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Savings accounts exist to protect your savings and give them a little boost with an annual percentage yield (APY). The EverBank Performance℠ Savings account fulfills this purpose, but instead of a little boost, EverBank gives you a rocket-fueled APY.
If you want to earn the utmost for your savings, without paying monthly fees or meeting account minimums, read on to learn what the EverBank Performance℠ Savings account can offer you.
EverBank Performance℠ Savings
EverBank Performance Savings has one of the top APYs on our savings account radar, especially among accounts that require no minimum deposit. There are no maintenance fees, and there are multiple options for making deposits into the account. For customers who live in Florida, there are several physical locations to visit.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
---|---|---|---|
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
|
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
EverBank has one of the best free savings accounts on the market. Here's what you can expect as an account holder.
Account | APY | Minimum Deposit |
---|---|---|
EverBank Performance℠ Savings | 5.05% | $0 |
The EverBank Performance℠ Savings account has one of the highest APYs among high-yield savings accounts. Even better, you don't need to meet high minimum deposits, which some banks require in order to snag the best APY.
While you can certainly find savings accounts with slightly higher savings rates, EverBank's high-yield savings account is still ranked among the best for APY and no monthly fees.
High APY: Very few banks offer savings accounts that compete with the EverBank Performance℠ Savings. With an APY of 5.05%, EverBank's high-yield savings account is more than 10 times the national average.
No monthly fees: Nil. Zilch. Nada. You won't pay any monthly service fees to maintain ownership of this account. It also has no early account closing fees or incoming wire transfer fees (outgoing wire transfers start at $25 per wire).
No account minimums: Some banks require you to have a certain daily minimum balance to get the best APY. Thankfully, EverBank doesn't have any minimum balance requirements, so you could have $1 in your account and still earn 5.05%.
Limited branch access: Unlike some big national banks, EverBank doesn't have a branch location in every state. In fact, it only has nine financial centers, and they're all located in Florida. This might pose a problem if you value in-person banking and don't live near one of these centers, as you'll need to do all your banking online or through its app.
No ATM or debit card: The EverBank Performance℠ Savings doesn't come with a debit or ATM card. So, if you need to access cash, you'll need to transfer it out of your EverBank savings account first to another account, like a checking account. You could also visit an EverBank financial center.
The EverBank Performance℠ Savings offers a few ways to deposit and withdraw funds, most of them through mobile or electronic means.
EverBank lets you deposit money into your EverBank Performance℠ Savings account via the following methods:
Most deposits will be made available for you on the day that EverBank receives them, including those made through electronic transfers, wire transfers, or deposits at an EverBank financial center.
That said, if you deposit checks totaling more than $5,525 within a single day, only the first $5,525 will be available for you on the same day. The rest will be made available on the fourth business day after the deposit was received.
Withdrawals from your EverBank Performance℠ Savings include the following methods:
As you can tell, withdrawals are limited to electronic or wire transfers. Because this account doesn't have an ATM or debit card, you can't withdraw cash from an ATM, nor write a check from your account. One way around this is to link your EverBank Performance℠ Savings to another EverBank account, like its checking account. This account does have a debit card, which you can use at over 100,000 fee-free ATMs to withdraw money.
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
If you want to earn the most interest possible, stick with the EverBank Performance℠ Savings. However, if you want easier access to your money -- including ATM access with a debit card -- the EverBank Performance℠ Money Market Account is a good runner-up. Its APY is lower (3.75%-4.30%), but it gives you check-writing privileges and access to ATMs.
Yes, EverBank has FDIC insurance. Your deposits will be insured up to $250,000.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.