reviews

 

>> Reader Reviews

Yield Trend

 

 

Account Features

 

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.

 

Account Review

 

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.

 

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