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Goodbye, Netbank; No thanks, Everbank

May 22nd, 2007 at 12:56 pm

In case you hadn't come across this, Netbank is being taken over by Everbank, and the changeover may be finished by the end of June.

biz.yahoo.com/pz/070521/119898.html

I've read good things about Everbank, but their money market account is too rich for my blood right now. I'm using our Netbank MM to try and build up a Fully Funded Emergency Fund. Netbank wants to you keep a minimum of $500 in the account, so although we have $955 in there, only $455 is really available for emergencies. I found that frustrating enough. But Everbank wants even more--a minimum of $1500 to avoid a monthly fee of $4.50.

www.everbank.com/001MoneyMarketYP.aspx

So I'm looking for alternatives. Right now it looks like Capital One Bank is our best bet. $1 to open their MM, no minimum balances to maintain, no fees. Plus they apparently send out paper statements! Smile

If anyone has experience with Capital One as a bank, I'd like to hear it. I only had a credit card with them years and years ago.

3 Responses to “Goodbye, Netbank; No thanks, Everbank”

  1. C Says:

    I've had a Capital One MMA since October of last year. I've had a pleasant experience with them. It even comes with an ATM card just in case you have an emergency that cannot wait for an ACH transfer. Plus, withdrawals are limited to 6 per month so you won't be tempted to spend all of your money. And I have yet to have been charged a fee for anything.

  2. gabrielfreeman Says:

    I don't know what kind of APY you're looking to get, but ING Direct is an easy way to go. Currently, they're paying 4.50% and you can transfer money back and forth from your linked account very easily. Of course, it does take a few days for the money to post. The interest is paid monthly and it's better than most branch banks.

  3. David Says:

    I am in the process of leaving Everbank after almost 10 years of what started out as a satisfactory and sometimes pleasant banking experience.
    As with a lot of companies, Everbank today spends much more in resources and capital on getting a new customer than in keeping them, losing any sense of customer service save the department name.
    My recommendation; if you must, use them for their initial offer, then switch to a bank that is more devoted to their customers over time and seeks to not only meet, but exceed expectations.

    Cheers,

    David

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