EverBank Performance Savings review

EverBank posted the highest standard rate we found: new Performance Savings accounts earn 4.20% APY on all balances, with no tiers and no direct deposit rule. It costs $0 to open, there is no minimum balance, interest is compounded daily, and EverBank lists $0 monthly maintenance and $0 mobile check deposit fees. Deposits carry the standard FDIC coverage of $250,000 per depositor for each ownership category. Two details keep it below the top three. First, EverBank says the APY is for new accounts only and may not apply to existing accounts, so the rate you open with may not be the rate you keep compared with the next new customer. Second, the account is available only online and by phone and has a short feature list compared with Ally's buckets or SoFi's Vaults. If your goal is simply the highest yield on cash you rarely touch, those trade-offs are small, and the rate gap over the big-name banks is real.

Who it is for

Rate-focused savers who want the highest flat APY and need few extras.

Price

$0 monthly maintenance fee, $0 to open; 4.20% APY for new accounts.

$0 Monthly maintenance fee $0 Mobile check deposit fee
Quoted from the vendor pricing page on November 8, 2026.

Key features

• 4.20% APY on all balances for new accounts
• $0 to open and no minimum balance
• No monthly maintenance or mobile check deposit fees
• Interest compounded daily
• Available online and by phone

Strengths and weaknesses

• Strength: Highest standard rate on this list
• Strength: No balance tiers or direct deposit requirement
• Strength: Nothing needed to open
• Weakness: The advertised APY is for new accounts and may not apply to existing ones
• Weakness: No branches; online and phone only
• Weakness: Fewer savings tools than Ally or SoFi

Key facts

• APY: 4.20% for new accounts
• Monthly fee: $0
• Opening deposit: $0
• Compounding: Daily
• Access: Online and phone only

Where it ranks

EverBank Performance Savings is No. 5 in our Best High Yield Savings Accounts verdict.