EverBank wants your deposit dollars

|
EverBank wants your deposit dollars
Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
Advertisement

At a time when the typical bank is paying one twentieth of one percent on savings, I have what seems like a high-interest alternative for you.

We’re in an era when a number of banks have been floating trial balloons suggesting they may start charging you to hold your money. It’s already being done by some big Asian banks. Yet in the midst of that, there’s at least one bank looking for your deposit dough.

EverBank.com is offering a deal for the next 6 months where they’ll pay 1.25% on a money market account up to $50,000.

Right now, that’s a mountain of interest. If you keep the money on deposit longer than 6 months or exceed the $50,000 limit, that intro deal ends and the interest rate drops to .75%.

So they attract money with an initial 6-month rate and then hope that because of inertia you’ll leave it with them.

If you have short-term money, maybe you’re saving up for a down payment, why not pop it in there and earn 1.25%?

As far as looking for best rates in country, it is tough right now. I walked by a community bank advertising 1% on their money market account. This was across the hall from the stock brokerage where I deposit money. I went twice that week and they took the sign down by second time I went. There was that much demand from people rushing in to earn 1% on their money!

Advertisement
Clark Howard About the author:
Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to put more money in your pocket, with advice you can trust. More about Clark
View More Articles
  • Show Comments Hide Comments