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The bottom line: EverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.
EverBank is a bank based in Jacksonville, Florida. In summer 2023, TIAA Bank rebranded as EverBank — so EverBank has nine branches in Florida and corporate offices in several other parts of the US. TIAA is refocusing on retirement and wealth management services and still has over 120 TIAA centers nationwide.
You can open a new EverBank account either at a branch in Florida or online from anywhere in the US. You have access to almost 100,000 free ATMs nationwide.
Customer support is available on weekdays from 8 a.m. to 8 p.m. ET, and Saturdays from 9 a.m. to 7 p.m. Branch hours vary by location and whether you're visiting an EverBank or TIAA branch.
The mobile app still has the TIAA name. The TIAA app has 4.7 out of 5 stars in the Apple store, and 4.2. out of 5 stars in the Google Play store.
Your deposits are insured by the FDIC. Up to $250,000 is safe in an individual EverBank account, or $500,000 for joint accounts.
EverBank has an A+ rating from the Better Business Bureau. A strong BBB indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
TIAA (now EverBank) does have one recent controversy, though. In 2021, TIAA subsidiary TC Services was required to pay $97 million in a settlement with the Securities and Exchange Commission. According to the settlement, the SEC said TC Services failed to disclose conflicts of interest to customers who were part of employer-sponsored retirement plans.
Compare EverBank accounts EverBank Performance℠ Savings EverBank Yield Pledge Checking EverBank CD EverBank Yield Pledge Money Market AccountChevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
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Annual Percentage Yield (APY) Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
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3.45% to 4.30%Minimum Deposit Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
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4.75% intro (3.75% to 4.15% ongoing)Minimum Deposit Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
On EverBank's website On EverBank's website On EverBank's website| Feature | Insider rating (out of 5) |
| Savings | 4.5 |
| Checking | 4.25 |
| CD | 3.5 |
| Money market account | 4.25 |
| Trustworthiness | 4 |
| Total | 4 |
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Fees no monthly service fee Annual Percentage Yield (APY) Minimum Opening DepositEverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.
EverBank Performance℠ Savings pays 5.05% APY. There is a $0 minimum opening deposit and no monthly service fee.
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Fees no monthly service fee Annual Percentage Yield (APY) Minimum Opening DepositEverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.
Not only does EverBank Yield Pledge Checking pay 0.40% APY, but it's also a great account for avoiding fees. There is no monthly service fee. It offers multiple ways to avoid overdraft fees, doesn't charge out-of-network ATM fees, and even reimburses fees charged by out-of-network ATM issuers.
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Annual Percentage Yield (APY) 3.45% to 4.30% Minimum Opening DepositEverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.
EverBank pays 3.45% to 4.30% APY on CDs. These are high rates overall, but the best CD rates are even higher right now. You'll also want to keep an eye on early withdrawal penalties — they can be hefty for longer terms.
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Feesno monthly service fee
Annual Percentage Yield (APY)4.75% intro (3.75% to 4.15% ongoing)
Minimum Opening DepositEverBank (previously TIAA Bank) is a good choice for people who want to avoid bank fees. EverBank doesn't charge monthly service fees on accounts, won't charge overdraft fees, offers free overdraft protection, and reimburses fees charges by out-of-network ATMs. It also pays high rates, but the best high-yield savings accounts pay even higher rates right now.
Like the bank's savings account, the EverBank Yield Pledge Money Market Account pays a higher rate for the first year, then drops a little. It also has a tiered-rate system, so after the first year, you'll earn more with a higher balance. This account stands out because it comes with both a debit card and checks, so it's easy for you to access your savings quickly.
Although Synchrony savings rates are high, EverBank still pays higher rates on its savings and money market accounts.
Synchrony CD rates range from 0.25% to 4.80% APY, so the better rate between the two banks will depend on which term you choose. Synchrony does offer more terms than EverBank, such as 16-month and 19-month options. It also has a no-penalty CD paying 0.25% APY, and a 2-year bump-up CD that pays 3.60% APY and lets you request a rate increase once during the term. So you have many more CD options with Synchrony.
EverBank might be the better option if you want to do all of your banking with the same company, though. Synchrony does not offer a checking account. On the bright side, its savings account includes an ATM card, giving you quick access to your cash.
EverBank and Ally share a lot of similarities: They pay high rates and don't charge overdraft, ATM, or monthly maintenance fees. EverBank pays a higher savings rate, but the Ally Money Market Account pays 4.20% APY — while this is lower than EverBank's initial APY, it's higher than what it offers after the first year.
EverBank pays higher rates overall on regular CDs. But Ally has a no-penalty CD that pays 4.00% APY. The Ally Raise Your Rate CD comes with a 2-year or 4-year term. Both terms pay 3.75% APY, and you can request to increase your rate once with the 2-year term and twice with the 4-year term. So if you want more unique types of CDs, Ally could be the better fit.
Ally also has savings buckets and spending buckets, which make it easy to save for individual goals and create a budget in your checking account.
We used Insider's bank account methodology to rate EverBank savings, checking, and money market accounts. For its CDs, we used our certificate of deposit methodology.
We evaluate the company's ethics, customer service, and mobile app. Other factors considered depend on which type of account we're reviewing. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs. We assign each category a score between 0 and 5, then average the scores together to give each account a rating from 0 to 5.
Does EverBank still exist? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, EverBank has nine financial centers around Florida.
Is EverBank legit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, EverBank is a legitimate bank with FDIC insurance. It's based in Jacksonville, Florida.
Is EverBank FDIC-insured? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, EverBank is FDIC-insured; $250,000 is insured in an individual account, and $500,000 in a joint account. This means that even if EverBank shuts down, your insured funds are still safe.
Who took over EverBank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
TIAA took over EverBank in 2017 and officially changed the name in 2018. But TIAA Bank has switched its name back to EverBank.
Did EverBank become TIAA? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
TIAA bought EverBank in 2017, then EverBank changed its name to TIAA Bank. But as of 2023, TIAA is changing its name back to EverBank.
Why is TIAA becoming EverBank again? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
TIAA sold most TIAA Bank shares to private investors. Once the sale was complete, it changed its name to EverBank.
Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.
Read more Read lessEvelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice. The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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