Among national Internet financial institutions, EverBank is making noise with its innovative products and its reputation for strong customer service. Today, BankShout looks at EverBank’s high yield savings account. The Yield Pledge Money Market account combines an introductory rate with a longer term guarantee that is unusual, but has proven popular among depositors.
Jacksonville, Florida-based EverBank has a “yield pledge” that is offered with the money market account; basically, EverBank guarantees that your rate will stay in the top 5% of similar accounts, nationally. That is in addition to a 3-month bonus annual percentage rate of 2.25%. Account balances up to $50,000 will then earn a first-year return of 1.51% APY, according to EverBank’s website.
So the rate is high. What about the other features? Yield Pledge Money Market has what appears to be an outstanding perk: EverBank’s online banking shows you your entire portfolio, as opposed to just your accounts with EverBank. I found this to be yet another unusual but attractive feature of the Yield Pledge account. Basically, EverBank provides a total banking platform online–one that could be extremely convenient for those of us who have numerous banking and retirement accounts spread across several financial institutions.
Minimum balance to open the Yield Pledge Money Market is $1500. Balances of at least $5000 will avoid a monthly fee, currently $8.95. In an earlier BankShout post, I also reviewed EverBank’s checking account here.
Kevin Fleming founded the CreditShout Network in 2008 to help people manage their credit and finances. Kevin wants to make it easy for anyone, regardless of their level of financial knowledge to understand banking and what may seem like the complex world of personal finance.
