Free Money - EverBank Gives $50 for Grudges!

[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]

A few months ago, we posted a banking deal from EverBank in our blog. The APY offered was very competitive. The deal is still live and kicking with the introductory APY for first 3 months being a whopping 5.51% for a FreeNet checking account. Compare this with the fact that the best 3 month or 90 days CD rates are around 5.10% APY. Thus it is much better than a CD for the same duration. But wait the story is not over yet. It gets even better. EverBank offers a very unique feature for this type of account - 100% Satisfaction Guarantee that gives us a $50 check if eligible. Here is the relevant excerpt from their website.

"The best way to understand the EverBank difference is to open your FreeNet Checking Account today. Keep it open for 3 months, enjoy the bonus introductory yields, try the Online Banking and pay at least 3 bills with our Bill Paying features, and see for yourself how much time and money you can save.

Then, if for any reason whatsoever you are not completely convinced that our FreeNet Checking Account is the best bank account in the nation tell us about your experience. If you close your account within 30 days of your 3-month anniversary, we’ll send you a check for $50.00 after we hear from you, as our way of saying "Thank You!" for giving us a try*."

However there is one minor point - the minimum opening balance is $1500. Considering $1500 as the deposit amount the effective APY can be calculated as shown:

5.51 + (50 * 100) / (1500 * (3 / 12)) = 18.84% APY

Now that is a sweet deal too good to resist! Naturally we opened a FreeNet checking at EverBank to try this out. We are about to close this account. We shall keep you posted on what happens during the closure of the account and claiming of the $50 check.

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