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EverBank Performance℠ Money Market Account Review: Great for Short-Term Savings

Review Updated
Brittney Myers
Author: Brittney Myers
Brittney Myers
Brittney Myers
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Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Love your checking account features, but wish you could enjoy the high APY of a savings account? Take a look at the EverBank Performance℠ Money Market Account, which pairs the best of both worlds. You get a decent-but-not-exceptional APY, plus the ATM and check-writing features of your favorite checking account.

See all the pros and cons in our full EverBank Performance℠ Money Market Account review.

Ratings Methodology
Rates as of Dec 20, 2024

EverBank Performance℠ Money Market Account

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Monthly Fee
$0
Min. Balance
$0
APY
1.00%-4.30% Rate info Circle with letter I in it. $100,000 and up: 4.30% ongoing APY $50,000 - $99,999.99: 4.30% ongoing APY $25,000 - $49,999.99: 4.30% ongoing APY $10,000 - $24,000.00: 4.30% ongoing APY $0 - $9,999.99: 1.00% ongoing APY
Min. To Earn APY
$0 for minimum APY
  • No minimum to open/maintain account
  • Debit card and check writing
  • FDIC insured
  • APY for balances under $10K not competitive with high-yield products
  • Minimum balance for ATM reimbursement

This account is a strong option for folks who have short-term savings needs. It's also a good fit for those who want to earn a high rate of interest on their cash while also maintaining direct access to their funds when needed.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Full EverBank Performance℠ Money Market Account review

Top perks

No minimums and no monthly fees: Unlike some competitors, you don't need to have thousands of dollars to deposit to open an EverBank Performance℠ Money Market Account. You don't have to meet a minimum deposit requirement at all, to open or maintain your account. You also don't need to meet any kind of requirements to waive a monthly fee, because there isn't one.

Debit/ATM card and check writing: What really sets money markets apart from the best high-yield savings accounts is checking-like features. Specifically, this account comes with ATM access via your own debit card. You can also write paper checks, if you're into that.

FDIC insured: You don't need to worry about bumps in the banking industry when your account is covered by the FDIC. Account holders get standard FDIC coverage of up to $250,000.

What could be improved

APY is less competitive: Even at its highest level -- which requires a balance of $100,000 or more -- this account's APY isn't competitive with the best money market accounts. Because of the lower rate, consider this an account that's best for short-term savings.

Minimum balance to get all ATM fees reimbursed: It's nice that EverBank doesn't charge ATM fees on its end, but that doesn't help when you need to use another bank's ATM. A lot of online banks will reimburse ATM fees, and EverBank does it, too -- but not always completely. If you have less than $5,000 in your money market account, you'll get up to $15 a month back for ATM fees. Above that balance, you'll get unlimited reimbursals of ATM fees.

How to access your money

EverBank has a few financial centers around. But unless you live near one of them, think of EverBank as an online bank so far as accessing your money is concerned.

Deposit options

You have all the standard deposit options for an online bank:

  • Transfer online from an eligible EverBank account
  • ACH transfer from an external bank account
  • Wire transfer from an external account
  • Mobile check deposit
  • Automatic direct deposit
  • Mail a paper check directly to EverBank

One thing to note: You'll have to set up an online account to access mobile check deposits.

Withdrawal options

The main perks of a money market account over a standard savings account is you have a few extra withdrawal options:

  • Online transfer to another EverBank account
  • ACH transfer to an external bank account
  • Write a paper check
  • Request an official bank check
  • Use your debit card to withdraw from an ATM (fees may apply)
  • Get cash back at eligible retailers
  • Complete a wire transfer (fees may apply)

EverBank customers have access to a network of around 80,000 fee-free ATMs. If you use an out-of-network ATM and have at least $5,000 in your account, you can get unlimited ATM fees waived. Below that balance threshold, you'll get reimbursed up to $15 per month for ATM fees.

This money market account is right for you if:

The EverBank Performance℠ Money Market Account could be right for anyone who wants a competitive APY, low fees, and convenient ATM access. You don't even need to meet a balance minimum to earn a decent rate. Unfortunately, the APYs are not as competitive as other banks' offerings. Consider this for short-term savings needs.

Keep reading about EverBank:

Our money market account methodology

At Motley Fool Money, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

  • APY: 40%
  • Brand and Reputation: 20%
  • Fees and Minimums: 10%
  • Perks: 30%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • A money market account essentially combines the best features of both checking and savings. You get the high interest rate of a savings account, plus the ATM and check-writing capabilities of a checking account.

  • Yes, EverBank is a member of the FDIC.