EverBank CDs
- 1-year APY
- 4.80%
- 3-year APY
- 4.10%
- 5-year APY
- 3.90%
Our verdict
Offers competitive APYs, but you’ll need at least $1,000 to open a CD.
Previously TIAA Bank, EverBank offers a healthy range of 10 different CD terms between three months and five years. The nine-month CD offers the highest rate of up to 5.05% APY, placing EverBank among the top performers in the market. And if you have more than $250,000 to invest in a CD but are worried about insurance coverage, there are CDAR CDs with insurance coverage in the millions. There are also bump rate CDs with a $1,500 opening deposit that let you raise your rate one time before maturity if rates increase.
Best for: Those who prefer large, online CDs with high rates.
Pros
-
High rates across terms
-
Compounds daily
-
High insurance coverage for CDAR CDs
-
Bump rate CDs
Cons
-
$1,000 to $5,000 minimum deposit
-
No physical branches
Overview of EverBank CDs rates
EverBank is an FDIC-insured national banking association. It offers CDs with interest that compounds daily. Terms have a wide range, from three months to five years and competitive rates throughout. The best rate comes with the nine-month term, offering up to 5.05% APY with a $1,000 minimum deposit.
If you want to invest more than $250,000 in CDs, the Certificate of Deposit Account Registry Service (CDAR) breaks your funds up among several banks in the network, so none of your CDs goes over the $250,000 FDIC insurance limit.
| CD term | APY | Minimum deposit |
|---|---|---|
| 3 months | 3.95% | $1,000 |
| 6 months | 4% | $1,000 |
| 9 months | 5.05% | $1,000 |
| 12 months | 4.8% | $1,000 |
| 18 months | 4.3% | $1,000 |
| 24 months | 4.3% | $1,000 |
| 30 months | 4% | $1,000 |
| 36 months | 4.1% | $1,000 |
| 48 months | 3.9% | $1,000 |
| 60 months | 3.9% | $1,000 |
Other types of CDs
The Bump Rate CDs are offered for 3.5-year terms only and require an opening deposit of $1,500. The rate is currently 4.2% APY. If this CD’s APY increases during your term, you can request a one-time rate bump by contacting EverBank. You can even get the rate raised the same day if you contact them before 4 p.m. ET. This CD automatically renews upon maturity and can be funded as an IRA CD.
There are also Yield Pledge CDs, coming in with slightly lower rates than the standard CDs, and require an opening deposit of $5,000 with rates up to 5.25% APY on its six-month term.
More about EverBank CDs: Deposits, fees and details
| What it is | Details | How it compares |
|---|---|---|
| Minimum deposit | $1,000 to $5,000 | Typical among banks that require opening deposits; however, many competitors don’t have a minimum deposit at all. |
| Term range | 3 months to 5 years | Typical, though some competitors offer CDs as long as 10 years. |
| Early withdrawal penalties | 22 to 456 days of interest penalized, depending on term. | Significantly more strict, as most competitors max out early withdrawal penalties at 180 days of earned interest. |
| Grace period | 20-day advance notice maturity alert | Generous, as most competitors offer a 7- to 10-day grace period. |
Cashout and rollover details
EverBank will contact you 20 days before the CD matures. If you don’t cash out the CD at maturity, it will automatically renew.
How EverBank CDs and rates compare
EverBank’s CDs are very high, offering up to 5.05% APY on the nine-month standard CD term. Across the rest of EverBank’s offerings, rates are all above average. For example, the national average rate for a 12-month CD is 1.8%, and EverBank’s 12-month CD has a 4.8% APY. (1)
However, a few banks offer slightly higher CD rates. Even with those few banks that beat it out, EverBank is still very competitive.
One of the only downsides with EverBank is its strict and hefty early withdrawal penalties. You could face an early withdrawal penalty of 456 days of earned interest on a five-year CD. This penalty is extremely high, especially considering that most banks only penalize you for up to 180 days for withdrawing early.
Compare EverBank to competitor rates
Narrow down top CDs by APY and minimum deposits to find the best one for your financial goals. Select Compare for up to four products to see their benefits side by side.
CDs ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.
Read the full methodology of how we rate CDs.
EverBank Basic CDs is not currently available on Finder
Have you considered Crescent Bank CDs?
Earn competitive rates up to 4.90% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
- Up to 4.90% APY
- $0 maintenance fees
- $1,000 opening deposit
- Terms from 1 to 5 years
Your reviews
Bethany Finder
Editor, Banking
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