EverBank offers comparably high money market rates for first time money market account holders, and a 3-month bonus to new applicants willing to deposit $50,000 and above.

The current money market rate for this account is 2.46% as of February 6, 2009. The bank is offering to raise this to a fixed 2.73% APY during the first 12 months of the new applicant’s banking year. The minimum deposit and daily balance for this account is comparatively small: $1,500 to open and maintain the MMA without monthly fees.

New depositors willing to maintain at least $50000 may benefit from a 3-month bonus of 3.51%. The terms are simple: you only need to maintain your $50,000 for three months to earn this yield.

After the three-month bonus, your APY will drop back to 2.76%. For a more detailed discussion of this promo, please refer to the important disclosures page of their money market section.

Aside from high yields, you also get free online access to your account’s movement. Like other money market accounts, though, EverBank’s MMA is also regulated by FDIC. Your electronic, check, and automatic transactions will be limited to six times per month. You will be charged for any other transactions of that nature that exceeds the monthly limit.

Based on the scheme above, this money market account is more beneficial for big depositors. The regular rates for deposits below $50,000, however, are still very competitive compared to average money market rates today. It’s safe to say that it’s among the best money market rates offered this banking season.

Online application is available, and it appears that the bank also offers free costumer assistance through the phone. For security reasons, though, all applicants will be subjected to credit inquiries. You should prepare basic proofs of your identity prior to application: scanned image files of your driver’s license, utility bills to prove your mailing address, etc.

EverBank boasts of consistently high APYs since 2005, making it to the upper 5% of Bankrate.com’s high yielder scale. The bank has been around since 1961, and remains one of the most stable banking institutions in the US with 6.5 billion worth of assets and over 450,000 clients.