If you take a look at our best online savings accounts page, you’ll notice EverBank resting in the number two slot. In terms of true online banking institutions, this bank is worth mentioning because EverBank offers a variety of money market, checking, and CD accounts that the first-listed bank, SmartyPig, does not have.
To increase their appeal even more, EverBank has just announced a $75 cash promotion for anyone that signs up for a new money market and checking account. The bonus is split between the MMA, which offers a $50 bonus, and the checking account, which offers a $25 bonus. Here are the details on each of the two promotions.
As of September 20th, 2010, the EverBank $75 Cash Bonus Promotion has expired.
Yield Pledge Money Market Account – EverBank’s Yield Pledge Money Market Account currently sports a first-year interest yield of 1.51% APY, which includes a three month bonus interest rate of 2.25%. Every following year, customers will earn a 1.26% APY. A new customer who opens a new account and makes a $20,000 deposit will receive a $50 bonus on the fifth month’s statement. In order to receive the bonus, the initial deposit cannot be withdrawn before the fifth month. If your account’s balance drops below $5,000 in any month, you will be charged an $8.95 monthly maintenance fee.
FreeNet Checking Account – High-yield checking accounts are tough to come by these days and EverBank offers one of the best you’ll find. Similar to the bank’s MMA, the FreeNet Checking Account has a bonus APY of 2.25% for the first three months, then a tiered interest rate in the following amounts:
- $100,000 and up: 1.26% APY
- $50,000 to $100,000: 1.20% APY
- $25,000 to $50,000: 1.16% APY
- $10,000 to $25,000: 0.70% APY
- Less than $10,000: 0.51% APY
In order to receive the $25 bonus, customers must open a new account with a minimum of $10,000. The bank will pay the bonus on the fifth monthly statement. There is no monthly fee to maintain your FreeNet Checking Account regardless of the balance.
A bonus of $75 on top of a $30,000 deposit might not be enough to make you leave your current banking institution. However, if you’ve been considering or have just heard of EverBank, now is the time to take advantage. To sign-up for this limited-time offer visit EverBank’s Official Website.
Updated June 16, 2011 and originally published July 28, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.