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Everbank 3 Month Money Market and Checking Promo

November 9th, 2009

Everbank is offering a 3 month promotional rate of 2.51% on their money market and checking accounts. The rate applies for up to $50,000 on their Yield Pledge Money Market Account and up to $100,000 on their FreeNet Checking Account. This promotion is only available to people who have never opened these accounts, and you are allowed to take advantage of both deals if you’ve never opened these accounts with Everbank.

The current ongoing rate after the promotional rate is 1.51% APY on the money market account. The checking account rates are tiered after the promo rate ends. You get 1.51% APY for balances over $100,000, 1.45% APY on balances from $50,000 to $100,000, and the rates below $50,000 are all under 1%.

everbankThe FreeNet Checking Account doesn’t come with monthly fees unless you activate online billpay and your balances falls below $5,000. The money market account does have a $8.95 fee if your balance falls below $5,000 so you want to make sure you have over $5,000 if you’re going to open the money market account with them. If you’re having trouble getting a regular checking account, you might want to take a look at a second chance checking account.

The money market account comes with check writing abilities with a limit of 3 checks per month in accordance with federal regulations. The checking account has no limit on check writing and your first set of checks are free. Additionally, you can get up to $6 reimbursed per month in ATM fees if your account is above $5,000. The checking account also comes with a $50 satisfaction guarantee. There are special rules for this though and you’ll have to contact Everbank for them. I’m unsure if you get a free checkbook or not.

You should also be aware that you may get a hard credit pull when opening an Everbank account. They do have an ACH transfer system for initial deposits with a limit of $50,000. There’s a limit on outgoing transfers of $50,000 per day and $100,000 per month. There’s no limit to how many accounts you can link to your Everbank account.

One type of account that Everbank offers is their insured advantage CDs. With these accounts you can get up to $50 million FDIC insured in certificates of deposit. Everbank will take out CDs at many other banks and stay under the FDIC limits on all accounts. This is a really useful account if you want to get an interest bearing account on a very large amount of money and still keep it FDIC insured without all the hassle of finding each bank on your own. The downside is that the rates aren’t as competitive as if you found the accounts on your own, but that’s the trade off for the added convenience of having your accounts all in one place.

Everbank is a FDIC insured bank and has a strong 4 out of 5 star soundness rating from Bankrate. If you’d like to open an account with Everbank click here to visit their site and select the account you’re interested in. To go directly to their money market account click here.

Money Market Rates

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