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EverBank Performance℠ Savings Review: Impressive APY, Nearly Zero Fees

Review Updated
Steven Porrello
Author: Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Jamie Matthews
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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.

Our quick take: The EverBank Performance℠ Savings account offers one of the highest APYs (4.75%) among savings account we've reviewed. And it's easy to use, with no minimum balance, no minimum deposit, and no monthly maintenance fees.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
Ratings Methodology
Rates as of Dec 20, 2024

EverBank Performance℠ Savings

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
APY
4.75%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • No minimum deposit or minimum balance
  • Branch access (in some Florida cities)
  • FDIC insured
  • Same-day ACH transfers
  • Free wire transfers (incoming only)
  • No ATM card
  • Branches only in Florida

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.

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 27, 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℠ Savings review

Let's look at the big picture of why the EverBank Performance℠ Savings account ranks among the best free savings accounts.

EverBank Performance℠ Savings interest rate

Account APY Minimum Deposit
EverBank Performance℠ Savings 4.75% $0
Data source: EverBank.

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.

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
Data source: EverBank.

Minimum balance

EverBank Performance℠ Savings requires no minimum balance, and you can earn that great 4.75% 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.

Withdrawal limit

EverBank sets a few limits on withdrawals from your account. You can make:

  • Up to $50,000 of combined external transfers out of your EverBank account per day
  • Up to 20 external transfers per day, with a maximum of 10 transfers that withdraw funds from your EverBank account to a linked external account
  • Up to 50 total external transfers per month

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.

Mobile app

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.

How to access your money

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.

Deposit options

EverBank lets you deposit money into your EverBank Performance℠ Savings account via the following methods:

  • ACH transfer
  • Direct deposit
  • Deposit cash at an EverBank financial center
  • Mail a check directly
  • Mobile deposit (up to $50,000 a day)
  • Transfer from another EverBank account
  • Wire transfer

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.

Withdrawal options

Withdrawals from your EverBank Performance℠ Savings account include:

  • ACH transfer
  • Wire transfer
  • Internal transfer to another EverBank account

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.

Online user reviews

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.

Top perks

High APY: Very few banks offer savings account APYs that compete with the EverBank Performance℠ Savings. With an APY of 4.75%, EverBank's high-yield savings account is more than 10 times the national average of 0.42%.

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 4.75%.

What could be improved

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.

Is EverBank Performance℠ Savings FDIC insured?

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.

EverBank Performance℠ Savings is right for you if:

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.

Keep reading about EverBank:

Our savings account methodology

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:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • If you want to earn the highest APY possible, stick with EverBank Performance℠ Savings (4.75% 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 1.00%-4.30% 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.