EverBank FreeNet checking account is probably the last checking account you will sign up for. Unlike other institutions where interest rates are next to zero, Everbank currently have yields of up to 3.01%. Wow.
Click Here to Sign Up for an FreeNet Checking Account
How do they manage such a high interest rate? Well, unlike traditional banks, EverBank has much less overhead because they don’t need to maintain branches all over the country. Instead, they team up with credit unions for you to deposit physical checks and allow you to manage everything online.
This model, although different, is genius in my opinion. Nowadays, I don’t have a need for paper checks anymore and seldom see it used anywhere. On the rare occasion that I need to deposit a check, I can just hop over to a local credit union and deposit my check through them. This trend (going paperless that is), will just become more and more popular as the general public become more and more technologically savvy.
A Note About the Interest Rate
Upon further investigation, I found that the 3.01% is just an introductory offer for the first three months. However, as you can see from the picture on the right, the rates after the introductory period is still much higher than what other banks can afford to pay.
Other Features
Another feature I love about this checking account is that it actually doesn’t charge me for writing checks (unlike some other banks), and that it will reimburse me for ATM fees (up to $6 per month). Therefore, not having an ATM is actually a good thing because I can just go to any ATM and withdraw money without being charged.
Is EverBank FreeNet Checking Right for Me?
If you always have trouble with computers and the internet, you may want the comfort of a bank that have branches all over (even though you are giving up a big chunk of interests for it). However, if you have no problems going online and surfing the web, you will find the FreeNet checking account a very good choice for your checking needs.
Click Here to Sign Up for an FreeNet Checking Account
- EverBank FreeNet Checking Account – Official Site
{ 3 comments… read them below or add one }
I have a rewards checking account with Renasant Bank that pays 4.00% with no minimums. There are a few requirements each month that are easily attainable such as use of a debit card, direct deposit, paperless statements, etc. If you check with banks in your area, I bet you can find a similar deal.
Thanks for the info! I went to the website and saw that you need 10 debit card purchases per month in order to qualify for the account though. That’s too many purchases for me and I wouldn’t say the requirements are low.
Be careful that you understand the rate they are offering.
Yes, it is 3.01% for the first three months, however, the graphic they show makes it seem like you will get 1.96% in months # 4 – 12. That’s what you think, correct?
However, the 1.96% is the 12 month APY overall for that first year — including the 3.01% for the first three months. That means you are getting somewhere around 1.5% (not 1.96%) for months # 4-12.
This is still a good deal compared to most other offerings, unfortunately a little deceptive in my opinion.
If I am wrong on this (I don’t think I am), please post otherwise.