EverBank, which used to be TIAA Bank, is an online financial organization with branches in Jacksonville, Florida. Still, it serves customers from all across the United States with a digital presence. With consistently low interest rates that attract customers, EverBank provides various accounts such as checking accounts, high-yield savings accounts, money market accounts, and CDs. Below is a summary of EverBank’s key products, advantages, and some possible weak spots to recommend.
Key Account Offerings
Checking Accounts: EverBank provides two ranges of checking accounts: basic checking and performance checking. Both Basic and Performance accounts have no monthly maintenance fees, ATM reimbursements of up to $15 monthly for balances below $5,000, and a minimum opening deposit of $25 for Basic and $100 for Performance. The performance account also states a fair interest rate of 0.40% APY, considered a checking account appropriate for clients who want their money to grow but remain very accessible.
Savings and Money Market Accounts: The Performance Savings account could be considered a highlight as it offers around 5.05% APY and doesn’t require the maintenance of a minimum balance, which many other high-yield savings accounts can boast. The money market account also has reasonable rates of 3.75% to 4.20%, depending on the balance, as well as access to checks and debit cards.
Certificates of Deposit (CDs): Presently, short-term and long-term CDs of EverBank range from 3 months to 5 years, with its certain specific term touching 4.15% APY. Moreover, EverBank also provides CDARS (Certificate of Deposit Account Registry Service) to clients who want FDIC insurance, which is more than maxed out.
Pros of Banking with EverBank
High Interest Rates: In savings, money market, and CD accounts, EverBank provides APYs that are generally higher than the national average to attract customers who want higher investment returns.
No Monthly Maintenance Fees: Primary accounts include savings accounts, checking accounts, and money market accounts, none of which attract any fees every month, which is helpful for users who do not wish to be charged any additional costs.
ATM Access and Reimbursements: As for the extensive availability of almost 100k ATMs across the country and up to 15$ monthly ATM fee refund (unlimited if the client has at least 5000$ in account), EverBank meets the customer needs of those who often use ATMs and do not want to pay extra fees for it.
Cons and Areas for Improvement
Limited Physical Presence: EverBank has its branches in Florida. However, there are not numerous physically established branches, so those who like to work with their money face-to-face may find it inconvenient.
Mobile App and Branding Transition: Certain users complain about the change of name from TIAA Bank to EverBank since the application has the TIAA label. However, the detailed review for the app indicates that the reviews are positive with the following scores, 4.7 stars from Apple App Store users and 4.2 stars from Google Play users, meaning most users are satisfied with the app.
Ideal Customer Profile
The EverBank is suitable for individuals who already operate in the digital space and do not wish to spend time visiting a branch and physically banking. This may also attract more experienced investors due to its diversity of products; other products the company offers include investments such as precious metals and foreign currency accounts. However, if one has to visit a branch or get a variety of account types, then some other institution may favor you more.
EverBank is ideal for individuals seeking competitive returns on savings, with no usual bank charges coupled with functional online banking and a vast network of ATM support. There are certain limitations, though, like the availability of fewer physical branches and certain changes in the branding with the shift towards the online banking model, it is one of the most compelling options given the importance given to the customer value as well as the competitive interest rates offered.
