EverBank is offering an online money market account with  a 2.51% APY bonus rate for the first three months and a 1.51% standard APY

EverBank’s money market account has check writing privileges with the standard 3 checks per month limitation per federal law. Interest is compounded daily and credited monthly. The bank does do a hard credit inquiry via Experian which may temporarily damage your credit score.

To transfer money into the account, you can do an ACH electronic transfer for initial funding with a limit of $50,000. Current limitations on EverBank initiated outgoing transfers are $50,000 per day and $100,000 per month. Everbank does not place any limitations on incoming transfers. ACH transfers can be initiated online for free and Everbank does not block transfers initiated at external accounts. There are no limits to the number of external ACH transfers that can be made to external accounts. ACH links to other banks are setup online and verified via a trial deposit.

Some of EverBank’s customers have stated that their transfers can be slow, often taking anywhere from 4 to 6 days, which could easily lead to a loss of at least 2 days worth of interest. Individuals familiar with the bank state that this is due to EverBank’s fraud prevention process.

Everbank offers free incoming wire transfers and offers outgoing transfers for $25.00

EverBank has been an FDIC insured member since 1998. Currently it’s one of the largest internet banks with a total of $7.6 billion in assets. According to BankRate.com, the bank continues to have solid financial ratings and receives a 4 star rating account to BankRate’s “safe and sound” rating system.

EverBank recently tacked on an $8.95 monthly account fee for customers that have balances of under $5,000. If you have a balance smaller than $5,000, you should definitely consider moving your savings elsewhere.