Update: 1.51% APY 3 Month Bonus Money Market Rate by EverBank

Rate Update: EverBank adjusted it's rate lower again to 1.13 from 1.30% on March 2, 2011.

Rate Update: On November 6 2010, EverBank lowered their bonus rate from 2.25% to 2.01% and their 1st year rate from 1.51% to 1.30% APY and their ongoing rate from 1.26% APY to 1.06% APY.

EverBank keeps their money market rates very competitive despite the drop of interest rates in recent months. Their Yield Pledge Money Market account is a money in the bank deal with its 3-month promo rate for new customers at 2.01% APY down from 2.25%.

The special money market rate is given to balances through $50,000 for the first three months after account opening. There is also a First Year APY new account interest rate of 1.30% down from 1.51% APY. After the first year, your account will earn the current interest rate of 1.06% down from 1.26% APY.

The current interest rates are posted as of January 6 but they can be changed any time. It will be best to contact the bank for the latest figures. You may call them through 888-882-3837 if you want to know the details about their money market account and other products.

This money market deals require an initial deposit of $5,000. It is also the balance which will save your pockets of shelling out $8.95 as a monthly service charge. Some of our friends have reported that the bank performs a hard credit pull when you apply for an account with them.

You can send your deposits through ACH transfers. Consumers may opt to link as many external bank accounts as they want with their EverBank account for your convenience. These links can be made online. The bank may need to do trial deposits to verify your bank accounts.

This money market account also limits transfers and withdrawals to six per month. There are fees which may be charged when you exceed the number of free transactions.

You need to take note that EverBank is using a blended interest rate for the money market account. What you see as the APY may not really be what is coming in as your yield. There is 3-month promo interest rate for new customers, the first year APY, and the base interest rate. All of the interest are computed on a daily basis and credited to your account every month.

EverBank is a member of the FDIC. It is a significantly funded internet bank with about $7.6 billion in assets. Bankrate.com and BauerFinancial stamped their soundness and safety report with 4 stars when they reviewed the financial standing of the bank.