A New Bank in Town: Everbank

It seems that there is yet another new online bank. However, where this one differs is that it is offering a whopping 6.01% APY for the first three months! Not bad. Also, the bank is actually a checking account, not a savings account.

Some other perks:
- First 50 checks are free
- No maintenance fees if there is a $1500 balance
- Free Visa check card

The fine print:

The special 6.01% annual percentage yield (APY) on EverBank's FreeNet Checking Account is current as of 10/01/2006 and will apply for 3 months after account opening, and may change at any time prior to account opening. The current APY as of 09/01/2006 without this special offer will be the applicable ongoing rate based on the average collected daily balance on your account.

Current APY tiers are: over $100K, 4.41%; $50K-$99.99K, 4.00%; $25K-$49.99K, 3.60%; $10K-$24.99K, 3.30%; and under $10K, 3.25%. During the 3-month period after account opening, the special 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. Any rate or any tier may change at any time without notice. Fees may reduce earnings.

This special APY offer is available to first-time account holders only and is limited to one account per household. The FreeNet Checking Account introductory APY may not be available through all delivery channels or divisions of EverBank. Minimum opening deposit of $1500 is required.

Please note that you need to apply through this ad at Everbank to get this promotional 3 month rate.

If you have no problem moving your money around every few months, that this is a great deal for you as this rate rivals even CD rates, without the problem of not being able to access your money.