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EverBank CD rates (formerly TIAA Bank) are among the highest we've seen. If you're interested in putting your money to work for you, EverBank CDs may interest you. These CDs require a minimum deposit, unfortunately, so they're not right for everyone. In this EverBank CD review, you'll learn more about EverBank CD rates, see how they rank compared to the competition, and find out whether an EverBank CD is right for you.
APY = Annual Percentage Yield
EverBank offers the typically available CD term lengths, and APYs on shorter ones are decent. But unless you've got at least $1,000 to open one, EverBank CDs won't be a fit.
6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
---|---|---|---|---|---|---|---|
4.00% | 5.50% | 4.75% | 4.60% | 4.40% | 4.10% | 4.05% | 3.95% |
EverBank CD rates consistently rank towards the top of our best CDs list for several term lengths. Compare CD rates below to find the right CD account for your needs.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | ||
APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | ||
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
If you want to build a long and fruitful CD ladder, EverBank can offer you plenty of terms with competitive rates. Below are some important details about EverBank CDs that might help you make a decision.
Minimum Deposit | $1,000 |
---|---|
Range of Term Lengths | 3 months - 5 years |
Compounding Schedule | Compounded daily and credited to account monthly |
Early Withdrawal Penalty | A penalty equal to a specific days' worth of simple interest:. 3-month CD (22 days); 6-month CD (45 days); 9-month CD (68 days); 1-year CD (91 days); 1.5 year CD (136 days); 2-year CD (182 days); 2.5 year CD (228 days); 3-year CD (273 days); 4-year CD (365 days); 5-year CD (456 days) |
Grace Period | 20 days |
EverBank's CDs may be a good fit for your long-term savings. Below, we'll review the details you need to know to find out if this is the right option for you.
EverBank Basic CDs pack in the trifecta of CD essentials, including competitive rates, no monthly fees, and a diverse range of terms from three months to five years. But keep in mind that EverBank CDs do require a $1,000 minimum deposit to open. If you're just starting out with CDs, you may want to consider one of the many banks that offers a no-minimum CD.
Like other savings accounts, CD rates can fluctuate due to economic conditions and the Federal Reserve's financial policy. What makes CDs different, however, is that banks can't change your CD rate after you open an account and lock it in. This makes CDs a nifty investment, as you can calculate in advance how much your CD will generate. To give you an idea of how much you could earn at today's rates, here's what $1,000 would turn into when invested in each EverBank CD term.
The numbers in the table below may not be accurate to current APYs and are for example purposes only.
Term | APY | Earnings |
---|---|---|
3 months | 3.95% | $9 |
6 months | 4.00% | $19 |
9 months | 5.05% | $37 |
1 year | 4.85% | $48 |
18 months | 4.40% | $66 |
2 years | 4.50% | $91 |
30 months | 4.10% | $105 |
3 years | 4.20% | $131 |
4 years | 4.00% | $169 |
5 years | 4.00% | $216 |
Yes, your money is safe in an EverBank CD. EverBank provides up to $250,000 per depositor per account (per ownership category) in FDIC insurance, so your money will be covered up to that limit if the bank were to fail.
You can open an EverBank CD online in a few simple steps.
You'll see a list for different deposit accounts, including savings, checking, and CDs. Select the CD type you want (EverBank, CDARS, or Bump Rate) and click "start application."
On the next page, you'll decide your opening deposit (minimum of $1,000) and your term length.
If you already have an EverBank account, great. You can skip this step. Otherwise, you'll provide some crucial information, such as your name, address, Social Security, and employment status.
Once you read through and sign the disclosures, you'll successfully open your account. You can then transfer money into your CD and let it grow.
EverBank also offers the following CD accounts:
An EverBank CD is perfect for people with at least $1,000 to deposit into a CD account to earn high-yield interest. It's also a good option for people who prefer online and mobile banking access since EverBank is a full-service online bank.
APY = Annual Percentage Yield
EverBank CDs have competitive rates and come in a variety of terms. The minimum deposit isn't low, but it's on par with other CD providers. Pay close attention to the early withdrawal penalties, as they can be steeper than the industry average for certain terms.
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
EverBank CDs offer competitive interest rates at most term lengths regardless of CD type. EverBank has a CD to match almost every customer's needs.
If you want to open an EverBank CD, your best bet is to opt for an EverBank Online CD, which earns the highest rate among EverBank’s CD options. It does require a deposit of $1,000, but you'll be able to maximize your savings at a higher rate.
EverBank CDs have a minimum deposit of $1,000.
EverBank CDs don't have any monthly service fees. Like other CDs, however, you'll pay an early withdrawal penalty if you liquidate your CD before its maturity date.
Yes, but you'll likely pay an early withdrawal penalty. The penalty will be equal to a certain days' worth of simple interest, and you'll pay it whether you've earned that much interest or not. For example, a 3-month CD has a penalty equal to 22 days' worth of simple interest. You'll pay this even if you closed your CD account after 18 days. In other words, you can lose money if you close your CD too early.
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