It’s been a long time since we’ve seen an online bank increase their interest rates, but… I recently received an e-mail from Everbank saying that they’ve bumped up the rate on their “Yield Pledge” Money Market Account (link).
The calculation is a bit convoluted, but they’re offering an introductory rate of 3.01% APR (3.06% APY) on up to $50k in deposits for the first three months. After that, the rate falls back to 1.83% APR (1.85% APY; this is up from a rate of 1.63% APR). The end result is an average APY of 2.15% over the first year on up to $50k in deposits.
Like I said, sorta convoluted. Nonetheless, if you’re looking to open an online savings account, Everbank is definitely worth checking out. Just be aware that they require a $1500 minimum deposit to open, and that accounts with a balance below $5000 are subject to a monthly fee.
For a more complete rundown, check out my list of interest rates at online banks.