Updated
Fact Checked
Eric McWhinnie
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.
EverBank CD rates for 2024
Rates as of April 25, 2024
APY = Annual Percentage Yield
Term
EverBank Basic CD
6 Mo.
9 Mo.
1 Yr.
1.5 Yr.
2 Yr.
3 Yr.
4 Yr.
5 Yr.
4.00%
5.50%
4.75%
4.60%
4.40%
4.10%
4.05%
3.95%
Compare EverBank CD rates
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.
Rates as of April 25, 2024
APY = Annual Percentage Yield
EverBank Basic CD
Bottom Line
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.
MINIMUM DEPOSIT $1,000
| 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% |
Overview of EverBank CD rates
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 |
Data source: EverBank
EverBank CD pros and cons
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.
Pros
- Competitive rates
- No monthly fees
- Multiple term lengths
Cons
- High minimum deposit
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.
How much can you earn with an EverBank 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 |
Data source: Author's calculations.
Is an EverBank CD safe?
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.
How to open an EverBank CD
You can open an EverBank CD online in a few simple steps.
1. Select an EverBank CD
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."
2. Select your CD term
On the next page, you'll decide your opening deposit (minimum of $1,000) and your term length.
3. Create your EverBank account
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.
4. Make your deposit
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.
Who is an EverBank CD right for?
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.
Other EverBank CD accounts
EverBank also offers the following CD accounts:
- Bump Rate CDs
- CDARS CDs
Bottom line: EverBank CD rates
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.
Rates as of April 25, 2024
| 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 |
Keep reading about EverBank:
- EverBank (Formerly TIAA Bank)
- EverBank Performance℠ Savings
- EverBank Yield Pledge® Checking
- EverBank Yield Pledge Money Market Account
Our CDs methodology
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.
See our full Ratings Methodology here.
FAQs
-
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.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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