EverBank (TIAA Bank) Review 2024

• Overall Rating
• Pros and Cons
• About EverBank
• FAQs
• EverBank Account Reviews
• How EverBank Compares
• Why You Should Trust Us

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

• EverBank Yield Pledge Online Savings
• EverBank Yield Pledge Checking
• EverBank CD
• EverBank Yield Pledge Money Market Account

The bottom line: EverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.

EverBank Review: Overall Rating

EverBank Pros and Cons

About EverBank

EverBank is a bank based in Jacksonville, Florida. In summer 2023, TIAA Bank rebranded as EverBank — so EverBank has nine branches in Florida and corporate offices in several other parts of the US. TIAA is refocusing on retirement and wealth management services and still has over 120 TIAA centers nationwide.

You can open a new EverBank account either at a branch in Florida or online from anywhere in the US. You have access to almost 100,000 free ATMs nationwide.

Customer support is available on weekdays from 8 a.m. to 8 p.m. ET, and Saturdays from 9 a.m. to 7 p.m. Branch hours vary by location and whether you're visiting an EverBank or TIAA branch.

The mobile app still has the TIAA name. The TIAA app has 4.7 out of 5 stars in the Apple store, and 4.2. out of 5 stars in the Google Play store.

Your deposits are insured by the FDIC. Up to $250,000 is safe in an individual EverBank account, or $500,000 for joint accounts.

Is EverBank Trustworthy?

EverBank has an A+ rating from the Better Business Bureau. A strong BBB indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

TIAA (now EverBank) does have one recent controversy, though. In 2021, TIAA subsidiary TC Services was required to pay $97 million in a settlement with the Securities and Exchange Commission. According to the settlement, the SEC said TC Services failed to disclose conflicts of interest to customers who were part of employer-sponsored retirement plans.

EverBank FAQs

Yes, EverBank has nine financial centers around Florida.

Yes, EverBank is a legitimate bank with FDIC insurance. It's based in Jacksonville, Florida.

Yes, EverBank is FDIC-insured; $250,000 is insured in an individual account, and $500,000 in a joint account. This means that even if EverBank shuts down, your insured funds are still safe.

TIAA took over EverBank in 2017 and officially changed the name in 2018. But TIAA Bank has switched its name back to EverBank.

TIAA bought EverBank in 2017, then EverBank changed its name to TIAA Bank. But as of 2023, TIAA is changing its name back to EverBank.

TIAA sold most TIAA Bank shares to private investors. Once the sale was complete, it changed its name to EverBank.

EverBank Account Reviews

EverBank Yield Pledge Online Savings

no monthly service fee

5.15% intro (4.75% ongoing)

$0

up to 5.15%

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee

• con icon Two crossed lines that form an 'X'. Other online banks may pay a higher interest rate

EverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.

• 9 Florida EverBank branches and online services nationwide
• Introductory rate applies to first-time savings clients for the first year
• Interest compounded daily and deposited monthly
• FDIC insured

EverBank Yield Pledge Online Savings pays 5.15% APY for your first year, then you'll earn 4.75% APY. Both rates are significantly higher than the average interest rates on savings accounts. There is a $0 minimum opening deposit and no monthly service fee.

EverBank Yield Pledge Checking

no monthly service fee

0.45%

$100

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Earns interest
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $15 per month in out-of-network ATM fee reimbursements for balances under $5,000
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited out-of-netowkr ATM fee reimbursements for balances of $5,000 or more

• con icon Two crossed lines that form an 'X'. $100 minimum opening deposit

EverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.

• 9 Florida EverBank branches and online services nationwide
• Access to 80,000 fee-free ATMs throughout the US
• Debit cards includes extended warranty protection, payment protection, and return protection
• Declines transactions that would overdraw your checking account
• Free overdraft protection if you link your checking account to another bank account
• Interest compounded daily and deposited monthly
• FDIC insured

Not only does EverBank Yield Pledge Checking pay 0.45% APY, but it's also a great account for avoiding fees. There is no monthly service fee. It offers multiple ways to avoid overdraft fees, doesn't charge out-of-network ATM fees, and even reimburses fees charged by out-of-network ATM issuers.

EverBank CD

3.95% to 5.35%

$1,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard CD variety

• con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
• con icon Two crossed lines that form an 'X'. Standard-to-high early withdrawal penalties

EverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.

• 9 Florida EverBank branches and online services nationwide
• 20-day advance maturity alert
• Terms range from 3 months to 5 years
• Early withdrawal penalties range from 22 days to 456 days of simple interest
• Interest compounded daily and deposited monthly
• FDIC insured

EverBank pays 3.95% to 5.35% APY on CDs. These are high rates overall, but the best CD rates are even higher right now. You'll also want to keep an eye on early withdrawal penalties — they can be hefty for longer terms.

EverBank Yield Pledge Money Market Account

no monthly service fee

4.75% intro (3.75% to 4.15% ongoing)

$0

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Checks available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Debit card available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No out-of-network ATM fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. $15 per month in out-of-network ATM fee reimbursements for balances under $5,000
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Unlimited out-of-network ATM fee reimbursements for balances of $5,000 or more

• con icon Two crossed lines that form an 'X'. Other online banks may higher interest rates

EverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.

• 9 Florida EverBank branches and online services nationwide
• Introductory rate applies to first-time savings clients for the first year
• Ongoing rate: Earn 3.75% APY on balances $0 to $49,999.99; Earn 4.05% APY on balances $50,000 to $99,999.99; Earn 4.15% APy on balances $100,000 and up
• Interest compounded daily and deposited monthly
• FDIC insured

Like the bank's savings account, the EverBank Yield Pledge Money Market Account pays a higher rate for the first year, then drops a little. It also has a tiered-rate system, so after the first year, you'll earn more with a higher balance. This account stands out because it comes with both a debit card and checks, so it's easy for you to access your savings quickly.

How EverBank Compares

EverBank vs. Synchrony Bank

Although Synchrony savings rates are high, EverBank still pays higher rates on its savings and money market accounts.

Synchrony CD rates range from 2.25% to 5.30% APY, so the better rate between the two banks will depend on which term you choose. Synchrony does offer more terms than EverBank, such as 16-month and 19-month options. It also has a no-penalty CD paying 4.05% APY, and a 2-year bump-up CD that pays 4.00% APY and lets you request a rate increase once during the term. So you have many more CD options with Synchrony.

EverBank might be the better option if you want to do all of your banking with the same company, though. Synchrony does not offer a checking account. On the bright side, its savings account includes an ATM card, giving you quick access to your cash.

Synchrony Bank Review

EverBank vs. Ally Bank

EverBank and Ally share a lot of similarities: They pay high rates and don't charge overdraft, ATM, or monthly maintenance fees. EverBank pays a higher savings rate, but the Ally Money Market Account pays 4.40% APY — while this is lower than EverBank's initial APY, it's higher than what it offers after the first year.

EverBank pays higher rates overall on regular CDs. But Ally has a no-penalty CD that pays 4.35% APY. The Ally Raise Your Rate CD comes with a 2-year or 4-year term. Both terms pay 3.90% APY, and you can request to increase your rate once with the 2-year term and twice with the 4-year term. So if you want more unique types of CDs, Ally could be the better fit.

Ally also has savings buckets and spending buckets, which make it easy to save for individual goals and create a budget in your checking account.

Ally Bank Review

Why You Should Trust Us: How We Reviewed EverBank

We used Insider's bank account methodology to rate EverBank savings, checking, and money market accounts. For its CDs, we used our certificate of deposit methodology.

We evaluate the company's ethics, customer service, and mobile app. Other factors considered depend on which type of account we're reviewing. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs. We assign each category a score between 0 and 5, then average the scores together to give each account a rating from 0 to 5.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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