EverBank Ups Checking Account Promo - 6.01% for 3 Months
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EverBank just increased its promotional checking account rate from 5.51% to 6.01% APY for the first 3 months. Every few months for the last couple of years, Everbank has been raising the rate of this promo. Last April 1st it had increased it from 5.01% to 5.51%. I had thought we might see a new 6.01% promo. But with interest rates leveling off lately, I wasn't too sure.
Here are some good points about EverBank's FreeNet checking from EverBank's website and based on info from this FW thread:
Since this is a checking account, the slowness of the ACH transfer system should not be a big deal. You should be able to link this account from other savings accounts at EmigrantDirect or VirtualBank without a problem. Then you can push and pull money from those accounts. You can think of this deal as a 3-month 6.01% CD with a $50 bonus, or you can think of it as a useful long-term checking account. After the promo, the interest rate goes down to 3.25% for balances under $10K. It's not bad for a checking account, but still low compared to savings accounts. However, it has no minimum balance, no direct deposit requirement and no activity requirements. So it may be a worthwhile account to keep.
[Update 5/28/07: See this post for some new details on EverBank and this promo.]
Here are some good points about EverBank's FreeNet checking from EverBank's website and based on info from this FW thread:
- Minimum opening deposit $1,500. Maximum of $100K
- Special APY offer is available to first-time checking account holders only and is limited to one account per household.
- First 50 checks are free
- Free postage-paid deposit envelopes
- EverBank charges no fees for ATM usage, and will even reimburse you for up to $6.00 a month in surcharges levied by ATM operators
- Online External Transfers feature to move money between EverBank and non-EverBank financial accounts. It has been reported that transfers are slow, taking up to 5 business days. Also, you may lose about 2 days of interest.
- Free inbound wire transfers. Wire transfers have been reported to be fast, completing the same day.
- Thank you check of $50 if you're not satisfied and close the account within 30 days of your 3-month anniversary (see details).
- No monthly maintenance fee. If Web bill payment option is used, you need to maintain $1.5K balance to avoid a $4.95 monthly fee.
- It has been reported that a hard credit pull is done
Since this is a checking account, the slowness of the ACH transfer system should not be a big deal. You should be able to link this account from other savings accounts at EmigrantDirect or VirtualBank without a problem. Then you can push and pull money from those accounts. You can think of this deal as a 3-month 6.01% CD with a $50 bonus, or you can think of it as a useful long-term checking account. After the promo, the interest rate goes down to 3.25% for balances under $10K. It's not bad for a checking account, but still low compared to savings accounts. However, it has no minimum balance, no direct deposit requirement and no activity requirements. So it may be a worthwhile account to keep.
[Update 5/28/07: See this post for some new details on EverBank and this promo.]
Labels: banks, checking accounts, EverBank
posted by Banking Guy at
9/01/2006 06:20:00 AM
16 Comments: Post a Comment
comment policy end of commentsI'm told by EverBank that unfortunately if you're an existing customer earning that 5.51% APY rate they were offering on their FreeNet checking account, there is no way you can get that rate bumped up to the new 6.01% APY rate, even if you were to close your account and then reopen it. The offer is good for only one account per household, so you can't have your spouse open an account either.
By
Anonymous, at 1:53 PM, September 01, 2006
Thanks for mentioning this. It is unfortunate for those who already have opened this account. I would have guessed that 5.51% would have been the peak after the latest news on interest rates.
By
Banking Guy, at 5:17 PM, September 01, 2006
BE FORWARNED ---- They will only allow you to transfer out a maximum of $10,000.00 per day. So, if you have a $100,000.00 on deposit you have to do 10 ACH transfers over 10 days, leaving your min. balance to prevent a charge. Then,they will not allow you to close the account and ACH the balance of the funds (paper check by mail, or wire for a fee are the only options).
By
Anonymous, at 3:28 AM, September 05, 2006
Get out your calculator and watch out for the interest rate EverBank pays you. Though I have made several complaints to EverBank to recalculate my iterest to what it was originally promised to be (5.51% APY or 5.36% APR, guaranteed for 3 months - opened on 6/16/06), I have had no luck in getting them to correct it yet. I am waiting until 9/16/06 and will close this account, once again requesting they correct it to be 3 months interest at their "guaranteed rate".
By
Anonymous, at 10:51 AM, September 08, 2006
I got into Everbank when they were offering an introductory APY of 5.51% (just a day or two before it went up to 6.01% no less!) I found that the majority of my transfers took 4 business days to complete which meant, unless I initiated them on Monday, I lost a full SIX DAYS of interest! Since they have that $10k cap on ACH transfers in and out of the account, the first month was almost up by the time I completed my transfers. With Presidential checking offering a much nicer interest rate and all the problems I'd experienced when I opened the account, I closed my account as soon the three months ended but doubt that I'll see the $50 check mentioned since I didn't use the bill transfer system (no, you don't just get the check if you're dissatisfied, or at least not according to their website when I joined). All in all, it was hardly worth the little extra interest I got in the end after subtracting the lost interest due to the long transfer times. Since I didn't use the bill transfer system I was told I could transfer all the funds out without incuring a fee between the time of the transfer and when they receive my letter asking that the account be closed (used Emigrant to initiate the transfer out since they don't have that $10k cap and process transfers overnight resulting in no lost interest...but this did mean I couldn't use the funds for several days until Emigrant finally listed them as "available").
By
Anonymous, at 9:59 AM, November 13, 2006
Their account opening is not very secure, they ask for all sorts of informaiton and pass codes, then ask you to mail it in. Who knows where the mail can be misdirected and who knows what mail room guy opens it on their end. No thank you
By
Anonymous, at 5:47 AM, February 13, 2007
How is this account compounded, daily? Weekly?
Thanks in advance.
By
Anonymous, at 5:10 PM, February 21, 2007
I opened the checking account with EverBank in February, and didn't see a hard credit request. They default to including overdraft protection, but the option can be unchecked during the application process. I'm guessing the reports of a hard credit pull are from people who left that chosen during the application.
By
Jeremy, at 8:48 PM, March 28, 2007
I was looking for a place to park some money for about 3 months. Found this checking account from EverBank, and it pays better than any CD out there now. So I called them to clear up a few things.
I was told that the account would be opened faster by wiring them the money. Second best options: sending a cashier's check or money order. Apparently that's because they wait a couple of days for the check to clear.
Also, if you don't use their bill payment feature you will not qualify for the $50 "unsatisfied" bonus.
I'll be sending in the application tomorrow, hoping everything goes smoothly. I'll try to return here to post my experince.
By
Anonymous, at 10:50 PM, May 10, 2007
Thanks for the info. Please let us know how the application process goes.
By
Banking Guy, at 5:47 AM, May 11, 2007
this everbank deal doesn't sound as good as the deal that I am getting at Oregon Community Credit Union, I get 6.01% every month and there is no monthly fee or min./max balance and all I have to do to recieve it is enroll in internet banking, use my debit card 10 times, get statements online, and have an ach deposit or withdrawl. it's all stuff i already do, plus the people are soooo nice there. If you live in Oregon or know someone who does you should check out this account. it's great!!!
By
Anonymous, at 12:17 PM, June 02, 2007
Thanks for the info. Oregon CCU is one of the few to not have a max balance for the high yield. So it's an especially great deal. Most seem to have a $25K max.
I have more info on Oregon CCU's reward checking here and a list of reward checking accounts for many other places here.
By
Banking Guy, at 2:39 PM, June 02, 2007
Does EverBank issue you a Check Card (either Visa or Mastercard) with the FreeNet Checking Acount? Also does anyone know if their BillPay service offers E-bills from companies?
By
Michael Becerra, at 2:42 AM, July 28, 2007
I confirm that Everbank did a hard credit pull for all account holders. Bad for your credit score.
By
Advait, at 9:28 PM, August 07, 2007
The link for the $50 Everbank money back is broken, leading me to believe that that promotion is over.
By
ProfessorB, at 6:56 AM, September 28, 2007
I don't understand what you mean by getting 50 dollars in bonus.
As far as I'm concerned, I understand I'd get $50 if I'm not satisfied with the bank and trying to close it.
Should I lie to the bank that I'm not satisfied with their service so that I can $50?
If not, is there any other ways that I can get $50 in bonus?
By
Zarut, at 8:53 AM, October 02, 2007
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