Summary: EverBank (formerly TIAA) is a bank that operates primarily online. It offers personal, business, and commercial banking products, including high-yield savings accounts and certificates of deposit (CDs), checking accounts, money market accounts, and more.

EverBank’s performance savings account is a high-yield savings account with no monthly maintenance fees and no minimum balance requirement. Currently, account holders can earn 4.30% APY on all balances with daily compounding interest.

The EverBank Performance Money Market Account offers tiered interest rates based on the account balance:

• $10,000 and up: 4.00% APY

• $9,999 and under: 2.02% APY

There is no minimum opening deposit requirement and no monthly maintenance fees. This account also comes with a debit card and checks.

EverBank’s money market account ranks among our 10 best high-yield money market accounts available today.

EverBank’s Performance Checking account currently earns 0.25% APY on all balances with no monthly maintenance fees. There's a minimum opening deposit requirement of $100.

CD terms range from three months to five years, with rates as high as 4.10% APY. A minimum opening deposit of $1,000 is required.

Note that these CDs come with steep early withdrawal penalties that range from 28 to 900 days’ worth of simple interest, depending on the term length. Even so, some of EverBank’s CDs made our list of the best CD accounts and rates available today.

Savers who need extra FDIC coverage can take advantage of EverBank’s CDARS CD, which offers up to $50 million in federal insurance. Terms range from three months to three years and accounts require a minimum deposit of $10,000.

EverBank offers investors the opportunity to diversify their portfolios through exposure to precious metals, coins, foreign currencies, and index-based CDs.

Business banking products and services

EverBank offers business checking accounts, money market accounts, CDs, and more. It also offers Treasury services, merchant services, and foreign exchange services.

In addition to its personal and business products, EverBank offers commercial financing and lending solutions.

Here’s a breakdown of the fees you might encounter as an EverBank customer:

Read more: What are bank fees, and how do I avoid them?

Here are some of the pros and cons to consider before becoming an EverBank customer:

Pros:

• No monthly service fees: EverBank does not charge monthly fees for account maintenance.

• Competitive interest rates for CDs and savings products: EverBank offers rates as high as 4.30% APY for its savings accounts and CDs.

• ATM fee reimbursement: EverBank does not charge a fee for using its in-network ATMs and reimburses customers up to $15 per statement cycle for any out-of-network ATM fees incurred. Customers with account balances of $5,000 or higher get unlimited ATM fee reimbursements.

Cons:

• Only a handful of physical branches: EverBank operates a few physical branches across the state of Florida, but otherwise, it operates primarily online.

• High opening deposit for CDs: EverBank requires a minimum opening deposit of $1,000 for CDs, which is higher than many similar accounts from other financial institutions.

• High early withdrawal penalty for CDs: EverBank’s early withdrawal penalty can be as high as 900 days' (approximately 2.5 years) worth of interest for longer CD terms.

Customer service and mobile banking experience

EverBank customer service representatives are available at (888) 882-3837,

Monday through Friday, between 8:00 a.m. and 8:00 p.m. ET, as well as Saturday, from 9:00 a.m. to 7:00 p.m. ET.

For general correspondence, you can reach EverBank at the following address:

EverBank

PO Box 44060

Jacksonville, FL 32231

EverBank’s mobile app is available for download on the App Store and Google Play. However, the app has a rating of 2.3 and 2.9 stars, respectively. Customers can use the app to check their account balances, transfer funds between accounts, pay bills, and more.

EverBank is committed to giving back to the communities it serves through its EverBank Builds program. Through this initiative, EverBank has contributed more than $10 million to over 100 organizations in its CRA assessment areas to promote affordable housing, financial education, and community and economic development. EverBank also encourages its associates to volunteer by providing regular opportunities for involvement and 24 hours of paid time off for its associates.

Yes. EverBank is an FDIC-insured financial institution.

EverBank’s routing number is 063092110.

Early withdrawal penalties range from 28-900 days of simple interest, depending on your CD term.