EverBank FreeNet Checking Account $40 Bonus


Here’s another bonus offer for you to jump start your savings in the new year.

EverBank $40 Bonus Offer

EverBank is currently offering a $40 bonus when opening a FreeNet Checking Account. The account itself only requires a $1,500 minimum deposit at the opening. However, to earn the $4o bonus, the average monthly account balance has to reach $40,000 in at least one of the first three statement periods. Other conditions for this bonus offer include:

  • Customer may not be a current or former FreeNet Checking Account customer of EverBank.
  • Reward can only be paid to those customers opening the account from the promotional page, and meeting ALL the qualifying terms.
  • If the account is closed within 180 days of funding, EverBank reserves the right to recapture the value of the reward paid to the customer.

Even though you only need to keep at least $40,000 in your account for one full month out of three, the requirement for the bonus seems to be very high for many people. $40,000 isn’t a small amount. Generally, I prefer accounts that require a small or no minimum, even when there is incentives involved. For the case of EverBank, keeping a high balance with it actually isn’t a bad option because you are going to get a very competitive rate for your money from the FreeNet Checking Account, probably more than you get from other banks’ interest checking accounts.

EverBank FreeNet Checking Account Reviews

If you are not familiar with EverBank, here’s a brief summary. EverBank headquarters in Jacksonville, FL. FreeNet Checking Account, along with the Yield Pledge Money Market Account, are two main products offered by EverBank. The bank has grown its assets very quickly in the past few years, going from $3 billion in 2004 to more than $7 billion in 2008. EverBank has been a member of FDIC since October 1, 1998 (FDIC Certificate number 34775). has a Safe & Sound Ratings of EverBank at 4 stars (out of 5), indicating a very healthy balance sheet. EverBank routing number is 063092110.

Currently, the FreeNet Checking Accounts has a three-month bonus rate at 3.76%, which is much higher than rates of other checking accounts. After the three-month promotion period, the account adopts a tiered rates structure, depending on the account balance:

  • $50,000 – $99,999: 3.09% APY
  • $25,000 – $49,999: 2.42% APY
  • $10,000 – $24,999: 2.27% APY
  • $9,999 or less: 2.08% APY

Even for a small balance, the 2.08% APY is still a good rate for a checking account, considering how much you can get from, say, ING Direct Electric Orange Checking Account. In addition, the FreeNet Checking Account also has the following features:

  • FDIC insurance
  • No monthly fee
  • Free online and mobile banking
  • Free Visa check card
  • Unlimited check writing
  • Optional online bill pay
  • No EverBank ATM fees
  • $6 monthly ATM fee reimbursement
  • Free overdraft protection

If you are interested in getting an account with EverBank and receive the $40 bonus, you can use this link to open account. There’s no expiration date for the bonus offer.

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  • Chitika

One Comment

  1. Scott
    Posted August 18, 2009 at 1:52 pm | Permalink

    I have to say that Everbank is the worst bank I have ever considered using. I deeply regret the choice to open an Everbank account. The high interest rate was definitely the drawing point. But after filling out the application online, I had to PRINT it and MAIL it in. That should have set off alarms for me. Unfortunately, it didn’t. I paid $8.00 to get a CASHIERS CHECK for $25500.00 which then sent OVERNIGHT to the tune of $19.00. So far this cost me $27.00.
    After a FULL WEEK, I FINALLY received notification that my account had been opened and that I would receive my account materials in ABOUT another week. OK, NOW ALARMS were going off. I emailed Everbank only to be told that I had to call to get my account number. Everbank “Doesn’t email account numbers because it’s not secure.” So, I phoned per the instructions. The response I got was “Everbank doesn’t give the account numbers out over the phone but you can request an email with the account number.” I still had the email from the first rep, so I read it to the second. After being put on hold to get approval, I finally got my account number so that I could set up online access.
    I immediately logged in to set up online access, only to fine that ALL EFT transfers would take a MINIMUM of 4 BUSINESS DAYS!!!!! When you request the transfer, Everbank takes the money out of your account and holds it for 2 business days so that you can’t earn money but they have 2 days to keep using it. Then, on the 3rd day they initiate the transfer. So, either the 4th day or perhaps later, you will finally receive your money. ABSOLUTELY UNACCEPTABLE!!!!!!!!! But I’m not done.
    Online bill pay is PAPER CHECKS CUT AND SENT. NOT EFT!!! As if this wasn’t enough, my $25500.00 CASHIERS CHECK was held for a total of 3 weeks!!!!!!!!!!!!!!!!!!!!!!!!! CASHIERS CHECKS ARE CASH. So, needless to say I immediately removed my money as soon as the hold was finally released. I’ve only told you the major points and I strongly recommend that you avoid Everbank like the plague. I guarantee you nothing but aggravation, fury, loss of money, and everything else. In the instant, electronic society that we live in, this antiquated bank needs to give it up and go out of business. Please help me spread the word and put them out of our misery. I opened a YIELD PLEDGE MONEY MARKET Account.

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