EverBank Review: Online Bank For High Yield Investment Accounts

EverBank has some great savings products. Check out their unique offerings in the savings account space.

If you’re on the lookout for innovative bank products (like I am) then you may want to turn your attention to EverBank. I’ve been keeping up with them because they are one of the few resources I’ve found that offered interesting financial products that I couldn’t find anywhere else. Plus, they handily address a lot of my personal investment requirements.

Here’s the quick scoop. While EverBank provides many financial services from mortgage banking to investing, they’re actually quite well known for their online banking and consumer products, from high yield checking and high interest savings accounts to money market accounts and CDs that are denominated in both U.S. and foreign currencies. Considered as one of the largest online banks in the U.S., EverBank has received the Forbes “Best of The Web” recognition from 2000 to 2005.

Here’s a quick summary of their product offerings, which are mostly safe savings accounts with a few intriguing exceptions:

For a no monthly fee high interest checking account, you can take a look at EverBank’s Yield Pledge Checking Account. This account was formerly known as the FreeNet Checking Account but has since been renamed. They do require an opening minimum balance of $1,500, but if you can afford it, you may want to check out this account for the following features:

Latest Promo: Receive $60 for opening a checking account. Offer expires November 30, 2011.The yield promises to be in the “top 5% of competitive accounts” across leading banks (as per their “yield pledge”. Currently you’ll make 8X more than the national average with this account.There’s no minimum balance required to receive interest.There are NO monthly charges and NO debit card fees.You will be reimbursed for all ATM fees, regardless of which ATM you decide to use.They are of course, covered by the FDIC.Online bill pay is free for accounts that contain at least $5K as an average daily balance. Also, online and mobile banking is free.They’ll pay you $50 if you decide to take your business elsewhere ($50 satisfaction guarantee!). Numerous awards including Money Magazine’s “Best of Breed” and Kiplinger’s “Best Checking Account”.Open an EverBank Yield Pledge Checking Account and receive $60.

The EverBank Yield Pledge CD is described as a high yielding certificate of deposit (relatively speaking) that is covered by EverBank’s “yield pledge”, which simply means that the bank ensures that their yields will always be at the top 5% of competitive accounts. Their rates range from 0.35% APY for a 3 month CD all the way to 1.90% APY for a 5 year CD. Accounts are FDIC insured. The only downside is that they require a minimum opening balance of $1,500. Some other great features? You can opt for automatic rollovers or ask to be notified by a bank representative when your CD is about to mature (notifications occur 20 days prior to maturity).

Here’s where to sign up for an EverBank Yield Pledge CD.

Another FDIC insured product, the EverBank Yield Pledge Money Market Account has a .76% APY. Again, they require an opening balance of at least $1,500. Also, it’s only free if you maintain at least $5,000 in your account, otherwise it’ll cost you $8.95 a month to keep your money here. Given the relatively lower savings rates at this time, you may get more mileage from the Yield Pledge Checking account, which has some pretty attractive features that are focused on lowering costs instead.

Here’s where to find out more about the EverBank Yield Pledge Money Market Account.
Note: Following are EverBank’s unique foreign CDs. However, note that they are not available at this time and are only offered on occasion.

Okay now we come to the fun part! This is what I particularly appreciate about EverBank — they have a series of “WorldCurrency” products which I look upon as great diversifiers for any investment portfolio. Here’s what I mean: for foreign exposure, most of us own foreign equity mutual funds. But if you’re nervous about the volatility that stocks and currency exchange rates bring, then here’s the perfect product for you: the EverBank MarketSafe CD. What’s interesting is that this offering only comes around once in a while based on current market conditions, so you’ll need to apply for an account prior to a particular deadline (the last application deadline was on October 8, 2009) in order to participate in it.

The MarketSafe BRIC CD has a term of 3 years and gives you exposure to the 4 BRIC currencies: the Brazilian real, Russian ruble, Indian rupee and Chinese renminbi. Basically, you’ll make money if the BRIC currencies gain against the dollar upon the CD’s maturity at the end of its 3 year term. If your investment does not increase or goes down in value, you won’t be losing any money. In this case, you’ll get 100% of your principal back after the 3 years is up. So there’s no downside (except the potential loss of interest over 3 years)! It requires a reasonable $1,500 minimum deposit.

It’s something I’m seriously contemplating on as a great way to diversify my international holdings. You’ll need to check up on it now if you want to be part of their next offering.

If you’re unable to invest in the BRIC CD (because it’s unavailable), then there are still other ways to invest globally with EverBank. They have a ton of other foreign currency based CDs but these carry with them the currency risk inherent in international investments. So it’s safe to say that they’re only FDIC insured for bank insolvency, not for fluctuations in the value of your investment. If you’re interested in exploring diversification through foreign currencies, then you can check out the following products:

For more on foreign currency investments and research, check out this link!

All these products are available through both regular and IRA accounts. There are a whole slew of investment and savings options that are available with EverBank, many of which are not readily available through other banks. If you are looking for no-risk accounts, you can check out their Yield Pledge products. On the other hand, if you’re more interested in diversified foreign CDs or precious metals investments (which aren’t considered staples in most banks), then do take a look at EverBank’s commodity baskets (e.g. WorldCurrency CD baskets and Metals Select Gold and Silver accounts). You can also open an EverTrade brokerage account to trade traditional equity and bond securities.

Open an IRA account with EverBank here.
Created September 3, 2009. Updated October 27, 2011. Copyright © 2011 The Digerati Life. All Rights Reserved.

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Pilgrim's Pride Posts Q3 Loss on Higher Costs

Poultry producer Pilgrim's Pride (NYSE:PPC) reported a third quarter loss today on higher feed costs and declining prices for chicken.

The company's loss totaled $162.5 million, or $0.76 per share, compared to earnings of $57.9 million, or $0.27 per share, in last year's third quarter.

Pilgrim's Pride said its adjusted loss totaled $0.52 per share, wider than analysts expected.

Revenue rose to $1.89 billion from $1.72 billion last year, slighting better than analysts anticipated.

CEO Bill Lovette said the company continues to drive ownership, responsibility and accountability at every level, and that it is making decisions now that will drive profitability going forward.

For MarketNewsVideo.com, I'm Tracey Fitzpatrick.

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Related symbols: YHOO,GS,CMCSA,MSFT,GOOG,NWS,NDN,LIZ,JCP,KSS All videos » Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners. In no way should any content contained herein be interpreted to represent trading or investment advice. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.

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American Express Network: $40 Off $200 Purchase at Lowe’s

The following offer is targeted at American Express Business Platinum cardholders, but has been reported to work successfully with all American Express cards. The deal is if you register your card at AmexNetwork.com/LowesPlatinum and make a single purchase of $200 or more at Lowe’s by November 15, 2011, you will receive a $40 statement credit. It would appear one good way to test this is to make a $200 gift card purchase at Lowe’s, either for a Lowe’s gift card or some other retailer gift card that is available in-store. Then you can use the gift card with any other available coupon later.

To be eligible for this offer, you must be the named recipient of this invitation and register your American Express Business Platinum Card® at AmexNetwork.com/LowesPlatinum between 9/5/2011 and 11/15/2011. You may only register one Card for this offer. Using your registered Card, you must make a single purchase of $200 or more between 9/5/2011 and 11/15/2011. If your Card is replaced during the promotional period, please call the customer service number on the back of your Card for assistance. Limit one offer per Card member. Statement credits are generally issued within 5 business days after your qualifying purchase, but may take up to 2 billing cycles to post to your account. The reward of $40 will be credited to your registered Card account as a statement credit. Additional terms apply; see Registration Terms and Conditions.

I tried my trusty Starwood American Express and AmEx Blue Cash back card and both went through successfully, and I also got a confirmation e-mail. Lots of home improvement going on recently, so I’ll follow up to see if I get the $40 credit.

Find more in Deals & Offers | 10/26/11, 3:14pm | Trackback

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Would You Hire This Recent Graduate For Your Company?

Let’s pretend we’re Founders of a new high tech company.  Competition is fierce, but we’ve raised money from some Venture Capitalists to pay for equipment, marketing, and personnel.

We are looking for hungry recent college graduates in engineering, marketing, and sales who are willing to work hard and accept a “below market” rate salary of $30,000.  In exchange, they will each  get $25,000 worth of options struck at $1/share with a three year vest.

We believe our company will grow by 50% a year for the next 5 years.  In other words, a new hire’s $25,000 worth of options will be worth $200,000 in five years, and if the company keeps growing by 50% for another 5 years, the options will be worth $1.45 million, 58X the original amount.  Finally, employees get options every single year they work at a discounted price, meaning one could potentially earn multiple millions of dollars in 10 years.

Of course, we also realize that execution is key because ideas are a dime a dozen.  All our stock and options could expire worthless if we don’t property execute.  People are what will make our company successful.  Because we aren’t paying the market rate of $60-70,000 for recent graduates + options, we don’t have the pick of the litter.  If only everyone believed in our company as much as we did, they would be lining up to work for us.

One of your favorite posts is, “How Much Do The Top Income Earners Make” which makes a statement that “the rich will always pay more than their fair share” as the top 1% earn 20% of all income but pay almost double their share of taxes at 38%.  38% is 18% more than 20% no matter how much you think the rich should pay.

You then come across this one recent graduate who is looking for a job.  She leaves this comment as a retort to the post.  Obviously she’s brighter than most because she reads personal finance sites and spends the time to comment.  She’s available for hire and is willing to relocate anywhere to get the job.  However, nobody has hired her, she may have a difficult time working more than 40 hours a week, and she didn’t go to a great school.  Do you go for it?  You’re in desperate need of people to build your company!

READY FOR WORK, HIRE ME

Wow.. You really, truly do spew an insane amount of ignorance here.. First of all, if you are working more than 40 hours a week, then you either do not have a family of your own at all or you severely neglect any wife and/or kids that you do have (and they, with 99% certainty, WILL hate you for this for the rest of their lives). In fact, working at that rate.. Despite however much money you might bring in, you will likely only find a wife who is with you for your money (what else do you have to offer when she never sees you?), infidelity on her part, children who feel as though they are bastards, and a likely divorce as soon as the wife can claim that she has become acclimated to this style of living and is deserving of 50% of everything you own =]

Beyond this, I can tell you.. I am a recent graduate from Miami University (in Ohio). No, this is not a Harvard, Stanford, Cornell, Princeton, Dartmouth, or anything of that sort, but it is openly recognized as being one of the top 50 universities in the nation. I received a bachelor degree after completing two majors, Psychology and Sociology. No, these are not Business, Engineering, or Computer Science degrees, but they are respectable nonetheless. I was deeply involved in a few student organizations and involved in the leadership of two and the creation of one throughout my college career. I was also involved in research, and I worked full-time through all of my summers and 20 hours/week each of the school years while taking an average of 18-20 credit hours per semester. I graduated with Latin Honors: Cum Laude and a GPA of 3.67, which, in my opinion, is pretty good.

While all of this admittedly might not have prepared me for many jobs that are available in today’s economy, I believe that it does show that I am driven, committed, and capable of learning. However, over the past 6 months (before and after graduating), I have applied for and either been completely ignored or denied from over 100 jobs. I will admit that I began applying for jobs that offer around 50k/yr in salary, but, over time, I learned to reduce my expectations significantly. I began to apply for jobs that pay only 25-30k/yr and would have been more than happy, but found that I was not wanted there either. In fact, I have even reduced myself to applying to places like Best Buy, local factories, Wal-Mart, Kroger etc. and have still found that there is no job to be had.

Now, tell me, does this make me lazy? I can’t even receive unemployment, because I have not ever had any official employment that was not ended on my own volition. Where am I supposed to be working these two jobs when I can’t even find one? I can’t even find a place that will give me part-time work, much less those 40 hours. Even when I was working full-time over my summers, I was still only getting 30-35 hours in a week, and I’m supposed to be working more than 40 hours a week now? I would honestly prefer a job that pays me 35k to work 40 hours in a week, because I actually do have friends and a life…

So.. Again. Where are these two jobs coming from? Are you going to hire me? If anyone on here wants to hire me, then I will gladly relocate to wherever it is that you need me to be =D But.. I don’t see that one happening. All I see is people saying that the rich create jobs. I don’t see any of them actually doing it. And, by the way.. It’s obvious that many of you on here are rich. Just saying…

THE DECISION IS YOURS

As the CEO of your new start-up, do you or do you not interview this person to work for you?  You’re dedicating your life and your savings to your start-up and need to hire people now.  If you don’t hire within the next month, you risk losing your head-start advantage and having your competitors gain tremendous amount of market share and pull away from you.

Do you believe you can find someone better with your below market rate compensation in a month’s time?  Do you believe the above person will be willing to work weekends at your start-up to get the job done?  Can you see the person stay hungry for the next five years?  The difference between success and failure is depending on you, Mr or Mrs CEO.

Regards,

Sam

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Saving Pennies or Dollars? Investment Fees

Saving Pennies or Dollars is a new semi-regular series on The Simple Dollar, inspired by a great discussion on The Simple Dollar’s Facebook page concerning frugal tactics that might not really save that much money. I’m going to take some of the scenarios described by the readers there and try to break down the numbers to see if the savings is really worth the time invested.

Kelly writes in: My husband I have lots of hobbies/interests and finances do not excite either of us so we are not savvy. We are great savers but don’t really know what to do with the money. We have our retirement accounts through work (Fidelity) and an emergency fund in a high interest checking account. In addition we had about $60,000.00 (that we don’t have plans for) in Vanguard money market funds until the rates dropped and we were not earning any interest. Because there is not a Vanguard office near our home (and we did not know where to put the money) we met with an advisor at Fidelity. We moved the money into stock market accounts and have made a significant amount of money. I have heard and read that Fidelity has higher fees than say, Vanguard, but if we can meet with an advisor yearly and are making significant money on this money do you think it is worth it? Or, is there a way to figure out what funds to put the money in at Vanguard? Are we talking about saving pennies or dollars?

In this instance, you’re comparing apples to oranges. Comparing a Vanguard money market account to a Fidelity stock fund isn’t even close to a realistic comparison. Money market accounts are typically invested in things that would be considered ultraconservative, like U.S. treasury notes. On the other hand, stock funds are invested in the stocks of companies and, by their very nature, are much more volatile, with big gains and big losses within the realm of possibility.

The only way to really gauge the impact of investment fees is to compare identical investments from two separate investment houses, which is extremely difficult since it’s rare for two investment houses to have identical offerings. Even if you compare very similar investments, like the Vanguard 500 and the Spartan 500, it’s still not an exact comparison because of small variations between the funds.

For example, with the funds above, the basic level investor shares of the Vanguard 500 has an expense ratio of 0.17%, with Admiral shares (with a minimum investment of $10,000 required) havving an expense ratio of 0.06%. The Spartan 500, offered by Fidelity, is somewhere in the middle at 0.10% (but has a $10,000 minimum investment). This gives an overall nod to Vanguard based solely on the expense ratios.

How much does that save, though? Let’s say you invested $10,000 in each of those two funds. An expense ratio means that, in a given year, that percentage of the assets is being used to maintain the fund, employ the people running it, and so on.

So, at the end of 2009, a fund with a 0.06% expense ratio might have a face value of $10,000. Another fund with an expense ratio of 0.10% also has a face value of $10,000.

During the year 2010, the assets in those funds gain, let’s say, 2%. At the end of that year, the 0.06% expense ratio fund would have a balance somewhere close to $10,193.88 (depending, of course, when the expenses were taken out) and the 0.10% expense ratio fund would have a balance close to $10,189.80. This amounts to $4.08.

In other words, when the difference in expense ratios is small and your investment amount is relatively small, the amount of money you’re saving and losing is small.

However, let’s say you’re investing $1,000,000. The amount of money due to the difference in expense ratios is much closer to $408, and suddenly you’re talking about significant money.

Even with the $60,000 mentioned in the question, you’re talking about an approximate annual difference of $24.08, which may be less than the value they get from talking face-to-face with an advisor.

What about the difference in expense ratios? Let’s say that one fund has an expense ratio of 0.06% and the other has a ratio of 0.60%. You’re talking about a rough difference of $55.08 per year on an investment of $10,000, and $5,508 per year on an investment of $1,000,000. That’s a big difference.

Again, these types of comparisons only mean anything if you’re comparing very similar investments. The greater the difference between the investments, the less it means in the sense of a direct comparison.

As a rule of thumb, I usually subtract the expense ratio from the annual return numbers on any investment I look at. Although this isn’t anything like an exact comparison, it does give me an idea of how much I’m going to be hamstrung by their expense ratio over the years.

Usually, this leads me to investments with very low ratios. Usually, I find these types of investments at Vanguard or Fidelity, the two places you mention.

It is important to note that you shouldn’t just chase low expense ratios when you’re investing. Putting everything in the investment with the lowest expense ratio isn’t well diversified and will lose you money.

To put it simply, when you’re investing small amounts and the difference between the expenses in comparable investments is small, you’re talking about pennies (or a few dollars). But if either of those factors grows large, you’re quickly talking about dollars – and often lots of dollars.

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Friday's ETF Movers: PMA, IPW

In trading on Friday, the Active Mega Cap Fund ETF (AMEX:PMA) is outperforming other ETFs, up about 6.9% on the day. Components of that ETF showing particular strength include shares of Las Vegas Sands (NYSE:LVS), up about 6.4% and shares of Sprint Nextel (NYSE:S), up about 6.3% on the day.

And underperforming other ETFs today is the SPDR S&P International Energy Sector ETF (AMEX:IPW), down about 2.2% in Friday afternoon trading. Among components of that ETF with the weakest showing on Friday were shares of Nexen (TSE:NXY.CA), lower by about 2.7%, and shares of Pacific Rubiales J (TSE:PRE.CA), lower by about 1.3% on the day.

For MarketNewsVideo.com, I'm Tracey Fitzpatrick.

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Related symbols: LMT,XOM,WFC,COST,SE,AB Weekly Market Wrap: October 21, 2011
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Related symbols: YHOO,GS,CMCSA,MSFT,GOOG,NWS,NDN,LIZ,JCP,KSS All videos » Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners. In no way should any content contained herein be interpreted to represent trading or investment advice. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.

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12 Tips for Avoiding the Flu (without a flu shot)

Every year, the threat of contracting the dreaded flu bug looms large. Can you afford to risk getting sick? Thanks to the government, most of us know that getting a flu shot is the best way to avoid getting the flu. But for many people, the threat of any sickness pales in comparison to facing the needle, while others are allergic to the flu shot medium and have no choice but to forgo the yearly vaccination.

Finding yourself in the no-flu-shot camp may not be ideal, but you can still take steps to minimize your risks of getting the flu. As a registered nurse, I have come to learn a few tricks you should know about when it comes to avoiding the flu. Here are a few easy ones to follow:

12 Tips for Avoiding the Flu (without a flu shot)

Know when flu season occurs. Most people know that the flu generally peaks during January to February of each year, but the actual duration and intensity of each year’s flu season fluctuates. You can monitor the current situation in the U.S. by visiting the Centers for Disease Control and Prevention (CDC) website.  During peak times, avoid spending time in public places whenever possible and avoid visiting the doctor’s office, hospital, nursing home, airport, and shopping centers. Avoid flying, taking elevators, and sharing transportation (like taxi cabs and the bus) during peak times. Avoid any close confined space with others during the flu season.Handwashing is the all-purpose disease preventer and is effective in limiting the spread of the flu in most cases. Wash with soap (antibacterial soap isn’t necessary) and warm water for a full 20-30 seconds. Include your fingernails, the backs of your hands, and in between fingers. Keep your nails short, use a nailbrush when washing, and avoid wearing rings if possible. (Artificial nails are a breeding ground for germs, and should be removed if you are concerned about contracting or passing on the flu.) Read about the CDC’s guidelines for washing your hands to make sure you are washing properly to prevent the spread of disease. Teach kids to wash properly and encourage your co-workers to wash as well. Keep hand sanitizers readily available during flu season and offer it to others often.Regularly disinfect doorknobs, the telephone, light switches, car keys, the fridge door, faucets, and the toilet to help stop the spread of germs. Often, you can pass on the flu bug before you even know you are infected, so regular cleaning during flu season helps lessen your chances of picking up a bug.Avoid public restrooms whenever possible. Don’t put your purse, briefcase, computer case, or backpack on the floor – ever. The floor is contaminated with all kinds of germs. (We cultured the bottom of our shoes worn only in the nursing lab during nursing school and came up with Chlamydia (an STD), dozens of strains of Staphylococcus (commonly found in infected wounds), that year’s flu virus, and a whole host of other disgusting bugs.)Take off your shoes at the door. Keep a separate pair of indoor shoes or slippers to be worn around the house to prevent tracking germs from the outside world into your home.Open public doors with a paper towel, handkerchief, or your rear end whenever possible – not your bare hands.Wash your hands thoroughly before applying makeup, putting in contact lenses, after blowing your nose or sneezing, and before eating.Avoid touching your eyes, nose, and mouth at all costs. Don’t chew on pencils, pens, your fingernails, or other non-food items. Clean the outside of canned goods with hot soapy water before opening and wash your hands after touching any food packaging when preparing meals.Clean the shopping cart handle with a disinfectant and wash immediately after handling money. Disinfect your hands after using the ATM, the gas pump, after petting animals, and after collecting the daily mail.Take care of your body during flu season with plenty of rest, a balanced diet, and lots of water and exercise. Eat plenty of fresh fruits and vegetables during the flu season – 50% of each meal should be comprised of fruits and veggies. Take a high-quality, liquid multivitamin everyday. (Yes, it should be a LIQUID, not a pill, for better absorption.)De-stress. Stress is possibly the leading contributing factor to any illness. Exercise, take time for R&R, and spend quiet time alone to reduce your stress levels every day. Get counseling and deal with any unresolved issues in your close personal relationships.Try a little alcohol. While drinking alcohol isn’t found on any doctor’s advice sheet, hordes of my patients over the years swear by the power of alcohol to fend off sickness. (Think of the old home remedy of making Hot Toddies for colds and fevers.) Vodka and fruit juices (like grapefruit or orange) are favorite home remedies for preventing the flu.

What tips do you have for staying healthy during the bleak winter months? Have you found anything that helps fend off colds and flus effectively?

Tagged as: Advice, Healthy Living

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