EverBank Review 2023

Might be a good choice for frequent debit card users looking for an online bank

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TIAA Bank

TIAA Bank rebranded to EverBank in August 2023. The institution was founded more than a century ago with the intention of helping teachers retire. Today it’s a full-service bank that has more than 80,000 in-network ATMs in the U.S. While it’s primarily an online-only bank, you'll be able to set foot in a physical branch if you're in Florida.

Debit card with perks

Earn interest on checking account

Extensive ATM network

A limited number of physical branches

Higher interest rates from online-only banks found elsewhere

TIAA Bank

EverBank should appeal to most customers who desire a full range of services with an online-only bank. It might be a particularly good fit for those who:

EverBank offers a number of different types of accounts and services:

Basic Savings

EverBank's Basic Savings account requires only $25 to open one. If you keep at least $25 in your account, the monthly account fee gets dropped. If you don’t, you’re looking at a $5 fee each month. If you reside in Rhode Island, the minimum deposit and monthly account fee are waived.

Basic Checking

EverBank's Basic Checking account has a $25 minimum deposit to get started. To waive the $5 monthly account fee, you’ll need to maintain a balance of $25. New York residents do not pay the monthly account fee nor are they required to have the minimum amount to open.

Yield Pledge Checking

There’s a $100 minimum to open an account. EverBank's checking enables you to earn interest. The current tiered rate is 0.25% APY.

EverBank promises that its APY rates remain competitive and are among the top 5% of interest rates. There’s no monthly maintenance account fee, and for balances less than $5,000, you get up to $15 reimbursed per month for out-of-network ATM fees. You also enjoy special perks with your debit card: purchase protection, return protection, and extended warranty protection.

Yield Pledge Money Market Account

EverBank’s money market account has no monthly account fee and requires a $500 minimum deposit to get started. At 3.75% APY with the Yield Pledge promise, it might be worth considering, especially if you want some liquidity with your cash.

$1,000 is the minimum deposit requirement for opening a CD at EverBank.

Basic CDs

EverBank’s CDs range in terms of three months to five years. You need a minimum of $1,000 to sign up for a CD. The rates are as follows:

If you withdraw early, you’ll be dinged with a penalty.

IntraFi Network Deposits Service

For those who have a lot of money to park in a CD, EverBank offers a way for you to deposit funds at other banks in its network. That’s so you can have access to millions of dollars in Federal Deposit Insurance Corporation (FDIC) insurance, versus the standard $250,000 per account. You’ll need at least $10,000 to open a CD through this service, and there are funding limits.

Bump-Rate CD

Only for CDs with a term of three-and-a-half years, should the interest rate increase during the duration of your CD, you can “bump up” the existing rate of the CD to the new one. Note that you can only do this once and for one account.

EverBank currently offers one credit card, which is its Rewards Credit Card.

EverBank also offers a handful of other services and products:

Whether you do banking or utilize their brokerage or advisory services, EverBank offers live customer support. Depending on the products, the hours vary and are as follows:

As you might expect from an online-only bank, EverBank offers a variety of tools you can access on your phone or desktop. You can pay bills, receive payment alerts, and set up automatic bill pay. What’s more, you can create a budget and savings goals and send money to friends and family through Zelle.

For help with banking-related issues, EverBank's customer support team is available six days a week, from 8 a.m. to 8 p.m. Monday - Friday and 9 a.m.-7 p.m. Saturday-Sunday EST. If your debit or credit card gets lost or stolen, around-the-clock service is available.

As with other online-only financial institutions, you can sign up for an account online. Have questions before you sign up? You can reach out to their customer support, or poke around its help center.

EverBank might be a good option for those who want an online bank that makes it easy for them to get money from an ATM and make a lot of purchases on their debit card. If you are looking at opening an account with an online-only bank, you’ll probably be able to find higher interest rates elsewhere.

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.

TIAA Bank. "ATM Locator."

TIAA Bank. "Florida Financial Center Locations."

TIAA Bank. "Yield Pledge Checking," Click "Purchase Benefits."

TIAA Bank. "Yield Pledge Checking."

FDIC. "National Rates and Rate Caps."

TIAA Bank. "Banking Rates."

TIAA Bank. "Basic Savings: Summary of Basic Terms," Page 1.

TIAA Bank. "Basic Accounts."

TIAA Bank. "Yield Pledge Money Market."

TIAA Bank. "Banking Rates," Click "Savings."

TIAA Bank. "Basic CD."

TIAA Bank. "IntraFi Network Deposits — CD Option Account (Formerly CDARS)."

TIAA Bank. "3.5-Year Bump Rate CD."

Money Market Account

Savings

Checking Accounts

Budgeting & Savings

Savings Accounts

Savings Accounts