EverBank Performance℠ Savings Review: Impressive APY, Nearly Zero Fees
Review
Updated
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Our quick take: The EverBank Performance℠ Savings account offers one of the highest APYs (4.30%) among savings account we've reviewed. And it's easy to use, with no minimum balance, no minimum deposit, and no monthly maintenance fees.
EverBank Performance℠ Savings
EverBank Performance℠ Savings has one of the top APYs on our savings account radar, especially among accounts that require no minimum deposit. There are no maintenance fees, and there are multiple options for making deposits into the account. For customers who live in Florida, there are several physical locations to visit.
EverBank Performance℠ Savings is unavailable on Motley Fool Money. All information was collected independently and not reviewed for accuracy or provided by the issuer. Some items may be out of date.
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 |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
up to 3.80%²
Rate info
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
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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 |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
3.70%
Rate info
3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Let's look at the big picture of why the EverBank Performance℠ Savings account ranks among the best free savings accounts.
| Account | APY | Minimum Deposit |
|---|---|---|
| EverBank Performance℠ Savings | 4.30% | $0 |
The EverBank Performance℠ Savings account has one of the highest APYs among high-yield savings accounts. Even better, you don't need to meet high minimum deposits, which some banks require in order to snag the best APY.
EverBank's high-yield savings account ranks among the best for APY and no monthly fees.
EverBank Performance℠ Savings charges no monthly maintenance fees, and very few fees of any kind. If you happen to get charged a fee for this bank account, it's probably because you're sending a wire transfer. Other than that, most people's everyday banking experience with EverBank Performance℠ Savings is likely to be 100% fee free.
| Fee | Amount |
|---|---|
| Monthly account fee | $0 |
| Wire transfer fee (incoming) | $0 |
| Wire transfer fee (outgoing) | Domestic: $25, International: $35-$65 |
| Account closing fee | $0 |
| Mobile check deposit fee | $0 |
| ACH/EFT transaction out, with the bank's assistance | $0 |
| Returned deposited item fee | $0 |
EverBank Performance℠ Savings requires no minimum balance, and you can earn that great 4.30% APY no matter how much (or little) money is in your account.
This is a customer-friendly feature that not every savings account offers. Even some of the best savings accounts require minimum balances (such as $500 or $5,000) before you can earn the best APYs.
EverBank sets a few limits on withdrawals from your account. You can make:
These withdrawal limits are more flexible than some banks, which limit you to a maximum of six "convenient withdrawals" per month from your savings account.
The EverBank Mobile Banking app lets you view your savings account balance, manage your money, make mobile check deposits, and move money with internal or external account transfers.
Unfortunately, EverBank's app gets lackluster reviews for iOS and Android: only 2.5 stars on the App Store, and 2.7 stars on Google Play. This is unusual for banking apps, which tend to score more highly among iOS users.
EverBank Performance℠ Savings has the usual ways to access your money that you can expect from any online bank, with some extra convenience if you live near the bank's Florida branch locations.
EverBank lets you deposit money into your EverBank Performance℠ Savings account via the following methods:
Most deposits will be made available for you on the day that EverBank receives them, including those made through electronic transfers, wire transfers, or deposits at an EverBank financial center.
Withdrawals from your EverBank Performance℠ Savings account include:
Because this account doesn't have an ATM or debit card, you can't withdraw cash from an ATM. One way around this is to link your EverBank Performance℠ Savings to an EverBank checking account.
Or if you must have ATM access to your savings, EverBank's money market account offers debit card access, checks, and bill pay -- but its APY is lower than EverBank Performance℠ Savings.
Like many banks, EverBank gets a fair share of customer complaints with the Better Business Bureau and is not BBB accredited, although it has an A+ grade at bbb.org and seems to reply promptly to customer concerns.
Some customers have complained that their EverBank savings accounts were locked unfairly, or that they have had difficulty getting money out of their savings accounts.
EverBank gets similarly troubling reviews on Trustpilot (1.8 out of 5 stars), with some customers complaining about bad experiences with savings accounts. One customer said that his savings account was closed without notice or explanation, and that he had to go through a stressful, confusing process to get the bank to send him a check (with his entire savings balance) via FedEx.
High APY: Very few banks offer savings account APYs that compete with the EverBank Performance℠ Savings. With an APY of 4.30%, EverBank's high-yield savings account is more than 10 times the national average of 0.41%.
No monthly fees: You won't pay any monthly service fees to maintain ownership of this account. It also has no early account closing fees or incoming wire transfer fees (outgoing wire transfers start at $25 per wire).
No account minimums: Some banks require you to maintain a certain daily minimum balance to get the best APY. Thankfully, EverBank doesn't have any minimum balance requirements, so you could have $1 in your account and still earn 4.30%.
Limited branch access: Unlike some big national banks, EverBank doesn't have a branch location in every state. In fact, it only has nine financial centers, and they're all located in Florida. This might pose a problem if you value in-person banking and don't live near one of these centers, as you'll need to do all your banking online or through its app.
No ATM or debit card: The EverBank Performance℠ Savings doesn't come with a debit or ATM card. So, if you need to access cash, you'll need to transfer it out of your EverBank savings account first to another account, like a checking account. You could also visit an EverBank financial center.
Customer complaints: Every bank makes mistakes from time to time, but it appears that EverBank is going through some kind of growing pains with its technology systems or account opening processes, based on customer complaints. Hopefully future customers will have a better experience with EverBank Performance℠ Savings.
Yes. EverBank is a member FDIC, so your savings account deposits get FDIC insurance up to $250,000 per depositor for each account ownership category.
You want one of the highest savings account APYs with no minimums and no fees -- bonus points if you live in Florida near any of the EverBank branch locations.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how Motley Fool Money rates bank accounts.
If you want to earn the highest APY possible, stick with EverBank Performance℠ Savings (4.30% APY). But if you want to access your savings via ATM, debit card, and checkbook, the EverBank Performance℠ Money Market Account gives you all these features -- with 4.00% APY, depending on your balance.
Just like any FDIC-insured bank, you can feel confident that your money is safe with EverBank -- even in the worst-case scenario of a bank failure, your money is protected (up to $250,000 per depositor, per insured bank, per account ownership category) by FDIC insurance.
EverBank also uses advanced security features to help protect your account, like fraud detection, strong encryption technology, and data privacy measures.
Yes, EverBank offers a high-yield checking account with no monthly fee and a $100 minimum to open.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
