EverBank, formerly TIAA Bank, is an excellent choice if you’re looking for a bank with a variety of interest-earning checking options. Except for the entry-level Business Checking product, all of EverBank’s business checking offerings earn interest on all balances.
In addition to five business checking options, EverBank offers full-service banking products and services, including money market accounts, certificates of deposit (CDs), and currency accounts. Although EverBank has branches in Florida, it is primarily an online bank.
What We Like
- No monthly fee and required maintaining balance for Small Business Checking
- Unlimited ATM fee reimbursement for accounts with $5,000 average daily balance
- All accounts except Business Checking earn interest on all balances
Drawbacks
- $1,500 account opening deposit
- Limited branches, all located in Florida
- Must maintain $5,000 average daily balance to waive monthly fees for business checking accounts except Small Business Checking
Features
- Free debit card
- Mobile check deposits
- View check images and e-statements via Business Online Banking
- Competitive interest rates
- Fraud detection tools
- Overdraft protection
- ATM fee refunds
- Nearly 100,000-plus fee-free ATMs
How EverBank Stacks Up With Its Competitors
Account Name | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|
 | Small Business Checking | 0.50% | N/A | $1,500 | |
 | Business Checking | 1.5% | $4.95 (Green Dot) or $1 + 0.5% of deposit amount (Allpoint+ ATM) | None | |
Visit Bluevine
Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
| |||||
 | Innovator Business Checking | Up to 2.0% | None; Does not accept cash deposits | None | |
When EverBank Is a Good Fit
- You run a nonprofit organization: EverBank offers an interest-earning nonprofit checking account with a waivable monthly fee of $14.95. In our roundup of the best banks for nonprofits, we named it the leading bank for earning interest.
- You want to earn interest on checking deposits: All of its 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 use foreign currencies regularly: Aside from business checking accounts, EverBank offers currency access accounts, which let you build a safe reserve of international currency funds. Our features section below covers the available currencies under EverBank.
When EverBank Is Not a Good Fit
- You need access to in-person banking: EverBank is primarily an online bank, and its only brick-and-mortar branches are in Florida. The best bank for branch access is Chase, which has approximately 4,800 branches across all 48 mainland states. Determine which Chase account suits you by reading our Chase business checking review.
- You cannot meet EverBank’s $1,500 opening deposit requirement: If you want a high-yield checking account with no minimum opening deposit requirement, consider Bluevine. It offers 1.5% APY on qualifying balances of $250,000 and less while having no monthly fee, no opening deposit requirements, and no minimum balance requirements. Read our review of Bluevine business checking for more information.
- You need access to small business loans: While EverBank partners with commercial real estate brokers to offer access to financing, the bank doesn’t offer them directly. Live Oak Bank is an online-only bank that offers small business loans, including Small Business Administration (SBA) loans, United States Department of Agriculture (USDA) loans, and commercial loans. Check out our Live Oak Bank business savings review for more information.
See more options in our guide to the best small business checking accounts.
EverBank Business Checking Overview
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 (any individual with upwards of 25% ownership) US citizens or permanent resident aliens?
- Are your business’ authorized signers or beneficial owners (any individual with upwards of 25% ownership) located in a European Union (EU) country?
- 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 has a free downloadable checklist of documents banks typically require.
EverBank Business Checking Features
Fee-free ATM Usage In EverBank Network
You can 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. If you maintain an average daily balance of $5,000, you get unlimited ATM fee refunds.
Online & Mobile Banking
EverBank offers 24/7 access to all your bank accounts through its Business Online Banking platform and mobile app. Through the app, you can:
- View comprehensive reports
- Schedule one-time and recurring payments
- Transfer funds
- Deposit checks through mobile check deposit
Because the change from TIAA Bank to EverBank is recent, there aren’t many reviews for the EverBank app. An app is available on both Google Play and the Apple App Store.
The old TIAA Bank mobile app had mostly positive reviews. It has a rating of 4.7 stars on the App Store[1] (based on more than 7,400 reviews) and 4.3 stars on Google Play[2] (based on 5,600-plus reviews). However, many of the reviews published within the last year are negative.
Users said that the app requires manual logins despite offering biometric authentication. It also blocks password managers, preventing you from automatically accessing the app. Otherwise, positive reviews highlight that the app is serviceable and easy to navigate.
Remote Deposit Capture (RDC)
If you want the ability to deposit high volumes of checks from anywhere, you can use EverBank’s RDC computer-scanner combo, which charges a monthly fee of $35. You can also deposit checks using the EverBank mobile app for free.
Overdraft Protection
You can avoid overdraft fees by linking 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.
Other EverBank Banking Products
Money Market Account
Business Money Market charges a $14.95 monthly fee, waivable with an average daily of $5,000. It has an opening deposit requirement of $1,500 and offers the following APY rates
- 1.35% on balances from $0 to $99,999.99
- 1.85% on balances from $100,000 to $999,999.99
- 2.35% on balances of $1 million and up.
You can use this account as a source of funds for overdraft protection. Transfers from this account that are used to cover overdrafts are free and automatic.
CDs
EverBank offers two types of business CDs:
- High-yield CDs have a minimum opening deposit requirement of $1,500 and no monthly fee. They offer rates from 2.10% to 4.75% and terms from three months to five years.
- IntraFi CDs distribute your funds across the IntraFi network to provide extended FDIC insurance, particularly for multi-million dollar deposits. They require a minimum opening deposit of $10,000.
Currency Access Accounts
Currency Access Accounts let you safely store money in foreign currencies. Available currencies include:
- Australian dollar (AUD)
- Brazilian real (BRL)
- British pound (GBP)
- Canadian dollar (CAD)
- Chinese yuan (CNY)
- Czech koruna (CZK)
- Danish krone (DKK)
- Euro (EUR)
- Indian rupee (INR)
- Hong Kong dollar (HKD)
- Hungarian forint (HUF)
- Japanese yen (JPY)
- Mexican peso (MXN)
- New Zealand dollar (NZD)
- Norwegian krone (NOK)
- Polish zloty (PLN)
- Singapore dollar (SGD)
- South African rand (ZAR)
- Swedish krona (SEK)
- Swiss franc (CHF)
EverBank offers a 1% customer exchange rate when you request that your account funds be denominated in a currency other than the currency you regularly use for deposits. Accounts are FDIC-insured for up to $250,000.
The minimum opening deposit is $2,500. While most currency accounts are free, JPY accounts charge monthly maintenance fees of 0.25%.
EverBank Business Checking Reviews From Users
There are very limited EverBank business checking reviews online, with around 40 on DepositAccounts[3] and less than 250 on WalletHub[4]. EverBank has a 1.5 out of 5 rating on DepositAccounts and a 2.5 rating on WalletHub. Many of these reviews have been carried over from TIAA Bank.
Users liked that the bank’s business checking products offered decent interest rates. However, others found the minimum balance requirement for waiving monthly fees too steep. There were also several complaints about delays in posting external transfers online.
Outside of business checking, comments discussed issues with customer service and online banking. According to several dissatisfied reviewers, not only is the bank’s customer service team slow to respond, but they also tend to give misinformation. Additionally, a few users found the bank’s website difficult to navigate.
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, for businesses with larger transaction volumes, a Business Checking, Business Interest Checking, or Business Analysis Checking account would be more convenient.
