EverBank is offering a promo money market account (MMA) that has an introductory rate of 4.00% APY for the first $50,000 deposited. Any balances over $50,000 during the bank’s ”Teaser Rate” period will receive an annual percentage yield of 3.16%.  The first year average APY is 3.42% on the first $50,000 deposited. The 3.42% rate is based on the 3 month bonus rate of 4.00% and the current ongoing rate of 3.16%  APY.

Details:

• This promotional offer is only available to first time EverBank customers and limited to one offer per household
• The minimum deposit is $1,500
• If the average daily balance falls below $1,500 for a given month there is a $4.95 fee
•  As with all money market accounts and savings accounts you are limited by Federal regulation to six transfers or withdrawals per month
• Deposits are FDIC insured up to $250,000

EverBank Money Market Account Application

Current rates as of 12/22/08. Check the bank’s website for more current rates.