Don’t tell my husband, but I have a new love and its name is Everbank. Don’t get me wrong, I love him, too. But Everbank is something special. No, it’s not perfect for everyone. It doesn’t have some of the features you might want from an online bank, but it works for what I need.
A Bank that Sends Thank You Notes?
This has happened to me twice, both times after transferring in large deposits. I received a thank you e-card. It doesn’t take them much, but I appreciated them letting me know they appreciated my business. That’s certainly not something either of my other banks, both monstrously huge banks, have ever done. It makes me think that Everbank is willing to work a little harder to make me happy and keep me as a customer.
High Interest Rates
Everbank is a little different in that they don’t offer a traditional savings account. Instead I have a Money Market account. It is FDIC-insured, but it isn’t exactly the same as a savings account. However, that does mean they can offer a fairly high interest rate (high in relative terms. It’s still nowhere near the 5% of my childhood.) They also lock-in your rate for the first year you have the account, which is handy if rates fall after you open the account, as they did in my case.
For those of you familiar with ING Direct, the Money Market rate is about on par with their savings account rate, but since it’s a Money Market, there is a minimum balance of $1500, which ING doesn’t require. Their interest checking rate is higher than ING for low-balance account, but lower than ING for high-balance accounts.
Simple Interface
Unlike some of my online banking accounts, the site is simple. It’s not the most attractive or flashy, but it’s pretty easy to use. I do wish they had more online help, but their customer service department answers the phone quickly and has always been helpful for me.
Potential Issues
As with most online savings or Money Market accounts, there is a limit of six transactions per month. I believe this is a banking regulation not shared by brick and mortar banks, but I haven’t had a savings account in a long time. The checking account is unlimited, as most checking accounts are.
They can also be a bit slow to credit transfers. In my experience, it takes 4 days from the time I request the transfer to the time the money appears in my account. This is longer than I’ve seen with other banks, but I don’t mind horribly. It just means I have to plan ahead.
Note, I haven’t used them for anything else, so I can’t recommend them for mortgages, CDs, or checking account. I’ve only used the Money Market account and so far it’s been fabulous.
