you're asking for conflicting goals. you want the best rate but want the safest place too. you need to pick one, you can't have them both. if you want safety, then put it into a major money market fund that invests solely in treasuries. if you want best returns, put it in a shitty fdic-backed bank that may go under any moment now. those banks are desperate for cash and will offer very attractive rates. looking at everbank's rates, i'd say they're probably in that category.
I remember when people were on here touting the Everbank CDs in Iceland Krona several years back. It was all about the 12 or so interest they earned. Of course, there was a slight currency risk, but the dollar was headed to the toilet, right? That worked out rather well for all involved.
A lot of people have gotten royally burned by Everbank. I was thinking about Everbank myself when I ran across this: http://www.openmarket.org/2008/10/07/everbank-can-multiply-your-financial-woes/
I use a foreign Bank's CD with 19% annual and 16% daily interest! The banks are Very strong and all 100% guaranteed by the Gov. The only risk remains the Currency Risk which in the past year has worked the opposite it got stronger Vs. USD but in any case there is full hedging available by buying futures on local Gold/Coins' and shorting the US Gold futures for the same amount. All in all the margins on both sides are very low and such ops. will take off a couple of two points off of the net proceeds max and if the $ weakens this gets offset too! So the average yield is about 16 to 20% after fully hedging all risks!!!! BTW, everything is also 100% tax free.
Glad to hear you have had a good experience with Everbank. They seem to have some "out of the box" products that are appealing. I like keeping some cash on the sidelines. Along with disciplined position sizing, its one of many risk management rules I adhere to. Just a personal preference.
You know I never seriously considered corp bonds b/c of the credit crisis. But, you make a good point. This maybe precisely the time to buy. Thanks, Daal!
Blackjack, you made me laugh. It is true. Perhaps I am searching for the "Holy Grail". But, there's always hope right? You made me think about Madoff's customer's. Like me they were looking for high fixed returns and no risk... Yikes!