EverBank CD Rates

January 2, 2009 2 Comments »

EverBank frequently tops the CD rate charts with yields well above the national average on both CD rates and savings accounts. Their most popular product, the “yield pledge money market account“ promises to keep it’s APY within the top 5 percent of all competitive bank rates. This includes all of the banks we’ve listed on our tables (see link above).

The one drawback with their MMA is that they impose a fee of around $8 per month on balances under $5,000. And in our current interest rate environment, that fee will surely eat away at any potential accrued interest. So if you’re stashing a chunk of cash that’s larger than $5k its a great deal, however, new or beginner savers should probably find a different bank.

About EverBank

Since EverBank’s inception in 1998, they’ve had no problem attracting business. Within just over a decade they’ve already racked up over  $10.5 billion in consumer deposits and service roughly $9.8 billion in loans. When online banking began to make a splash in the media in the early 2000′s EverBank was at the forefront in innovation. They also had a considerable marketing budget to back up their stellar high yield online products. Even today, while deposit rates as a whole are quite terrible, EverBank still leads the way in annual percentage yields on their FDIC-insured savings products and is continuing to add features.

Recent Awards:

  • In 2007, EverBank was named “Best of the Breed” by CNNMoney and Money Magazine for their online checking account.
  • In 2006, EverBank won Kiplinger’s “Best Checking Account”
  • In 2000, 01, 02, 03, 04 and 05, EverBank won Forbes Magazine’s “Best of the Web”
  • Additional rewards have been won by EverBank through independent Financial sites and blogs as well

Here at, one of our personal favorite capabilities of EverBank’s is the ability to purchase foreign currency CDs. While these investments certainly dont come without risk, its nice to see EverBank providing their customers with additional options rather than just traditional certificates of deposit. Especially given our low interest rate environment.

EverBank CD Rates:

(Rates accurate as of 2012)

  • 6 month CD yielding 0.55% APY requiring a minimum deposit of at least $1,500.
  • 12 month CD yielding 0.75% APY requiring a minimum deposit of at least $1,500.
  • 18 month CD yielding 0.86% APY requiring a minimum deposit of at least $1,500.
  • 2 year CD yielding 1.01% APY requiring a minimum deposit of at least $1,500.
  • 3 year CD yielding 1.06% APY requiring a minimum deposit of at least $1,500.
  • 4 year CD yielding 1.14% APY requiring a minimum deposit of at least $1,500.
  • 5 year CD yielding 1.65% APY requiring a minimum deposit of at least $1,500.

As of this month, their “yield pledge money market” is providing a first year interest rate of 1.05% APY. This may be your best option with EverBank as far as interest rates go. The FED has made it clear key rates wont rise until at least 2014, so finding an optimal yield for the next two years while providing easy access to the funds when rates do rise would be ideal.

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  • Ryan Stephenson

    I opened one of their 6 month certificates of deposit back in 2009 before rates hit rock bottom and tried calling them on several occasions to have my funds transferred to an external bank once the 6 months term was up and had a considerably hard time talking to any real human being. I’ve heard similar stories with many other online banks as well. Seems like they might want to consider hiring a few more customer service or support personal. I did finally talk to someone though, but it honestly took about 2 weeks.

  • BankVibe

    Thanks for sharing Ryan! You’re not the first to report this. I believe there is a way to schedule a transfer through their online interface though.