EverBank Performance Savings Account 2024 Review
Trying to find your next savings account? EverBank offers an online savings account with a competitive APY, no monthly account fees and no minimum deposit requirement to open. Online banking access and a robust mobile app offer convenient access to your money on the go.
The EverBank Performance Savings Account features an impressive introductory APY and lacks many of the fees other banks charge. The current APY is good for one year after account opening, at which time it will adjust to the regular ongoing rate.
Saving with EverBank could be right for people who:
- Already have a checking account here and want to set up a separate savings account.
- Don't want to pay a monthly fee to keep money in savings.
- Are looking for a savings option with a low minimum opening deposit requirement.
- Feel comfortable managing their savings account online.
EverBank makes it as easy as possible to get started. You can apply for a new Performance Savings Account online, send your opening deposit and start watching your money grow. It's possible to open a savings account by itself or link it to an EverBank checking account as overdraft protection.
EverBank Performance Savings Account Pros & Cons
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Compared to Other Savings Accounts
American Express High Yield Savings Account
American Express offers more than just credit cards. You can also open a high-yield savings account here and earn a generous APY across all balance tiers. There are no monthly maintenance fees for this account and savers have access to 24/7 customer service, online banking and mobile banking.
Bank of America Savings Account
If you're looking for a traditional banking option, you might consider a savings account from Bank of America. While the APY is well below what's offered at many of the top online banks, you might appreciate the convenience of being able to make deposits or withdrawals at a branch. Take note that a monthly fee applies with this savings account.
Ally Bank High Yield Savings Account
Ally routinely ranks as one of the best online savings account options thanks to its combination of low fees and great rates. The current APY is slightly less than what you'd get with EverBank but you won't pay any monthly fees, overdraft fees or incoming wire transfer fees. There's no minimum deposit requirement either.
Bread Savings High Yield Savings Account
Bread Savings offers FDIC-insured savings accounts with some of the most impressive rates around. You'll need at least $100 to start saving but there are no monthly fees or hidden fees and you can make unlimited deposits through the Bread mobile app. Interest accrues and compounds daily to help you grow your money faster.
Interest Rates
EverBank pays a pretty decent rate to savers, compared to the national average APY. But there is a catch.
The rate that's currently being offered for the Performance Savings Account is an introductory rate only. It's good for one year, after which your account is assigned the ongoing APY.
The ongoing APY is still good, though it's not quite as high as the intro rate. So you might want to consider that when deciding whether to open an account with EverBank.
Here are a few other things to weigh as you compare savings accounts:
- Opening deposit requirements
- Minimum balance requirements to earn interest or avoid a monthly fee
- How frequently interest compounds and when it's credited to your account
- How rates are tiered by balance, if at all
- Banking access (i.e., mobile banking, online banking, ATMs, etc.)
EverBank pays the same APY across all balances, which is great if you're just getting started with saving. There's no minimum opening deposit requirement either, so you don't need to have a lot of money already to cash in on the higher rate.
Fees
Banking fees can drain away your savings if you're paying out more than you're earning in interest. Here's how the fees add up at EverBank.
Other Service Fees - EverBank Performance Savings
| Type | Fee |
|---|---|
| Stop payment | $25 |
| Incoming domestic wire transfer fee | $0 |
| Incoming international wire transfer fee | $0 |
| Outgoing domestic wire transfer fee (USD) | $25 |
| Outgoing international wire transfer fee (USD) | $35 |
As you can see, there aren't a lot of fees at all. The main thing to know about is the stop payment fee. But if you're not using your savings account to pay bills you might not have to worry about that one.
ATM Access
Having an ATM card can make a savings account more convenient if you need to withdraw cash. EverBank doesn't offer an ATM card with the Performance Savings Account.
You can, however, get a debit card with a EverBank checking account. If you've linked your savings account to checking, you could transfer funds over from savings and then make an ATM withdrawal.
There are limits on how much you can withdraw. The current daily ATM withdrawal limit is $2,020.
EverBank doesn't charge fees for withdrawals at EverBank ATMs or ATMs owned by other banks. However, the ATM owner might charge you a fee if you're using a non-EverBank machine to withdraw cash.
Account Management/Features
EverBank lets you manage your savings account online or via the EverBank mobile app. In terms of how you can fund your account, your options include:
- Mail (for opening deposits)
- Mobile check deposit
- ACH transfers
You can also add money using a wire transfer and there are no fees for incoming transfers.
Again, there's no ATM card offered with this account so you'll need to be comfortable managing your savings online. But you can use the EverBank mobile app from virtually anywhere to:
- Check transaction history
- View account balances
- Download and view statements
- Transfer funds between EverBank accounts
- Deposit checks
- Set up account alerts and notifications
If you're specifically looking for a savings account that offers ATM access, then you might need to consider a different bank.
FDIC Insurance
EverBank is an FDIC-member bank so your accounts are insured on the off-chance of a bank failure. The current FDIC coverage limit is $250,000 per depositor, per account ownership type, per financial institution.
FDIC insurance protects you by insuring your deposits at member banks. If the bank fails, the FDIC makes sure that you get your money back, up to the allowed coverage limit.
