EverBank is offering a 3 month promotional rate at 2.51%, which is one of the highest money market rates currently available. This 3 month promo rate is only good for new customers and only applies to balances up to and including $50,000 in the Yield Pledge Money Market Account, and up to $100,000 in the FreeNet Checking Account.

You can actually get 6 months with the promotional % rate, by using the checking 3 month promotion and switching over to the money market promotion. Once the promotion is over, your account will revert back to the standard ongoing rates.

Yield Pledge Money Market Account Review

The Yield Pledge Money Market account has check writing privileges of up to 3 checks per month. You need $1,500 to open an account, and a $5000 minimum balance is required to avoid the monthly fee of $8.95.

This “top 5% yield pledge” also means the rate will always be in the top 5% rates of competitive banks. I’m not sure that means that much, but I guess it’s a minor guarantee that the rates wont plummet. Interest is compounded daily and credited monthly.

The money market account has a promotional 3 month bonus rate, and 2.00% after that.

• First 3 Months: 2.51% rate up to $50K, 1.64% portions of balance over $50K
• Second 9 Months: 1.64% rate on all balances
• Overall Average Rate (12 months): 1.98% rate, 1.77% APY

Only the initial promotional rate is guaranteed, the rest of the rates are subject to change. Visit the Yield Pledge page for more information.

FreeNet Checking Account Review

This FreeNet checking account allows for unlimited check writing, with a free first book of checks. There are no fees on this account unless you register for the optional Online Bill Pay. If you register for this service, there’s a 8.95/month fee if your average monthly balance falls below $5,000. In addition, you can get up to $6 in ATM fees reimbursed per month by maintaining the $5,000 balance.

You can apply for the account online and EverBank has a full online banking service. Interest is compounded daily and credited monthly.

The money market account has a promotional 3 month bonus rate, and 2.00% after that.

• First 3 Months: 2.51% rate up to $99,999, 1.73% portions of balance over $99,999
• Second 9 Months: 1.52% rate on all balances

Only the initial rate is guaranteed, the rest of the rates are subject to change. Visit the FreeNet Checking page for more information.

EverBank Overview

Everbank has a reputation for slower transfers, taking anywhere from 4-6 business days causing up to 2 days of lost interest. According to Everbank this is because of their Fraud prevention service. Everbank has ACH transfers as well as wire transfers; incoming wire transfers are free and outgoing ones cost $25.

EverBank’s online interface is easy to use and straightforward. EverBank is FDIC insured, and while it’s primarily an internet bank it is one of the largest. The bank has high safety ratings.