Top Online Savings Bank: Why EverBank Remains Solid
November 12, 2009 by Silicon Valley Blogger
Here’s a strong online savings bank offering decent savings account rates.
Stories about failing banks make front page news, eclipsing a lot of the more positive events that occur in the banking industry. During a time when the economy has been unkind to us and especially to our friends in the financial industry, it’s welcome news to hear about the success stories. So I’d like to give this update on EverBank, which is one of those institutions that has bucked the current economic trend.
Top Online Savings Bank: Why EverBank Remains Solid
EverBank is actually the first online savings bank I took an interest in. I mentioned them on my site a while back, while covering a fascinating investment topic, which was on how to hedge for inflation. During my research, I stumbled on EverBank as the one bank that offered products, particularly high interest savings accounts, that addressed some of my diversification needs (through their foreign currency products). Well, I’m happy to report that they’re actually one of the banks that has done extremely well during the past year:
EverBank recently reported positive earnings gains with a third quarter net income increase of 197% over last year’s third quarter numbers. Also, the growth this past quarter is around 37% compared to the previous quarter of this year. EverBank’s done particularly well in their mortgage banking business, showing strong mortgage asset portfolio returns.
On top of this, EverBank has been looking to make acquisitions; they’ve actually just recently acquired a financial company called Tygris Commercial Finance Group Inc, which they targeted for diversification purposes. The acquisition is expected to provide more commercial exposure to EverBank, whose primary business is in retail banking. They also believe that this transaction will “have a strong impact on their earnings and will increase their capital base by around $470 million.” It’s obvious that EverBank is doing more than a few things right here: they were one of those institutions that sidestepped the subprime mortgage meltdown thereby keeping their powder dry. Now they are in a great position to grow: there’s no better time than today, to be in a position of financial strength.
This online bank is a solid company that caters to a “mass affluent” customer base; if you can afford their minimum balances (typically $1,500 per account), then they’re a great choice for your basic banking needs. They’re also known for relatively higher yields compared to their retail banking counterparts. Here are just some of their more popular savings products:
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With higher yields, low expenses, excellent customer service, quality products and strong fundamentals, I consider EverBank as a top choice for savers. Here’s where to visit their site for more details and information.
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