How does Everbank offer rates above the fed rate? Wealthfront offers good rates but they track the fed rate pretty closely.

The account may be a loss leader for them. It's definitely a legit bank; used to be owned by TIAA, and was called TIAA Bank for a while. They've tracked the fed rate for the whole year, so it's not a special temporary deal. The current rate only applies to new accounts; no idea how well established accounts track the rate.