2 replies to this topic

[markber]

Everbank has increased promotional three-month rate of its FreeNet checking account to 3.5%.


See more info below:


Offer Details: The special 3.50% APY (annual percentage yield) is current as of 3/1/2005 and may change at any time prior to account opening. The introductory APY will apply for 3 months after account opening. The current APY as of 3/1/2005 without this special offer will be the applicable ongoing rate based on the average collected daily balance on your account and may vary after account opening. During the introductory rate period, the special introductory rate will be applied to the first $100,000 in your account and any balance above $100,000 will receive the applicable ongoing rate, based on the average collected daily balance on your account. This is a tiered rate account. Your ongoing interest rate will be determined by the average collected daily balance of your account, as indicated above. Any rate or any tier may change at any time without notice. Fees may reduce earnings. The special APY offer is good for new customers of EverBank’s National Banking Group only, and only one account per household may obtain this special APY. This account is only available through EverBank’s National Banking Group and cannot be obtained through any other division of EverBank.

The full APY is paid monthly, and there is no monthly maintenance fee for the FreeNet Checking Account. The FreeNet Checking Account offers optional Web Bill Paying. The optional Web Bill Paying service is available for no fee when you maintain the minimum average daily balance for the month of at least $1,500; otherwise a $4.95 monthly fee is assessed for this service. Banking services are provided by EverBank’s National Banking Group. As such, your deposits with EverBank’s National Banking Group are combined with any you may hold at any other EverBank division for the purposes of calculating the $100,000 limit on FDIC coverage.

[scottjm]

Can be a pain to go thru the work of opening an account like this if your main goal is just to park money then see rate drop after the promo period ends. What I did when I opened with Ever Bank last year was to just move most of the money to a CD with them that is easy to do since they already have your info and I don't add another 1099 to my big stack that drives my account crazy. When rate dropped a few months ago I moved it to a 6 month CD with them that was paying 3%. So you can open now for the 3.5% and after the promo move it to either their 6 month CD now at 3.17 or 1 year at 3.58 and in 3 months from now should even be better. The other thing I like about this is since I usually have my CD's pay me a check every month I can simply have them transfer the interest to my checking account every month and not worry about a lost check in the mail

[adityanm]

Can be a pain to go thru the work of opening an account like this  if your main goal is just to park money then see rate drop after the promo period ends. What I did when I opened with Ever Bank last year was to just move most of the money to a CD with them that is easy to do since they already have your info and I don't add another 1099 to my big stack that drives my account crazy.

Just 3 months @3.5% is not enough but you can close after 3 months and get another $50 or keep the account open for foreign currency account which pays much higher. You cannot open currency account without the checking account.