EverBank Ups Guaranteed Money Market Rate (1.31% APY)


Deal Summary: Yield Pledge Money Market, 1.31% APY, $5k minimum opening deposit, $250k maximum deposit, one year rate guarantee.

Availability: Nationwide

EverBank tends to change its CD rates at the end of the week. This week the CD rates didn't change, but its money market rate did. the 1-year guaranteed introductory rate for new Yield Pledge Money Market accounts has been raised to 1.31% APY. In addition, the ongoing rate was increased to 0.86% APY.

1.31*%-$250kEverBankYield Pledge Money Market - First Time Client (1st Yr)
OTHER TIERS: 0.86% $250k - $10mm
0.86%-$10mEverBankYield Pledge Money Market - Ongoing Client
Accounts mentioned in this post. Rates as of September 20, 2017.

When liquid account rates starting rising in June, I kept expecting to be writing a blog post about the Yield Pledge Money Market, but the rate remained fairly constant. There was a 10 bps increase in early July, but the resulting 1.21% APY wasn’t that competitive. To give you an idea of the recent movement in MMAs and savings account rates, I’ve written more than 40 blog posts about liquid accounts in the past three months.

The guaranteed introductory rate is only available to first-time holders of the Yield Pledge Money Market account, and according to the fine print, requires new money.

Accounts opened and initially funded with money transferred from
another EverBank account are not eligible for the 1-year introductory APY.

The disclosure for the one-year guarantee reads,

The 1-year introductory APY for balances (i) up to $250,000 is 1.31%, and
(ii) from $250,000.01 to $10,000,000 is best expressed as a range: 1.31% to 0.87%.

With the one-year rate guarantee, the Yield Pledge Money Market has become a de facto 1-year CD earning 1.31% APY, with no early withdrawal penalty. Currently, the highest APY for nationally available 1-Year CDs for a $10k deposit is 1.60%, offered by Pacific National Bank, TIAA Direct, and coincidentally, EverBank.

EverBank still maintains its promise that,

The yield on your Yield Pledge Checking and/or Money Market Account will stay in the Top 5% of Competitive Accounts based on Bankrate Monitor National Index survey data from the last week of each month.

I assume this promise applies to the ongoing rate of the Money Market Account (which is now 0.86%). That survey must include many brick-and-mortar banks. If it just included internet banks, the top 5% would be much higher. If you look at the nationally available accounts in DA's money market table, they would need a 1.20% yield to be in the top 5%.

Yield Pledge Checking

In the recent past, the Yield Pledge Checking’s guaranteed APY mirrored that of the Yield Pledge Money Market account. This is the first time in more than two years that the Yield Pledge Checking has a different APY.

1.21*%-$250kEverBankYield Pledge Checking - First Time Client (1st Yr)
OTHER TIERS: 0.71% $250k - $10mm
Accounts mentioned in this post. Rates as of September 20, 2017.

While details about the Yield Pledge Checkingaccount can be found on EverBank's website, a few of the features are as follows:

  • $5,000 minimum opening deposit
  • No monthly fee
  • Free online bill pay services
  • Unlimited ATM fee reimbursement with minimum balance of $5,000
  • Mobile check deposits

Thanks to DA reader, leemd, for his Forum post about EverBank’s latest rate increase.


TIAA completed its acquisition of EverBank in June. According to a press release, the acquisition will result in a rebrand, “TIAA, FSB, but for the immediate future, the Bank will continue to use the TIAA Direct and EverBank brands.”

Currently headquartered in Jacksonville, Florida, EverBank is an internet bank that has some brick-and-mortar branches that were part of the acquisition of Bank of Florida in 2010. Those ten Financial Centers are located throughout the state in Boca Raton, Clearwater, Coral Gables, Fort Lauderdale, Fort Myers, Jacksonville (4), and Naples.

The Yield Pledge Money Market account can be opened using EverBank’s online application, or at any of the above mentioned locations.

Bank Overview

TIAA, FSB/EverBank has an overall health rating of "A" at, with a Texas Ratio of 8.06% (excellent), as of March 31, 2017 data. In the past year, TIAA, FSB/EverBank has increased its total non-brokered deposits by $1.01 billion, an excellent annual growth rate of 6.87%. Please refer to our financial overview of TIAA, FSB/EverBank (FDIC Certificate # 34775) for more details.

Publicly traded on the NYSE, EverBank was founded as the First Alliance Bank in 1998, and shortly afterwards acquired the Marine National Bank of Jacksonville. Within a year, EverBank acquired the world currency division from St. Louis’ Mercantile Bank. Currently, EverBank is one of the largest internet banks in the U.S., with assets in excess of $27 billion and more than 500,000 customer accounts.

How the Yield Pledge Money Market Compares

When compared to the 172 Money Market Accounts tracked by that are available nationwide, EverBank’s Yield Pledge Money Market 1st Year APY currently ranks second.

Interest RateAccount NameCredit Union/Bank
1.50% APYMega Money Market ($35k max)All America Bank
1.31% APYYield Pledge Money Market-First Time Client ($250k max)EverBank
1.30% APYMoney Market (no max)SallieMae Bank

The above rates are accurate as of 9/2/2017.

To look for the best Money Market Account rates, both nationwide and state specific, please refer to the Money Market rates section of or our Rates Map page.

Related Pages: money market accounts, checking accounts, nationwide deals, Internet banks

rzelman | | Comment #1
I find it annoying that this bank does not extend their rate increases to its loyal customers. Considering the current competition I am likely to take my business elsewhere.
Stan | | Comment #5
With savings accounts easy to move to another institution offering a better rate. You can go with dollar direct offering 1.40% or CIT bank 1.30% and $100 bonus as 2 options
Tazz | | Comment #9
Close the account and open a new one 14 days later. I did that when Everbank was offering a 1.60% promo and i got it.
buckeye61 | | Comment #2
I never liked this business model. Attract new customers with a nice promo rate, but after that promo period is over your left with a mediocre product/rate. They should offer a new customer cash bonus and then offer new and old customers a more competitive ongoing rate.
Dunmovin | | Comment #3
All bank customers are not equal...a national bank offers different rates based upon geography, e.g. US Bank. Moving my money from there asap. I'm not...
Bogie | | Comment #4
That is nothing new. Even car manufacturers price their vehicles and buyer incentive programs differently based upon different geographic areas around the country.
Dunmovin | | Comment #6
GM, Ford, etc. are not equivalents to a national in a bank is different than trusting a car manufacturer. If "my" local bank cannot match its rates elsewhere, then for sure that bank will not match the CDs are negotiated! Then if one has a trust, etc. with their bank would one expect it to be like a dumb car manufacturer...don't it
Bogie | | Comment #7
Of course manufacturing corporations are not equivalent to national banks. Any literate person would know that. That isn't what my comment #4 was about. And trust wasn't even in the discussion until your last comment.

Just pointing out that it is a common business practice to base interest rates, bonuses, pricing, incentives, etc. based upon geographic areas whether YOU like it or not.
Dunmovin | | Comment #8
No free pass from me!
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