EverBank is an online bank that holds your money and pays interest, with a focus on accounts tied to foreign currencies and precious metals

EverBank is a federally chartered online bank based in Jacksonville, Florida. It operates like a traditional bank — you deposit money, it holds the funds, and it pays you interest — but it specializes in accounts denominated in currencies other than the US dollar and in accounts backed by physical gold or silver. The bank is FDIC-insured up to the standard $250,000 limit per account type, meaning your deposits are protected by federal insurance if the bank fails.

EverBank does not offer physical branches. All account opening, deposits, and customer service happen online or by phone. The bank makes money by taking the difference between the interest it pays you and the interest it earns on lending or investing your deposits, just as traditional banks do.

Key Takeaways

  • EverBank is an FDIC-insured online bank that lets you hold money in foreign currencies like euros, British pounds, and Japanese yen, or in precious metal accounts backed by physical gold and silver.
  • You can open an account with a minimum deposit that varies by account type, and you can fund it by electronic transfer, wire, or check.
  • Interest rates on EverBank accounts change based on market conditions and the specific currency or metal you hold, so rates are not fixed for the life of the account.
  • EverBank charges no monthly maintenance fees on most accounts, but it does charge fees for certain transactions like wire transfers and currency conversions.
  • Your money is protected by FDIC insurance up to $250,000 per account type, the same as at any other bank.

Types of accounts EverBank offers

EverBank's main product categories are foreign currency accounts, precious metal accounts, and traditional US dollar savings and money market accounts. Currency accounts let you hold money in dozens of different currencies — euros, British pounds, Swiss francs, Canadian dollars, Australian dollars, Japanese yen, and others. Each currency account earns interest at a rate set by EverBank based on global currency markets and central bank rates.

Precious metal accounts are backed by physical gold, silver, platinum, or palladium stored in a vault. You own the metal outright, and EverBank charges a storage and insurance fee (typically around 0.50% per year) to hold it for you. You can request physical delivery of your metals, though shipping and insurance costs apply.

EverBank also offers traditional US dollar savings accounts and money market accounts that work like accounts at any other online bank. These accounts are not the bank's main focus, and rates are typically lower than at competitors like Marcus or Ally.

How interest rates work at EverBank

Interest rates on EverBank accounts are not fixed. They change based on market conditions, central bank policy in the country whose currency you hold, and EverBank's own business decisions. If you hold euros, your rate depends partly on what the European Central Bank is doing. If you hold a precious metal account, your rate depends on storage costs and market demand.

EverBank publishes current rates on its website, and you can see what rate applies to your account in your online dashboard. The bank notifies customers when rates change, but it does not lock in a rate for a set term the way a certificate of deposit (CD) does. This means your earnings can go up or down without your permission, though the bank cannot charge you a fee to withdraw your money if rates fall.

Fees and costs to know about

EverBank charges no monthly account maintenance fee on most accounts. However, it does charge fees for specific actions. Wire transfers out of your account typically cost $25. If you convert money from one currency to another, EverBank charges a spread (a percentage markup) on the exchange rate — this is how the bank makes money on currency trades. The spread varies but is usually between 1% and 2%.

Precious metal accounts charge an annual storage and insurance fee, usually around 0.50% of the value of your metals per year. If you request physical delivery of your metals, you pay shipping and insurance costs on top of that. There is no fee to move money between your EverBank accounts or to set up automatic transfers.

How to deposit and withdraw money

You can fund an EverBank account by electronic transfer from another bank account, by wire transfer, or by mailing a check. Electronic transfers typically take one to three business days. Wire transfers are faster but cost money. Checks take longer — usually five to ten business days — because the bank must physically receive and process them.

To withdraw money, you can transfer it electronically back to another bank account you own, request a wire transfer, or request a check. Electronic transfers out are free and usually take one to three business days. Wire transfers cost $25 and are faster. If you hold precious metals, you can request physical delivery, but you pay for shipping and insurance.

Who uses EverBank and why

EverBank appeals to people who expect a particular currency to gain value against the dollar, who want to hold physical precious metals without storing them at home, or who live abroad and want to hold money in their home country's currency. It also attracts people who believe the US dollar will weaken and want to diversify their savings into other currencies.

The bank is not a good fit for people who want high interest rates on US dollar savings — online banks like Marcus, Ally, and American Express typically pay more on regular savings accounts. It is also not ideal for people who need frequent access to their money or who want to avoid currency risk, since exchange rates move daily and can work against you.

FDIC insurance and account safety

EverBank is a federally chartered bank and its deposits are insured by the FDIC up to $250,000 per account type. This means if EverBank fails, the FDIC will return your money up to that limit. The FDIC counts each account type separately — so you could have $250,000 in a US dollar savings account and another $250,000 in a euro account and both would be fully insured.

Precious metal accounts are also FDIC-insured, but the insurance covers the cash value of the metals, not the metals themselves. The metals are stored in a third-party vault and are segregated from EverBank's own assets, meaning they cannot be seized if the bank fails. EverBank publishes the location of its vaults and the audit reports that verify the metals are there.

Frequently Asked Questions

Can I lose money if a currency I hold drops in value?

Yes. If you hold euros and the euro weakens against the dollar, the US dollar value of your account goes down. You earn interest on the euros themselves, but that interest may not offset currency losses. This is currency risk, and it is the main reason to hold foreign currency accounts — you are betting the currency will strengthen.

What is the minimum deposit to open an EverBank account?

Minimum deposits vary by account type. Some accounts require $500 to $1,000 to open, while others may have higher minimums. Check EverBank's current terms on its website, as minimums change based on market conditions and the bank's business decisions.

Can I convert my money between currencies at EverBank?

Yes, but it costs money. EverBank charges a spread on currency conversions, usually 1% to 2% of the amount you convert. You can move money between your own accounts at EverBank, but you pay the spread each time you convert currencies.

Is my money at EverBank safer than at a traditional bank?

Safety is the same. EverBank is FDIC-insured just like any other bank, so your deposits are protected up to $250,000 per account type. The main difference is that EverBank is online-only, so you cannot walk into a branch, but that does not affect the safety of your money.

What happens to my account if EverBank goes out of business?

The FDIC takes over and returns your deposits up to $250,000 per account type. If you hold precious metals, those are stored separately and are not part of the bank's assets, so they would be returned to you as well. The FDIC has a track record of returning customer funds within days to weeks of a bank failure.