EverBank (formerly TIAA Bank) Review: Checking, Savings and CDs
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at EverBank, Member FDIC
- Savings
- Checking
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
4.4
EverBank, formerly known as TIAA Bank, is an online-focused bank that gives savers some nice options for parking their money. CD rates are competitive, and the interest checking account has a low minimum balance requirement. But there are caveats, including minimal branch access.
Best for: Those who want to earn some of the best rates on CDs, have access to a large ATM network and are unlikely to need in-person services.
Pros
- No overdraft fees.
- No monthly fees.
- Competitive rate on savings and some certificates of deposit.
- Large, free, nationwide ATM network.
- No minimum opening deposits on savings accounts.
Cons
- No cash deposit.
- Limited branch access.
Full review
EverBank
Savings
Savings
Member FDIC
4.5
/5 NerdWallet ratingat EverBank
The EverBank Performance℠ Savings account offers a competitive APY of 4.75% on all balances. This rate is higher than you’ll find at some big banks, and on par with some of the best rates from other online banks.
There is no minimum deposit needed to open an account, and there is no monthly fee.
» Want more options? Check out NerdWallet’s best high-yield online savings accounts
Checking
Checking
Member FDIC
4.9
/5 NerdWallet ratingYou need $100 to open an EverBank Performance℠ Checking account, and you’ll earn 0.40% APY on your balance.
EverBank offers more than 80,000 fee-free ATMs, and if your balance is less than $5,000, the bank will reimburse up to $15 in non-network ATM fees. If your daily average balance is more than that, reimbursements are unlimited.
You can deposit money through cash deposits at a branch or ATM, direct deposit, online transfers, wire transfers, or by sending a check through the mail.
Certificates of deposit
CD
Member FDIC
4.2
/5 NerdWallet ratingThe EverBank Performance℠ CD earns 3.90% APY for a one-year term. That's higher than the national average rate for 1-year CDs, 1.84%.
» COMPARE: Best CD rates
A five-year EverBank Performance℠ CD earns 3.50% APY. If you can afford to lock away your money for that long, you can lock into a rate that beats those of regular savings accounts. (Compare how much you’d earn with the best savings accounts.)
To open an EverBank Performance℠ CD, you’ll need at least $1,000, a somewhat lower minimum than some other online banks that require a minimum deposit of $1,500 to $5,000.
Customer experience
4.0
NerdWallet ratingRepresentatives are available by phone on weekdays from 8 a.m. to 8 p.m. and on the Saturdays from 9 a.m. to 7 p.m. ET.
The mobile app offers check deposit and bill pay. It also earns high ratings in the app stores.
There are only nine branches, all in Florida, but EverBank offers free access to more than 80,000 ATMs, plus fee reimbursements for out-of-network ATMs.
Overdraft fees
4.8
NerdWallet ratingEverBank doesn’t charge an overdraft or nonsufficient funds fee if you overdraw your account. It generally declines transactions that would lead to a negative account balance. Another option is its overdraft protection program, which offers free overdraft transfers.
How does EverBank compare?
Current Product
Member FDIC |  Member FDIC |  Member FDIC |
|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.75% With $0 min. balance for APY | APY 4.00% With $0 min. balance for APY | APY 4.55% With $5,000 min. balance for APY |
Bonus N/A | Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at EverBank | Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
