EverBank is the first company in recent memory to actually increase interest rates on its bank products. Effective immediately, the rates of EverBank money market and freenet checking accounts are going up.
This means that:
EverBank Yield Pledge Money Market Account (new account rate):
- 3.01% Intro Rate
- 2.15% thereafter for balances under $50,000 (current accounts: 1.85%)
- 2.15% to 1.85% tiered for balances from $50,001 to $10,000,000 (current accounts: 1.85%)
EverBank FreeNet Checking Account (new account rate):
- 3.01% Intro Rate
- $100,000 to $10,000,000 – 2.15% to 1.85% tier (current accounts: 1.85%)
- $50,000 to 99,999 – 1.96% (current accounts: 1.60%)
- $25,000 to 49,999 – 1.58% (current accounts: 1.10%)
- $10,000 to $24,999 – 1.54% (current accounts: 1.05%)
- $9,999 or less – 1.52% (from 1.02%)
It’s certainly nice to see banks deciding to treat customers nicely for a change. Hopefully, other online banks will follow suit and 5% rates will be the norm again.