2.25% APY highest money market rates with EverBank
The best money market rate with EverBank remains to be competitive despite the recent drops in the money market interest rates. The Yield Pledge Money Market 3-month promo has been going on for some time now and has a current guaranteed interest rate for new customers of 2.25% APY.
The promo money market rate applies to balances of up to $50,000. The 2.25% APY will take effect for the first 3 months of the account. There is also a New Account First Year APY which is now at 1.51% APY. The current going on rate is 1.26% APY. Any additional funds above the $50K line will enjoy the base interest rate. Take note that these money market interest rates may change any time.
EverBank gives a blended Bonus interest rate and the ongoing money market rates. Remember that the APY you see may not be the exact APY your account will receive since that will vary for the next 9 months after the 3-month guaranteed APY. The earnings of the account are compounded on a daily basis and credited to your account monthly.
Interested consumers can take advantage of these best money market rates by opening an account with an initial funding of $5,000. You also need to stay on or above this line to avoid a monthly service fee of $8.95. There is an online application you can use. You can also call 888-882-3837 if you have any questions with regard to their products and services. As far as we know, the bank does a hard credit pull when you open an account with them.
Funding can be done via ACH. Account holders can also link as much bank accounts they want. All ACH links can be setup online and will be verified by the bank through trial deposits.
Like any other money market accounts, you are limited by law to six fund withdrawals or transfers every month. The bank imposes a certain fee charged for every transaction you make beyond this limit.
EverBank has been indexed with the FDIC since 1998. It is a big internet bank with a declared asset of around $7.6 billion. The ratings of the bank are fairly strong with both BauerFinancial and Bankrate.com issuing 4 stars for soundness and safety.
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