Forget the Stock Market...Everbank earns you 6% interest on checking accounts!
Written: Apr 16 '01
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Pros: earn interest on checking account, easy to use, on-line bill pay
Cons: doesn't send back cancelled checks, allow 10 days for bill pay
The Bottom Line: I've moved all my accounts to everbank except for one small account I keep with the Brick and Mortar in case of an emergency.
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| sonalb's Full Review: Everbank |
Ok, so I'm just kidding when I say forget the stock market. But do I know that at this time, my everbank checking account is out-performing my stock portfolio! And compared to the 2-3% interest you earn on savings accounts and 0% interest on checking accounts at your brick and mortar banks, this is a good deal.
Here are some reasons why you should move your money to an everbank.com account.
1. You earn 5-6% interest. (Your minimum balance has to be $1500.)
2. You can pay your bills on-line. Its quick, its easy, it saves you time and 34 cents on postage.
3. You can have your salary directly deposited to your account.
4. Anytime you need to make a deposit, you just mail it in. They provide pre-paid envelopes.
5. You can withdraw from any ATM. You'll be charged a fee by the bank you are withdrawing the funds from but everbank will refund the charge. The only snag is that you can only get refunded for four charges a month.
6. It works like any other checking account except you earn interest pof 5-6%!
The two things I would caution are:
1. If you need to look at a cancelled check, you need to request it from everbank. They don't send them back to you every month. And they only allow you three check requests a month. After you've used up your three requests, there's a charge for all subsequent requests.
2. If you choose to use the on-line bill pay system, schedule your payments about 10 days before the due date. Everbank takes the money out of your account on the date you request but they take some time in sending the money to your payee. (I guess this is how they make thier money..on interest they earn during this time lag). The first month I used this system, I scheduled all my payments five days before the due date and I had many late charges from my credit card companies because they got the payment late.
Recommended:
Yes
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Epinions.com ID:
sonalb
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Reviews written: 14
Trusted by: 3 members
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