With the recent drop in interest rates by the Federal Reserve, it’s gotten a lot harder to find a decent rate of return on your savings. We reported that 6 different online savings banks have dropped their interest rates in the last week and a number of other banks will likely soon follow. One way to protect your interest is to switch to another bank offering a higher interest rates, and Ever Direct’s Yield Pledge Money Market Account has one of the highest rates that an online savings account will offer.

The account offers an introductory rate of 5.51% APY which is good for the first three months, after which drops to 4.51% APY. Given the current rate environment, the 5.51% APY rate is seemingly unheard of anymore. The 4.51% APY rate is still competitive, but not the best that’s out there.

It takes some work to actually get this account. Many reviewers online have complained that the process to open an account it slow and potentially a security hazard. You have to fill out a form online, print it off, and mail it in along with your opening deposit. EverBank claims that they will process your new account within 3 days of opening your account, but many individuals have stated that they have had to wait up to 3 weeks for EverBank to finally process the new account. EverBank has made a statement that they plan on reforming this process to be more secure.

The account features a 5.51% APY for the first 3 months on balances up to $50,000 for new customers and 4.51% APY on any balances after the first three month. Since it’s a money market you can write up to 3 checks per month. There’s also a $1,500 balance requirement to avoid a monthly fee of $4.95 per month. The minimum opening amount is also $1,500.00.

Many customers have complained of excessively slow ACH transfer time of anywhere from 4 to 6 days. EverBank limits ACH transfers to $10,000 per day and $50,000 per month. EverBank does not limit external ACH transfers and you can link your EverBank account to an unlimited amount of external bank accounts. Incoming wire transfers are free and outgoing wire transfers cost $25.00.

BankRate.com gives EverBank a 4 out of 5 star rating which means it’s financially stable, but that doesn’t necessarily mean you should open an account there. The rate might be appealing to many potential savers, but until EverBank gets its account setup streamlined and ACH transfer speed improved, you’re probably better off looking somewhere else.



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