EverBank (formerly known as 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 products and services

Here’s a look at the products offered by EverBank:

• Performance Savings: EverBank’s performance savings account is a high-yield savings option with no monthly maintenance fees and no minimum balance requirement. Currently, account holders can earn 5.05% APY on all balances. interest on this account is compounded daily.

• Performance Money Market Account: The EverBank Performance Money Market Account currently offers 4.30% APY on balances of $100,000 and up; 4.05% APY on balances of $50,000 to $99,999.99; 3.75% APY on balances of $25,000 to $49,999.99; 3.75% APY on balances of $10,000 and $24,999.99; and 3.75% APY on balances under $10,000. There are no monthly maintenance fees associated with this account and no minimum opening deposit requirement. This account also comes with a debit card and checks. In fact, this account ranks among our 10 best money market accounts available today.

• Performance Checking: With EverBank’s Performance Checking account, you can earn 0.40% APY on balances of $100,000 and up; 0.40% APY on balances of $50,000 to $99,999.99; 0.40% APY on balances of $25,000 to $49,999.99; 0.40% APY on balances of $10,000 to $24,999.99; and 0.40% APY on balances under $10,000. There's a minimum opening deposit requirement of $100 and no monthly maintenance fees.

• Performance CD: EverBank’s Performance CD is offered in terms ranging from three months to five years, with rates as high as 5.05% APY. You will need at least $1,000 to open an account. These CDs also come with steep early withdrawal penalties that range from 28 to 900 days 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.

• CDARS CD: Savers who need extra FDIC coverage can take advantage of EverBank’s CDARS CD, which offers up to $50 million in federal insurance. This account offers terms from three months to three years and requires a minimum deposit of $10,000.

• Diversified investing: 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.

B2B solutions: In addition to its personal and business products, EverBank offers commercial financing and lending solutions.

EverBank fees

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

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

EverBank pros and cons

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

Pros:

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

• Competitive interest rates for CDs and savings products: EverBank offers rates as high as 5.05% 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 ATM fees incurred out-of-network. Customers with account balances of $5,000 or higher get unlimited ATM fee reimbursements.

Cons:

• Only a handful of physical branches: EverBank operates a handful of 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 to open a CD.

• High early withdrawal penalty for CDs: EverBank’s early withdrawal penalty can be as high as 900 days' 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 a.m. and 8 p.m. ET, as well as Saturday, from 9 a.m. to 7 p.m. ET. For general correspondence, you can reach EverBank at the following address:

EverBank

PO Box 44060

Jacksonville, FL 32231

EverBank also has a handful of branch locations across the state of Florida. For mobile banking, EverBank’s mobile app is still listed as the TIAA App and is available for download on the App Store and Google Play. The app has a rating of 4.6 and 4.0 stars, respectively. Customers can use the app to check their account balances, transfer funds between accounts, pay bills, and more.

Social and environmental impact

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.

Frequently asked questions

Is EverBank FDIC insured?

Yes. EverBank is an FDIC-insured financial institution.

What is EverBank’s routing number?

EverBank’s routing number is 063092110.

What is the penalty for early withdrawal from an EverBank CD?

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