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The bottom line: EverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn’t charge monthly service fees on accounts, won’t charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.
EverBank Review: Overall Rating
FeatureInsider rating (out of 5)Savings4.5Checking4.25CD3.5Money market account4.25Trustworthiness4Total4
EverBank Pros and Cons
ProsCons
Pays high interest rates
No monthly service fees
No minimum opening deposit for savings or money market accounts
Money market account includes checks and a debit card
No overdraft or ATM fees
Other online banks pay even higher ratesSavings and money market account rates decrease after the first yearHigh early withdrawal penalties on certain CD terms
About EverBank
EverBank is a bank based in Jacksonville, Florida. In summer 2023, TIAA Bank rebranded as EverBank — so EverBank has nine branches in Florida and corporate offices in several other parts of the US. TIAA is refocusing on retirement and wealth management services and still has over 120 TIAA centers nationwide.
You can open a new EverBank account either at a branch in Florida or online from anywhere in the US. You have access to almost 100,000 free ATMs nationwide.
Customer support is available on weekdays from 8 a.m. to 8 p.m. ET, and Saturdays from 9 a.m. to 7 p.m. Branch hours vary by location and whether you’re visiting an EverBank or TIAA branch.
The mobile app still has the TIAA name. The TIAA app has 4.7 out of 5 stars in the Apple store, and 4.4. out of 5 stars in the Google Play store.
Your deposits are insured by the FDIC. Up to $250,000 is safe in an individual EverBank account, or $500,000 for joint accounts.
Is EverBank Trustworthy?
EverBank has an A+ rating from the Better Business Bureau. A strong BBB indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
TIAA (now EverBank) does have one recent controversy, though. In 2021, TIAA subsidiary TC Services was required to pay $97 million in a settlement with the Securities and Exchange Commission. According to the settlement, the SEC said TC Services failed to disclose conflicts of interest to customers who were part of employer-sponsored retirement plans.
EverBank FAQs
Does EverBank still exist?
Yes, EverBank has nine financial centers around Florida.
Is EverBank legit?
Yes, EverBank is a legitimate bank with FDIC insurance. It’s based in Jacksonville, Florida.
Is EverBank FDIC-insured?
Yes, EverBank is FDIC-insured; $250,000 is insured in an individual account, and $500,000 in a joint account. This means that even if EverBank shuts down, your insured funds are still safe.
Who took over EverBank?
TIAA took over EverBank in 2017 and officially changed the name in 2018. But TIAA Bank has switched its name back to EverBank.
Did EverBank become TIAA?
TIAA bought EverBank in 2017, then EverBank changed its name to TIAA Bank. But as of 2023, TIAA is changing its name back to EverBank.
Why is TIAA becoming EverBank again?
TIAA sold most TIAA Bank shares to private investors. Once the sale was complete, it changed its name to EverBank.
EverBank Account Reviews
EverBank Yield Pledge Online Savings
EverBank Yield Pledge Online Savings – Product Name Only pays 5.00% APY for your first year, then you’ll earn 4.50% APY. Both rates are significantly higher than the average interest rates on savings accounts. There is a EverBank Yield Pledge Online Savings – Minimum Deposit minimum opening deposit and EverBank Yield Pledge Online Savings – Fees Display.
EverBank Yield Pledge Checking
Not only does EverBank Yield Pledge Checking – Product Name Only pay EverBank Yield Pledge Checking – APY APY, but it’s also a great account for avoiding fees. There is EverBank Yield Pledge Checking – Fees Display. It offers multiple ways to avoid overdraft fees, doesn’t charge out-of-network ATM fees, and even reimburses fees charged by out-of-network ATM issuers.
EverBank CD
EverBank pays EverBank CD – APY APY on CDs. These are high rates overall, but the best CD rates are even higher right now. You’ll also want to keep an eye on early withdrawal penalties — they can be hefty for longer terms.
EverBank Yield Pledge Money Market Account
Like the bank’s savings account, the EverBank Yield Pledge Money Market Account – Product Name Only pays a higher rate for the first year, then drops a little. It also has a tiered-rate system, so after the first year, you’ll earn more with a higher balance. This account stands out because it comes with both a debit card and checks, so it’s easy for you to access your savings quickly.
How EverBank Compares
EverBank vs. Synchrony Bank
Although Synchrony savings rates are high, EverBank still pays higher rates on its savings and money market accounts.
Synchrony CD rates range from Synchrony Bank CD – APY APY, so the better rate between the two banks will depend on which term you choose. Synchrony does offer more terms than EverBank, such as 16-month and 19-month options. It also has a no-penalty CD paying Synchrony No-Penalty CD – APY APY, and a 2-year bump-up CD that pays Synchrony Bump-Up CD – APY APY and lets you request a rate increase once during the term. So you have many more CD options with Synchrony.
EverBank might be the better option if you want to do all of your banking with the same company, though. Synchrony does not offer a checking account. On the bright side, its savings account includes an ATM card, giving you quick access to your cash.
EverBank vs. Ally Bank
EverBank and Ally share a lot of similarities: They pay high rates and don’t charge overdraft, ATM, or monthly maintenance fees. EverBank pays a higher savings rate, but the Ally Money Market Account – Product Name Only pays Ally Money Market Account – APY APY — while this is lower than EverBank’s initial APY, it’s higher than what it offers after the first year.
EverBank pays higher rates overall on regular CDs. But Ally has a no-penalty CD that pays Ally No Penalty CD – APY APY. The Ally Raise Your Rate CD – Product Name Only comes with a 2-year or 4-year term. Both terms pay Ally Raise Your Rate CD – APY APY, and you can request to increase your rate once with the 2-year term and twice with the 4-year term. So if you want more unique types of CDs, Ally could be the better fit.
Ally also has savings buckets and spending buckets, which make it easy to save for individual goals and create a budget in your checking account.
Why You Should Trust Us: How We Reviewed EverBank
We used Insider’s bank account methodology to rate EverBank savings, checking, and money market accounts. For its CDs, we used our certificate of deposit methodology.
We evaluate the company’s ethics, customer service, and mobile app. Other factors considered depend on which type of account we’re reviewing. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs. We assign each category a score between 0 and 5, then average the scores together to give each account a rating from 0 to 5.