Jacksonville, Florida, is home to the bank, EverBank. TIAA Bank changed its name to EverBank in the summer of 2023. Its corporate offices are located around the US, and it currently has nine locations in Florida.

Although it has over 120 TIAA centers around the country, its primary emphasis now is on asset management and retirement services. EverBank TIAA accounts can be created online or in Florida branches from anywhere in the US. About 100,000 ATMs nationwide are free and easy to use. To help you choose EverBank, we've included its benefits, downsides, customer services, and account essentials in this evaluation.

Account Basics Of EverBank

Checking Account

EverBank checking accounts have easy requirements and rewards. They require a $25 deposit to establish, but they have no monthly maintenance fee, minimum daily balance, or interest. The EverBank app does not charge for this account, while other banks reimburse ATM fees. Also, based on the amount in your Everbank account, two compensation levels are available.

• ATM charge refunds are unlimited each month for balances of $5,000 or higher.
• Up to $15 in monthly ATM charge refund is available for balances under $5,000.

Yield Pledge Checking Account

The EverBank TIAA checking account that pays interest and is guaranteed to always rank in the top five percent of comparable accounts is called Yield Pledge Checking. Account holders of these accounts get a 0.40% annual percentage yield on all balances. Moreover, a Yield Pledge account must be opened with a $100 initial deposit.

There are no fees for EverBank ATMs, minimal service fees, or monthly maintenance for this checking account. Moreover, ATM refunds are available for every EverBank account. This account's ATM reimbursements follow the same balance levels as previously mentioned.

One Savings Account

The EverBank app offers just this high-yield savings account with no minimum deposit, balance, or monthly maintenance fees. All EverBank Savings accounts yield 5.05% APY, which is competitive.

That being said, EverBank does not guarantee that its rate will consistently outperform that of the best accounts since this is not a Yield Pledge product. EverBank TIAA once provided Yield Pledge Savings accounts; however, they are no longer open to new users. This EverBank account has a daily compound interest that is credited once a month.

Money Market Account

EverBank Yield Pledge Money Market account holders with up to $250,000 may get a 4.30% initial APY; after that, 4.05% applies. EverBank guarantees Yield Pledge Money Market account rates in the top 5% of all money market account rates, much like checking accounts.

This EverBank account does not require a monthly service charge or minimum initial deposit. It provides free checks, debit cards, and ATM cost refunds. As with both checking accounts, balances above $5,000 are eligible for limitless ATM reimbursements; amounts under $5,000 are only eligible for up to $15 each month.

CDs

CDs Standard accounts, bump-rate accounts, and CDARS accounts are just a few of the kinds of CDs that Everbank TIAA provides. EverBank CDs have periods ranging from three months to five years. With a $1,000 minimum commitment, they provide APY ranging from 3.90% to 5.05%.

Customers receive a maturity notice of 20 days before these CDs automatically renew at maturity. If you withdraw your money before it matures, there are penalties for early withdrawal; however, when you open your Everbank account, you have the option to earn interest during the period.

Pros Of EverBank

Interest-Earning Checking

Your EverBank checking account balance might earn interest. Banking accounts provide a competitive annual percentage return (APY) of 0.40%. Your EverBank app account's yield will always be higher than the national average, per its Yield Pledge Promise. The ability to raise money easily makes this function appealing to those seeking liquidity and profitability.

Extensive ATM Network

EverBank TIAA offers cash access to over 80,000 ATMs nationwide. EverBank reimburses accounts with $5,000 for out-of-network ATMs. ATM fees cost $15 per month for low-balance EverBank customers. Moreover, many free services and ATMs at EverBank simplify and minimize banking expenses.

Cons Of EverBank

Limited Branch Access

Customers who prefer in-person banking services may find it disadvantageous since EverBank has few physical branch locations throughout the United States. The absence of physical bank branches may be problematic for those who appreciate in-person contact with bank employees. To make up for this, EverBank TIAA offers strong mobile and internet banking options that allow users to handle their EverBank accounts online.

Higher Rates Elsewhere

While the EverBank app provides appealing initial percentage yields (APYs) for its Yield Pledge checking account and money market account, when the promotional period expires, competing online-only banks often offer better interest rates. Alternatives can be more advantageous for customers looking to maximize their deposit returns. Also, to maintain a competitive advantage, EverBank offers a yield pledge promise that strikes a balance between profits and accessibility.

Customer Services Of EverBank

No matter your banking, brokerage, or advising needs, EverBank offers live customer support. However, products' hours vary:

• Banking: Weekends 9:00 a.m.7:00 p.m. EST, weekdays 8:00 a.m.8:00 p.m.
• Credit and debit services: Such services for cards are always available.
• Brokerages: They are open weekdays, 8 a.m.7 p.m. EST.
• Individual advice: This service is available on weekdays, 810 p.m. EST onwards.

As an online-only bank, the EverBank app includes several mobile and PC features. You can set up automatic bill pay, pay invoices, and get payment alerts. Moreover, 24/7 assistants are available to help customers find solutions to different problems.

Is EverBank Right For You?

For online banking and high-yield savings, checking, or certificate of deposit accounts, EverBank TIAA is the best choice. Nevertheless, you're better off looking for a substitute if you want to handle all of your transactions internally, including brokerage accounts, insurance, and mortgages. As it continues to establish itself, EverBank app is still in a transitional phase and could eventually add new functions.