EverBank CD rates review
- 1-year APY
- 4.85%
- 3-year APY
- 4.20%
- 5-year APY
- 4.00%
Our verdict
Offers competitive APYs, but watch out for the high opening deposit.
As is the case with most CDs, the best rates are reserved for those willing to open a CD for two years or longer. But even the shorter terms offer a strong APY and make EverBank CDs well worth a look for your investing needs.
How do I open EverBank CD?
Open an EverBank CD in eight steps:
- Go to the provider’s site and follow the steps to apply.
- Click Open an account from the EverBank website.
- Select the type of account you want to open and click Start application.
- Enter the account details, such as the amount you want to invest and the CD term. Click Continue.
- Enter your personal information and create a personal security code. Click Continue.
- Review your information and click Continue to verify.
- Read and accept the bank disclosures and click Continue.
- Enter your funding details and submit your application.
Eligibility
You must meet the following requirements to apply for a CD:
- At least 18 years old
- US citizen or resident
- $1,000 or $1,500 minimum deposit, depending on the CD
Required information
Have the following information ready before you apply to open your CD:
- Social Security number
- Date of birth
- Home address
- Employment information
Funding options
Fund your CD using one of the following methods:
- Mail in a check
- Make an internal transfer from your EverBank account
- Initiate a wire transfer
- ACH bank transfer
3 benefits of a EverBank CD
Your EverBank CD account comes with the following perks:
- Member of CDARS. If you want to invest more than $250,000 in CDs, the Certificate of Deposit Account Registry Service breaks your funds up among several banks in the network, so that none of your CDs goes over the $250,000 FDIC insurance limit.
- Multiple term options. EverBank offers 11 term options ranging from three months to five years on high-yield CDs. All of these term APYs are quite competitive and among the highest on the market.
- Bump rate CD available. EverBank also offers a 3.5-year bump rate CD that requires just $1,500 to open. If EverBank‘s bump rate CD APY increases during the length of your term, you can request a one-time rate bump by contacting EverBank. This CD automatically renews upon maturity and are eligible to be funded as an IRA CD.
Potential drawbacks of a EverBank CD
Keep the following in mind before you commit to a EverBank CD:
- No Yield Pledge CDs. EverBank‘s Yield Pledge CD, which offered high rates, no longer exists. But it’s current CDs are still competitive.
Compare with other CDs
Select up to 4 CDs and click “Compare” to see how they stack up by rates.
EverBank CDs reviews and complaints
There isn’t much recent mention of EverBank CDs on social media. EverBank is not accredited with the Better Business Bureau though it is currently rated A+. The bank receives a 3.5 out of 5 customer rating on Trustpilot, though the number of reviews are few.
How do I cash in a CD?
When your CD matures you have a 10-day grace period to choose from one of the following options:
- Do nothing. If you don’t touch your CD, it will automatically renew for the same term but with an updated interest rate.
- Rollover request. If you’re part of the CDARS network, your CD won’t automatically renew. Call 877-790-8967 on weekdays from 8 a.m. to 9 p.m. ET for a rollover request.
- Partial withdrawal. As long as you leave the appropriate minimum balance in your account, you can withdraw as much of the remaining funds as you’d like within the 10-day grace period with no penalty.
- Close your account. If you withdraw all of the funds from your account, your CD will close.
How do I enroll in the CDARS network?
To sign up for CDARS follow the steps below:
- Call 888-882-3837 to speak with customer service.
- Sign the CDARS Deposit Placement Agreement, which includes additional information on the requirements and limitations of the program.
You’ll need to provide the following information as part of your request:
- Full name
- Last four digits of your Social Security number
- CD maturity date
- Security code, if you mail or fax your request
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
Heather Finder
Staff writer
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