In an increasingly digital financial world, finding a bank that combines competitive rates, cutting-edge technology, and robust customer service is essential. EverBank, formerly known as TIAA Bank, has reemerged with a refreshed identity and renewed focus on delivering value to savers, investors, and globally-minded consumers. But does EverBank live up to the hype? This detailed 2,000-word review explores EverBank’s products, services, rates, pros and cons, and how it stacks up in today’s competitive banking landscape.
What Is EverBank?
EverBank is a FDIC-insured online bank that offers a range of financial products, from checking and savings accounts to CDs, mortgages, and investment options. Originally founded in 1998, EverBank was acquired by TIAA in 2017 and later rebranded as TIAA Bank. In 2023, the bank spun off from TIAA and reclaimed its original name: EverBank.
Headquartered in Jacksonville, Florida, EverBank positions itself as a tech-forward financial institution that offers high-yield deposit products and global access to currencies and investments.
Key Features at a Glance
| Feature | Details |
|---|---|
| Type | Online Bank |
| FDIC Insured | Yes, up to $250,000 |
| Minimum Deposit (Savings) | $0 for some accounts |
| ATM Access | Free at 90,000+ ATMs (Allpoint and MoneyPass) |
| Mobile App | Yes (iOS and Android) |
| Foreign Currency Accounts | Available |
| Global Access | Yes, with multi-currency CD options |
| Customer Support | Phone, email, and chat |
EverBank Products and Services
1. EverBank Yield Pledge® Checking
EverBank’s Yield Pledge® Checking is designed to offer above-average interest rates compared to national averages. The “yield pledge” is a commitment by EverBank to keep the APY in the top 5% of competitive rates offered by leading banks.
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APY: Competitive tiered rates based on balance
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Minimum Opening Deposit: $100
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ATM Reimbursements: Unlimited for U.S. fees
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International Use: No foreign transaction fees
Pros:
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Interest-bearing checking
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No monthly maintenance fees
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Unlimited ATM reimbursements
Cons:
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No physical branches
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Some services may require minimum balances
2. High-Yield Savings Account
EverBank offers a high-yield savings account with a strong APY that rivals other online-only competitors. There’s no monthly fee, and the account includes all the benefits of digital banking.
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Minimum Opening Deposit: $0
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APY: Highly competitive
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Withdrawals: Up to six per month (as per federal regulations)
Standout Feature: The account includes EverBank’s Yield Pledge, promising rates in the top 5% nationwide.
3. Money Market Account
EverBank’s money market account is best for savers who want both higher interest and liquidity. The APY is tiered and increases with higher balances.
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Minimum Deposit: $1,500
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Check-Writing Privileges: Yes (limited)
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Rate: Competitive, particularly for balances over $10,000
4. Certificates of Deposit (CDs)
EverBank offers a range of CD options, from traditional to unique specialty CDs.
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Standard CDs: 3 months to 5 years
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Bump-Up CDs: Allows you to raise your rate once during the term
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Foreign Currency CDs: Invest in international currencies
Pros:
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Higher rates than average
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Wide range of terms
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Currency diversification
Cons:
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Early withdrawal penalties
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Foreign currency CDs are riskier and not FDIC insured
5. Foreign Currency Accounts
A distinguishing feature of EverBank is its foreign currency deposit accounts, which allow customers to hold and invest in non-U.S. currencies.
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Types: Single-currency and multi-currency accounts
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Currencies Available: Euro, Australian dollar, British pound, Japanese yen, and more
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Use Case: Hedging against the U.S. dollar, global diversification
Note: These accounts are not FDIC insured due to the inherent risks of currency fluctuation.
EverBank Mobile App and Online Banking
EverBank’s digital platform is modern, user-friendly, and packed with features designed to make managing your finances seamless.
Key Features:
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Mobile check deposit
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Account alerts
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Transfer capabilities
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Biometric login (Face ID and fingerprint)
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Bill pay and recurring transfers
Both the iOS and Android apps have solid ratings (4.6+ on Apple App Store), and users report a clean interface with minimal bugs.
Fees and Fine Print
One of EverBank’s major appeals is its low-fee structure. Here’s what you can expect:
| Fee Type | Cost |
|---|---|
| Monthly Maintenance | $0 on most accounts |
| Overdraft | $0 with linked account for coverage |
| ATM Fees | $0 at 90,000+ ATMs, unlimited reimbursements |
| Wire Transfers | $0 incoming, $30 outgoing domestic |
| Early CD Withdrawal | Varies by term length |
Overall, EverBank is very transparent about fees, especially compared to traditional brick-and-mortar banks.
EverBank Customer Service
While EverBank has no physical branches, its customer support is available via:
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Phone: Extended hours during weekdays
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Email: Response within 1–2 business days
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Chat: Limited availability through mobile app
Support Hours:
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Monday–Friday: 8:00 AM – 9:00 PM (ET)
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Saturday: 9:00 AM – 7:00 PM
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Sunday: Closed
Customer reviews regarding service are mixed—many praise the knowledgeable reps, while others note long wait times during peak periods.
Security and FDIC Insurance
EverBank provides bank-level encryption, fraud monitoring, and two-factor authentication to secure your data and funds. Accounts are FDIC insured up to $250,000, with the exception of foreign currency accounts.
Additional security tools include:
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Alerts for unusual account activity
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Freeze/unfreeze debit cards
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Secure messaging within the app
Who Is EverBank Best For?
EverBank isn’t a one-size-fits-all institution, but it’s a powerful option for specific customer profiles.
Best For:
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Rate Shoppers: Those chasing top APYs on savings and CDs
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Frequent Travelers: No foreign transaction fees + currency accounts
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Digital-First Users: Mobile and online platform is strong
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Global Investors: Unique exposure to international currencies
Not Ideal For:
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Customers who prefer in-person banking
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Users who need business accounts (not currently offered)
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Those who are unfamiliar with foreign currency risks
How Does EverBank Compare to Competitors?
EverBank vs. Ally Bank
| Feature | EverBank | Ally Bank |
|---|---|---|
| Checking APY | Yes | Yes |
| Foreign Currency Accounts | Yes | No |
| ATM Access | 90,000+ | 43,000+ |
| CD Options | Standard, Bump-Up, Foreign | Standard, Raise Your Rate |
| Mobile App | Strong | Strong |
Winner: Tie — Ally is more consumer-focused, but EverBank wins on global features.
EverBank vs. Capital One 360
| Feature | EverBank | Capital One |
|---|---|---|
| Interest Rates | Higher on average | Moderate |
| Brick-and-Mortar Branches | None | Some |
| Currency Investment | Yes | No |
| App Ratings | Slightly higher | Competitive |
Winner: EverBank for savers, Capital One for hybrid digital/physical banking.
Pros and Cons Summary
Pros:
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High-yield checking and savings options
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Access to global currencies and CDs
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Unlimited U.S. ATM fee reimbursements
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Low fees and transparent terms
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Strong mobile app and online tools
Cons:
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No physical branches
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Foreign currency products carry risk
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Limited product range (e.g., no business accounts)
Final Verdict: Is EverBank Worth It?
EverBank is a compelling choice for tech-savvy, globally-minded savers who want more from their banking experience. The bank stands out with high-yield products, low fees, and unique foreign currency options rarely seen in consumer banking.
If you’re seeking strong returns, robust digital tools, and don’t mind banking without branches, EverBank may be one of the best online banks to consider in 2024.
Rating: ★★★★☆ (4.5/5)
Frequently Asked Questions (FAQ)
Q: Is EverBank safe?
Yes. It is FDIC insured and uses robust security protocols.
Q: Can I use EverBank internationally?
Yes. You can access funds via worldwide ATMs and invest in foreign currencies.
Q: Does EverBank have physical locations?
No, it operates entirely online.
Q: What’s the minimum deposit for EverBank CDs?
Most start at $1,000.
Q: Are foreign currency accounts insured?
No. These are not FDIC insured due to market risk.