EverBank, a bank often featured on BestCashCow.com, has long offered some of the most competitive savings rates around. Great interest rates can entice people to open up accounts, but if you’re going to make a new account one of your primary accounts, it often takes some additional work to make the switch. Not only do you have to do the bank paperwork, you also have to notify any other companies or parties who need to know your new account information. Unless the new bank interest rate is exceptional, some people feel the effort to change wouldn’t be worth the rate, especially in a time when interest rates change so often.
EverBank has a solution with their Yield Pledge Money Market Account. EverBank pledges that this account will always offer an interest rate in the top 5% of competitive accounts tracked in Bankrate Monitor, surveyed by Bankrate.com. With a minimum deposit of $1,500, you can open a Yield Pledge Money Market Account and earn a 3-month introductory interest rate of 2.25% for balances up to $50,000. Balances over $50,001 will net a variable ongoing APY, which is currently 1.26%. After the three-month introductory period, the bank gives a 1.51% APY for balances up to $50,000. Amounts over $50,001 and deposits after the first year will earn the variable ongoing APY. If your balance falls below $5,000, your account will incur an $8.95 monthly service charge. As long as you maintain a $5,000 balance, you also get free ATM use nationwide.
This introductory APY rate is higher than many current CD rates, and you get the added benefit of liquidity. While it’s possible to find another account with a higher introductory APY, it can be nice feeling to know that your bank pledges to always be in the top 5% so you won’t have to go through the hassle of switching banks very often.
For the best information on money market accounts, click here.
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