EverBank is a digital bank with no physical branches, competitive rates on savings accounts, and currency trading options—but it is not the right fit for everyone

EverBank operates as an online-only bank owned by TIAA, a financial services company. It does not have branches you can walk into. The bank makes money primarily from interest rate spreads on savings products and from currency exchange services, which means its deposit rates tend to be higher than traditional banks because it has lower overhead costs. Whether it is a good choice depends on what you actually need from a bank.

The main things EverBank offers are high-yield savings accounts, money market accounts, and certificates of deposit (CDs). It also offers checking accounts, though these are less competitive than the savings products. The currency trading feature—the ability to hold and exchange foreign currencies in your account—is unusual for a retail bank and appeals to people who travel internationally or do business across borders. Your deposits are insured by the FDIC up to $250,000 per account type, the same as any other bank.

Key Takeaways

  • EverBank's savings and money market rates are typically higher than national averages, but you should compare them to other online banks before opening an account.
  • The bank has no branches and no phone support for most issues, so you need to be comfortable managing your account online or through mobile app.
  • EverBank charges no monthly maintenance fees on most accounts and no overdraft fees, which saves money if you make mistakes.
  • The currency trading feature is a real differentiator, but it comes with exchange rate markups that make it more expensive than using a currency exchange specialist.
  • Your money is FDIC-insured, so your deposits are protected even if the bank fails.

How EverBank's rates compare to other online banks

EverBank's savings account rates change based on market conditions and the Federal Reserve's decisions. At any given moment, you can find the current rate on their website. The rate varies depending on the account type—a regular savings account pays less than a money market account, which pays less than a CD locked in for a specific term.

To know whether EverBank is competitive, you need to check rates at other online banks on the same day. Banks like Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings all offer high-yield savings accounts. The differences between them are often small—sometimes a tenth of a percent—but that difference compounds over time. If you have $10,000 in savings, a 0.1% difference in annual rate means $10 per year. Over five years, it matters more.

EverBank's CDs often have promotional rates that are higher than their standard rates for the first few months, then drop. Read the fine print to see when the rate changes and what the ongoing rate will be. Some online banks offer no-penalty CDs, which let you withdraw your money early without losing interest; EverBank does not offer this product, so if you lock money into a CD and need it before maturity, you will lose some interest.

What it costs to use EverBank

EverBank charges no monthly maintenance fee on savings accounts, money market accounts, or checking accounts. There is no overdraft fee if you overdraw your checking account, which is unusual and saves money compared to traditional banks that charge $30 to $35 per overdraft. There is no fee to transfer money out of your account to another bank.

The currency trading feature does have a cost: EverBank marks up the exchange rate it offers you compared to the mid-market rate (the rate banks use with each other). The markup varies by currency pair and market conditions, but it is typically 1% to 2% on top of the true exchange rate. If you are converting $5,000 USD to euros, a 1% markup means you lose $50 to the exchange rate alone. For occasional travelers, this is acceptable. For people who move money across borders regularly, a currency specialist like OFX or Wise will be cheaper.

The tradeoff of having no branches

EverBank has no physical locations. You cannot walk in, deposit a check in person, or speak to someone face-to-face. All transactions happen through the website or mobile app. You can deposit checks by taking a photo with your phone, and you can transfer money electronically. If you need cash, you can withdraw from any ATM, though some ATMs charge a fee that you will have to pay (EverBank does not reimburse ATM fees).

Customer support is available by email and through the mobile app, but not by phone for most issues. This is faster than calling a bank and waiting on hold, but it is slower if you need an when ready answer. If you are someone who prefers to talk to a person on the phone, EverBank will frustrate you. If you are comfortable reading FAQs and sending emails, it works fine.

Who should use EverBank and who should not

EverBank works well for people who want higher savings rates, do not need a physical branch, and are comfortable managing money online. It is a good choice if you have money sitting in a traditional bank earning almost nothing and want to move it somewhere that pays more. It is also useful if you hold foreign currency or do international transfers regularly, because the currency account feature is genuinely different from what most banks offer.

EverBank is not a good choice if you need to deposit cash frequently (you cannot do this without a branch), if you prefer phone support, or if you want a full-service bank with loans, credit cards, and investment accounts all in one place. It is also not ideal if you are looking for the absolute lowest fees—some banks charge less for currency exchange, and some offer ATM fee reimbursement that EverBank does not.

How to decide if EverBank is right for you

Start by listing what you actually use a bank for. Do you need to deposit checks? Do you need to withdraw cash regularly? Do you need to talk to someone on the phone? Do you hold foreign currency? Do you want a single bank for everything, or are you comfortable having accounts at multiple banks? Write down your answers.

Then compare EverBank's current rates to three other online banks on the same day. Check the savings rate, the money market rate, and the CD rates for the terms you are interested in. Write down the numbers. The difference might be small, or it might be meaningful depending on how much money you have.

Finally, try the mobile app or website for a few minutes. Does the interface make sense to you? Can you find what you need? If the idea of managing your account entirely online makes you uncomfortable, that is important information. A slightly higher rate is not worth it if you will not use the account because the experience frustrates you.

Frequently Asked Questions

Is my money safe at EverBank?

Yes. EverBank is FDIC-insured, which means deposits up to $250,000 per account type are protected by the federal government. If the bank fails, you will get your money back. This protection is the same at every FDIC-insured bank.

Can I use EverBank if I travel internationally?

Yes, and the currency account feature makes it useful for travelers. You can hold multiple currencies in one account and exchange between them. However, the exchange rate markup makes it more expensive than using a currency specialist for large amounts. For occasional travel and small currency exchanges, it works fine.

What happens if I need to deposit cash?

You cannot deposit cash directly at EverBank because there are no branches. You would need to deposit the cash at another bank first, then transfer it electronically to EverBank. This is inconvenient if you handle cash regularly.

Does EverBank offer checking accounts?

Yes, but the checking account rates and features are not as competitive as the savings products. If you need a checking account primarily for bill pay and debit card use, EverBank works. If you want interest on your checking balance, other banks offer better rates.

How long does it take to transfer money out of EverBank?

Electronic transfers to another bank typically take one to three business days, depending on the receiving bank. This is standard for all banks. If you need money faster, you would need to withdraw cash from an ATM.