EverBank (formerly TIAA Bank) is an excellent choice if you’re looking for a bank with various interest-earning checking options. You can choose among five EverBank business checking accounts. All of which earn interest on all balances except for the entry-level Business Checking product.
In addition, the bank also offers full-service banking products and services, including money market accounts, certificates of deposit (CDs), and currency accounts. Although it has branches in Florida, it is primarily an online bank.
Why you can trust Fit Small Business
How I Evaluated EverBank Business Checking
I visited the bank’s website and checked the deposit account fee schedule to ensure that details remained accurate when I updated this EverBank business checking review. I considered the following criteria:
- Product features
- Monthly fee
- Opening balance
- Required balances
- Account opening requirements
- ATM fees
- Cash deposit fees
- Annual Percentage Yield (APY)
- Monthly transaction limits
- Cash deposit allowances
- Branch accessibility
- Other business banking product
I then checked the other providers’ APY rates, monthly service fees, and initial deposit requirements to determine how EverBank’s business checking account stacks up with its competitors. While it offered no monthly fees and an APY for its basic business checking product, making it comparable with the other listed providers, its minimum opening deposit is quite high.
Terms & Features
| Special Offer | None |
|---|---|
| Opening Deposit Requirement | $1,500 |
| Monthly Maintenance Fee |
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| APY |
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| ATM Fees |
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| Other Standout Features |
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Use Cases
- You seek to earn interest on checking deposits: All of EverBank’s business checking accounts (except for Business Checking) offer uncapped APY on checking deposits.
- You want refunds on out-of-network ATM fees: EverBank refunds up to $15 worth of ATM fees each month, giving you greater freedom in choosing where to make your ATM transactions. It refunds all ATM fees if you carry an average daily balance of at least $5,000.
- You often receive wire transfers: Opening a Small Business Checking, Business Checking, or Non-Profit Checking account allows you to save on both incoming domestic and international wire transactions.
- You use foreign currencies regularly: Aside from business checking accounts, EverBank offers currency access accounts, which let you build a safe reserve of international currency
EverBank Alternatives & Comparison
| Account Name | Monthly Service Fee | APY | Minimum Opening Deposit | |
|---|---|---|---|---|
 | Small Business Checking | None | 0.50% | $1,500 |
| Visit EverBank | ||||
 | Business Complete Banking | $15; waivable | None | None |
| Visit Chase Bank | ||||
 | Standard | None | 1.3% | Unlimited |
| Visit Bluevine | ||||
 | Innovator Business Checking | None | Up to 1.35% | $100 |
| Visit Grasshopper | ||||
Best For | Learn More | |
|---|---|---|
| You need access to in-person banking: EverBank is primarily an online bank, and its only brick-and-mortar branches are in Florida. Meanwhile, Chase has around 4,800 branches across all mainland states. | Read our Chase business checking review |
 | You can’t meet EverBank’s $1,500 opening deposit requirement: Consider Bluevine for a high-yield checking account with no initial opening deposit, plus it offers 1.3% on qualifying balances of up to $250,000 with no monthly fee or minimum balance requirements. | Read our Bluevine business checking review |
| You want to earn higher interest: EverBank’s Small Business Checking account provides interest at 0.50%, whereas Grasshopper’s Innovator Checking account offers up to 1.80%. This can be increased to 3.30% if you also open an Innovator Money Market Savings account. | Read our Grasshopper Bank business checking review |
See more options in our roundup of the best small business checking accounts.
EverBank Business Checking Reviews From Users
| Users Like | Users Dislike |
|---|---|
| Good interest rates | Steep banking fees |
| Easy account opening process | Bad computer interface |
| User-friendly app | Poor customer service |
There are very limited EverBank business checking reviews online. The bank has a rating of 2.0 on DepositAccounts[1] from around 20 reviews and 2.4 on WalletHub[2] from fewer than 250 reviews. Many of these have been carried over from TIAA Bank.
Users appreciated the ease of opening a new account compared with other banks. Several agreed that the bank offers decent interest rates for its business checking accounts. However, some complained about the steep wire fees and high minimum balance requirements to waive the monthly fees.
Other negative feedback included complaints about the bad interface, which limits online transaction viewing. Many reviewers also reported a lack of response from the customer service staff when they raised issues with their accounts. One mentioned that the bank representatives gave inaccurate information.
Meanwhile, EverBank’s mobile app has a rating of 2.5 from around 200 reviews on the App Store[3] and 2.6 from about 50 reviews on Google Play[4]. The old TIAA Bank mobile app generated high ratings of 4.6 and 4.0 on the App Store and Google Play, respectively.
Satisfied users said the app is easy to set up, making their transactions seamless. Even though it was recently released, the user interface is simple to navigate and more functional compared with TIAA’s app—though some preferred the old app because they thought it was more attractive and intuitive.
EverBank Business Checking Terms
| Small Business Checking | Business Checking | Business Interest Checking | Business Analysis Checking | Non-profit Checking | |
|---|---|---|---|---|---|
| Required Opening Deposit | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 |
| Monthly Fees | None | $14.95; waivable | $14.95; waivable | $18 | $14.95; waivable |
| APY | 0.50% | None | 0.55% | None | Tiered |
| Transaction Limit Before Fees | Unknown | 200 items, then 25 cents per excess item | 11 cents per deposited item | 11 cents per deposited item | Unknown |
| Domestic Wire Transfer Fees | Incoming: None Outgoing: $25 | Incoming: None Outgoing: $25 | Incoming: $6 to $10 Outgoing: $8 to $25 | Incoming: $6 to $10 Outgoing: $8 to $25 | Incoming: None Outgoing: $25 |
| International Wire Transfer Fees | Incoming: None Outgoing: $35 | Incoming: None Outgoing: $35 | Incoming: $15 to $35 Outgoing: $30 to $35 | Incoming: $15 to $35 Outgoing: $30 to $35 | Incoming: None Outgoing: $35 |
| ATM Fees |
| ||||
| Cash Deposit Fees | None | None | None | None | None |
| Monthly RDC |
| ||||
EverBank Business Checking Requirements
To open a business checking account, you must first pass EverBank’s pre-qualification process. EverBank will use the following questions to determine eligibility:
- Is your business registered or organized and physically operating and managed in the United States/US territories?
- Are you a business trust or a self-directed individual retirement account (IRA)?
- Are your business’ authorized signers or beneficial owners
- Does the business associate with any one of EverBank’s restricted industries?
As part of the EverBank business checking requirements, your business will not qualify to open a bank account with EverBank if you or at least one of your tenants receive income from any of the following industries:
- Organizations or individuals that do not conduct any business in the US
- Foreign embassies or consular offices
- Foreign correspondent banking entities
- Banks organized or chartered outside of the US
- Virtual currency operators
- Third-party payment processors
- Casino, gambling, or gaming establishments
- Organizations or individuals engaged in activities deemed unlawful at any state or federal level, which would include any business engaged in the sale or distribution of marijuana
If you pass, a specialist will contact you to assist you with the account-opening process.
Before opening an account, see our guide on how to open a business bank account. It features a free downloadable checklist of documents that banks typically require.
EverBank Business Checking Features
| Description | |
|---|---|
| Fee-free ATM Usage | Make fee-free transactions at nearly 100,000 US ATMs, including Allpoint and MoneyPass machines. EverBank also reimburses you for up to $15 worth of ATM fees each month—and if you maintain an average daily balance of $5,000, you get unlimited ATM fee refunds. |
| Online & Mobile Banking |
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| RDC | To deposit high volumes of checks from anywhere, you can use EverBank’s RDC computer-scanner combo ($35 monthly). You can also deposit checks through the EverBank mobile app for free. |
| Overdraft Protection | To avoid overdraft fees, link your business checking account to a business money market account. Whenever you make a transaction bigger than your current balance, EverBank will automatically pull funds from your money market account to cover the cost at no charge. |
| Merchant Services | EverBank’s payment processing provider is the top-rated Elavon, Inc. It offers dial-up, wireless, and internet POS terminals, including electronic check services, mobile and credit card payment processing, electronic gift cards, and electronic benefits transfers. |
| Debit Card | Free Visa debit card |
| Physical Checkbooks | Varies depending on the style |
| Accounting Software Integration | QuickBooks |
| Customer Service | Hotline: (866) 371-3831, opt 5 Mondays to Fridays, 8 a.m. to 5 p.m. Eastern time |
Other EverBank Business Products
- Money market account
- CDs: There are two types of business CDs, high-yield CDs
- Currency access accounts
Frequently Asked Questions (FAQs)
Is my money safe in EverBank?
Yes, it is. Deposits are FDIC-insured up to $250,000 per depositor and account ownership category.
Is EverBank financially stable?
Yes, EverBank is financially stable, with approximately $39.4 billion in assets as of its most recently filed call report in June 2024.
Which bank account is best for a small business owner?
Sole proprietors and single-owner LLCs can open an EverBank’s Small Business Checking account with no monthly fees and an APY of 0.50%.
What is the minimum opening deposit for an EverBank business checking account?
You must fund your EverBank business checking account with an initial minimum deposit of $1,500.
How long has EverBank been in business?
EverBank was founded in 1961 and is based in Jacksonville, Florida. It was renamed TIAA Bank after a 2017 acquisition. In August 2023, it was acquired again, and its name was reverted to EverBank.
Bottom Line
EverBank is best for businesses that want to bank online with low monthly fees and decent APY rates. The Small Business Checking account lets sole proprietors and single-owner LLCs bank with zero monthly service fees while earning 0.50% APY. However, a Business Checking, Business Interest Checking, or Business Analysis Checking account would be more convenient for businesses with larger transaction volumes.
User review references:
[1]DepositAccounts
[2]WalletHub
[3]App Store
[4]Google Play
