What EverBank offers and who it works best for

EverBank is an online bank owned by TIAA that offers savings accounts, money market accounts, and certificates of deposit (CDs). It does not have physical branches — you manage your account through their website or mobile app. The main draw for most people is that EverBank pays higher interest rates on savings than traditional banks do, because they have lower overhead costs without branches to maintain.

Whether EverBank is right for you depends on what matters most in a savings account. If you want the highest possible interest rate and do not mind banking entirely online, it can be a solid choice. If you need to deposit cash in person, speak to someone face-to-face, or prefer a bank with local branches, EverBank will not meet those needs.

EverBank is FDIC-insured, which means your deposits up to $250,000 are protected by the federal government if the bank fails. This is the same protection you get at any other FDIC-insured bank, regardless of interest rate.

Key Takeaways

  • EverBank pays higher interest rates than most traditional banks because it operates online only, with no branch locations.
  • You cannot deposit cash in person at EverBank — all deposits must be made by transfer from another bank account or by check through the mail.
  • Your money is FDIC-insured up to $250,000, the same protection offered by any other FDIC-insured bank.
  • EverBank charges no monthly maintenance fees on most savings accounts, but you should compare their current rates to other online banks before opening an account.

How interest rates work at EverBank

Interest rates at EverBank change frequently — sometimes weekly — based on what the Federal Reserve does and what other banks are offering. When you open an account, you lock in the rate that exists on that day, but EverBank can lower your rate at any time with notice. This is true at every bank, not just EverBank.

The rates EverBank advertises are usually competitive with other online banks, but "competitive" does not mean "the highest." On any given day, another online bank might offer a slightly higher rate on savings accounts or CDs. Because rates move constantly, the best approach is to check what EverBank is offering right now, then compare it to at least two other online banks — such as Marcus, Ally, or American Express Personal Savings — before you decide.

EverBank also offers CDs with terms ranging from three months to five years. CD rates are typically higher than savings account rates, but your money is locked away for the full term. If you withdraw early, you pay a penalty.

What it costs to bank with EverBank

EverBank charges no monthly maintenance fee on its savings accounts or money market accounts. There are no minimum balance requirements to open an account or keep it open. This means you can start with any amount and will not be charged just for having the account.

If you need to move money out of EverBank, transfers to another bank account are free and usually take one to three business days. If you want to withdraw cash, you can use ATMs that are part of the Allpoint network, which has over 55,000 locations worldwide. Allpoint ATM withdrawals are free at EverBank.

The main cost of banking with EverBank is opportunity cost: if another bank is paying a higher interest rate and you keep your money at EverBank instead, you earn less interest. Over a year, this difference can add up, especially if you have a large savings balance.

How to deposit and withdraw money

Because EverBank has no branches, you cannot walk in and deposit cash. Instead, you can transfer money from another bank account you own — this is the most common way to fund an EverBank account. You can also mail a check to EverBank, though this takes longer. Some employers allow direct deposit to multiple accounts, which means your paycheck can go straight to EverBank.

To withdraw money, you have three options: transfer it back to another bank account you own, withdraw cash from an Allpoint ATM, or request a check by mail. Transfers are fastest, usually completing within one to three business days. ATM withdrawals are when ready. Checks take several days to arrive and clear.

If you regularly need to deposit cash — from a job that pays in cash, for example — EverBank is not practical. You would need to deposit the cash at another bank first, then transfer it to EverBank, which adds an extra step.

EverBank compared to traditional banks

A traditional bank with branches typically pays much lower interest rates on savings accounts — often less than 0.01% per year. EverBank and other online banks pay rates that are many times higher. The trade-off is convenience: you cannot walk into a branch, and you cannot deposit cash directly.

If you have a checking account at a traditional bank and want to earn more interest on savings, you have two paths. You can open a savings account at the same bank, but the interest rate will likely be low. Or you can open a savings account at an online bank like EverBank and transfer money between the two accounts as needed. Many people do both: they keep a checking account at a traditional bank for everyday use and a high-rate savings account at an online bank for money they want to save.

EverBank also differs from credit unions, which are member-owned financial institutions that sometimes offer competitive rates. Credit unions are also FDIC-insured (or NCUA-insured, which is equivalent), but availability and rates vary widely depending on which credit union you join.

Things to consider before opening an account

Before you open an EverBank account, check what rate they are currently offering and compare it to at least one other online bank. Rates change constantly, and what is highest today might not be highest next week. Spending five minutes comparing saves you money over time.

Think about how you will fund the account. If you have another bank account, transferring money is straightforward. If you only have cash, you will need to deposit it somewhere else first. If you get paid by direct deposit and your employer allows multiple accounts, you can send your paycheck straight to EverBank.

Consider whether you might need the money quickly. Savings accounts have no withdrawal limits, but transfers take one to three business days. If you need cash today, EverBank is not the right place to keep emergency money — keep that at a bank where you can walk in and withdraw it when ready.

Finally, read EverBank's current terms on their website. Banks change their policies, and what is true today might change. The information here describes how EverBank generally works, but the specific rates, fees, and features you see when you visit their site are what actually explore to you.

Frequently Asked Questions

Is my money safe at EverBank?

Yes. EverBank is FDIC-insured, which means the federal government protects your deposits up to $250,000 if the bank fails. This is the same protection you get at any other FDIC-insured bank. Your money is not at risk because the bank is online-only.

Can I use EverBank as my main checking account?

EverBank does not offer checking accounts, only savings accounts, money market accounts, and CDs. You would need a checking account elsewhere. Many people use EverBank for savings and keep a checking account at another bank for everyday spending.

What happens if I need to withdraw money before a CD matures?

You can withdraw early, but EverBank charges a penalty. The penalty amount depends on the CD term — longer terms have larger penalties. Before you open a CD, check EverBank's current early withdrawal penalty so you know what it will cost if you need the money sooner.

How long does it take to transfer money from EverBank to another bank?

Transfers usually take one to three business days. Weekends and holidays can add time. If you need money faster, withdraw cash from an Allpoint ATM instead — that is when ready.

Do I need a minimum balance to open an EverBank account?

No. EverBank has no minimum balance requirement to open an account or keep it open. You can start with any amount, even a small deposit.