Everbank has added a $50/$25 bonus on top of their existing 3-month bonus rates for their Yield Pledge Money Market and FreeNet Checking accounts. Both of these offers are targeted at new customers opening with at least $10,000, but in the end do offer some of the top rates available for an FDIC-insured bank account with these terms.
Yield Pledge Money Market
With a 3-month guaranteed introductory rate of 2.25% APY, this is higher than any available 3-month CD out there. After that, it is like other online savings accounts with a variable ongoing APY (currently 1.26%). If you deposit at least $20,000 as a new customer, you’ll get a additional $50 bonus on your 5th month’s statement.
The math is a bid tedious, but in the end the additional $50 bonus on a $20,000 balance effectively extends your 2.25% APY rate out to 6 months, which again is better than any 6-month CD offer out there.
This online savings account “pledges” to keep the yield on your account in the top 5% of competitive accounts as tracked by Bankrate. (Everbank has indeed ended up on lists of best banks with consistently high rates.) Since it is a savings account, you are still limited to 6 withdrawals or outgoing transfers each month. There is a minimum average balance of $5,000 to avoid a $8.95 monthly fee.
A checking account version, this also has a a 3-month guaranteed introductory rate of 2.25% APY, with a tiered interest rate afterward. (Current tiers and ongoing Annual Percentage Yields are: $100,000 and up 1.26% APY, $50,000 – $99,999.99 1.20% APY, $25,000 – $49,999.99 1.16% APY, $10,000 – $24,999.99 0.70% APY and under $10,000 0.51% APY). There is no monthly fee.
If you deposit at least $10,000 as a new customer, you’ll get a $25 bonus on your 5th month’s statement. Again, if you do the math this effectively extends the bonus rate of 2.25% out to between 5 and 6 months on a $10,000 balance, which is still better than any other CD offer of the same length. This account also pledges to keep the yield on your account in the top 5% of competitive accounts, but remember in this case that checking accounts in general have slightly lower rates.
If you are looking to get high FDIC-insured interest rates on a sizable balance for between a couple months to a year, without having to jump through any hoops like required monthly transfers or 15 debit card purchases a month, then this continues to be one of the best rates out there.