EverBank is an online bank that lets you open savings accounts and CDs in different currencies

EverBank is a federally chartered online bank based in Jacksonville, Florida. It does not have physical branches — you open accounts and manage your money entirely through its website or mobile app. The bank is known for offering savings accounts and certificates of deposit (CDs) denominated in foreign currencies like euros, British pounds, and Japanese yen, alongside regular US dollar accounts.

The bank is FDIC insured, which means your deposits up to $250,000 per account type are protected by the Federal Deposit Insurance Corporation if the bank fails. This is the same protection you get at any traditional bank. EverBank also offers money market accounts and individual retirement accounts (IRAs), though its product line is narrower than a full-service bank.

Most people use EverBank for one of two reasons: they want to hold savings in a foreign currency without converting back and forth, or they are looking for CD rates that may be competitive with other online banks. The currency accounts appeal mainly to people who live abroad, plan to move internationally, or expect to spend money in another country in the future.

Key Takeaways

  • EverBank is an online-only bank that does not have branches, so all account management happens through its website or app.
  • The bank offers savings accounts and CDs in multiple foreign currencies, which is unusual — most US banks only offer dollar accounts.
  • Your deposits are FDIC insured up to $250,000 per account type, the same protection as at any other bank.
  • EverBank does not offer checking accounts, credit cards, or loans, so it works best as a supplementary savings account rather than your main bank.
  • Interest rates on EverBank accounts change regularly and may be higher or lower than other online banks depending on the account type and currency.

How EverBank's currency accounts work

A currency account at EverBank holds money in a foreign currency rather than US dollars. When you deposit money, you convert dollars to that currency at EverBank's exchange rate. When you withdraw, you convert back to dollars. The exchange rate you receive is set by EverBank and may differ from the mid-market rate you see on financial news sites — the bank builds in a margin, which is how it makes money on currency conversions.

The main reason to use a currency account is to avoid repeated conversions if you regularly spend money abroad. For example, if you live in Mexico and receive income in pesos, you can keep your savings in pesos at EverBank rather than converting to dollars and back. You pay the conversion cost only once, when you first deposit, instead of every time you move money.

Currency accounts also let you bet on exchange rate movements, though this is riskier. If you believe the euro will strengthen against the dollar, you could deposit dollars, convert to euros, and hold them. If the euro does strengthen, your account balance in dollars will be worth more when you convert back. If it weakens, you lose money. Most people use currency accounts for practical reasons, not speculation.

Interest rates and account types at EverBank

EverBank offers savings accounts, money market accounts, and CDs. Savings accounts typically pay a lower interest rate and let you withdraw money anytime without penalty. Money market accounts usually pay slightly more interest but may require a higher opening balance. CDs lock your money away for a set term — commonly three months, six months, one year, or longer — and pay a fixed interest rate. If you withdraw before the term ends, you pay an early withdrawal penalty.

Interest rates at EverBank change frequently and vary by account type, currency, and term length. Because EverBank is an online bank with no branches, it generally has lower overhead costs than traditional banks and can pass some of that savings to customers through competitive rates. However, rates are not may provide to be the highest available — other online banks may offer better rates on dollar accounts in any given month.

If you hold a currency account, the interest rate is typically lower than on a dollar account at the same bank. This is because currency accounts carry additional risk for the bank. You are also subject to exchange rate risk: even if your account earns interest, a drop in that currency's value against the dollar could mean your balance is worth less in dollars when you convert back.

Opening an account at EverBank

To open an account, you visit EverBank's website, choose the account type and currency you want, and complete an online form. You will need to provide your Social Security number, date of birth, address, and employment information. EverBank will verify your identity and check your banking history through ChexSystems, a database that tracks checking and savings account behavior.

Once your account is open, you fund it by transferring money from another bank account. EverBank provides routing and account numbers for ACH transfers, which typically take one to three business days. You can also mail a check, though this is slower. There is no monthly maintenance fee at EverBank, and no minimum balance requirement on most accounts, though some CDs and money market accounts do have minimums.

The entire process is digital — you never speak to a person unless you contact customer service with a question. This makes opening an account fast, usually within a few minutes, but it also means you cannot get personalized information about which account or currency makes sense for your situation.

What EverBank does not offer

EverBank does not have checking accounts, debit cards, or credit cards. You cannot use it as your primary bank for everyday spending. It also does not offer loans, mortgages, investment accounts, or financial information. If you need a full range of banking services, you will need to use EverBank alongside a traditional bank or another online bank that offers checking.

The bank does offer IRAs — both traditional and Roth — which let you save for retirement with tax advantages. However, the investment options within an IRA at EverBank are limited to savings accounts and CDs. You cannot buy stocks, bonds, or mutual funds through EverBank, so it is not suitable if you want a self-directed investment account.

Who EverBank makes sense for

EverBank works best for people who have a specific reason to hold savings in a foreign currency or who are looking for a supplementary savings account to park money they do not need when ready. If you live abroad, receive income in another currency, or plan to spend significant money in a foreign country, the currency accounts can save you money on repeated conversions.

EverBank also suits people who want a straightforward, no-fee savings or CD account and do not need the full range of services a traditional bank offers. Because there are no branches and no staff to support, the bank keeps costs low and can offer competitive rates. However, if you need customer service, you are limited to phone, email, and chat — there is no in-person option.

EverBank is less suitable if you need checking, a debit card, or the ability to deposit cash. It is also not ideal if you want investment options beyond savings and CDs, or if you prefer to work with a bank that has physical locations you can visit.

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 if the bank fails. This is the same protection you get at any other bank. The FDIC is a federal agency backed by the US government, so this protection is real and reliable.

What happens to my currency account if the exchange rate drops?

Your account balance in that currency stays the same, but its value in dollars decreases. For example, if you hold 1,000 euros and the euro weakens against the dollar, those euros are worth fewer dollars when you convert back. You earn interest on the account, but the interest may not offset the currency loss.

Can I withdraw money from a CD early?

Yes, but you will pay an early withdrawal penalty. The penalty amount depends on the CD term and current interest rates — longer-term CDs typically have larger penalties. You should check EverBank's specific penalty schedule before opening a CD if you think you might need the money before the term ends.

Do I need a US address to open an EverBank account?

EverBank requires a US mailing address and a US Social Security number or tax ID. If you live abroad, you can use a US address belonging to a family member or a mail forwarding service. Contact EverBank directly if you have questions about your specific situation.

How do I compare EverBank rates to other banks?

Visit EverBank's website to see current rates, then check other online banks like Marcus, Ally, or American Express Personal Savings to compare. Rates change frequently, so the highest-paying bank changes month to month. For currency accounts, EverBank is one of the few options available, so you have fewer alternatives to compare against.