Everbank cuts its money market account rates down from 4.76% to 4.01% for their 3-month special APY program. The bank only declares the rate of 3.93% with 3.41% base for $50000 and below. The base interest rate is combined with the 3-month bonus of 3.93% and adapts ongoing rate of 3.16% for the next 9 months. The APY will be 3.41% with an average rate of 3.35%.

To further clarify the math and the picture here are the new ongoing APYs and rates:

For the first 3 months, the APY is at 4.01% and a guaranteed rate of 3.93% for the first 3 months;

The next 9 months, the effective APY will be 3.21% and the non-warranted on going rate of 3.16%;

An APY of 3.41% and a rate of 3.35% will apply as average of the account over 12 months. The ongoing rate for the last 9 months was assumed to come up with the projection.

The bank has also changed its way of advertising the money market account. Previously consumers are enticed with the 3-month APY. Now, the bank attracts clients with the promotional interest rate for 3 months. The advertisement by Everbank is a bit confusing when viewed by unguided consumers. The APY is a better basis when comparing money market rates.

It is also important to note that there are ceiling caps for the balances to avail of the promo rate. Exceeding amounts will not get the same yield. The cap for the Yield Pledge money market account is $50000.

The Everbank is considered as a one of the large internet banks with assets amounting to $6.02 billion. BauerFinancial and bankrate.com gives the bank a rate of 3.5 and 3 stars, respectively.

The Everbank is insured by the FDIC with certificate # 34775.