See how EverBank's CD rates compare to other banks
Fact checked by Hans Daniel Jasperson
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If you’re shopping around for a new CD account, choosing one that aligns with your financial situation and offers a generous rate is important—especially if you want to deposit a large sum of money. One option worth considering for a new CD account is EverBank, which rebranded from TIAA Bank in August 2023 and offers rates up to 4.15%.
This financial institution offers several CD options suitable for different customers, including a CD that offers expanded FDIC insurance protection of up to $50 million.
Here’s a look at EverBank's CD rates and account features, as well as some account options from some of the best CDs and tips for choosing the right CD.
Compare EverBank CD Rates
EverBank's CDs have fairly decent rates, but you may be able to secure even higher returns by shopping around and comparing different CDs.
EverBank CD Rates: Key Features
The EverBank Standard CD is a straightforward option offering generous APYs and a variety of term lengths. It’s a good option if you want relatively high rates, and its range of maturity dates makes it a good choice for CD laddering as well.
EverBank also offers a CDARS CD, which provides increased FDIC coverage by distributing balances among several FDIC-insured banks. Generally, specific account categories at individual banks are FDIC-insured up to $250,000.
But with this CD, your FDIC insurance increases into the millions. Those with significant savings looking for the added protection of higher FDIC insurance may benefit from this CD.
Important
With EverBank's CDARS CD, your money will be in multiple accounts with multiple banks. While this isn’t necessarily a cause for concern, it’s important to note as you compare CDs.
Pros and Cons of EverBank
Pros
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Variety of terms
Cons
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Minimum balance requirement
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Non-competitive rates
Pros Explained
- Variety of terms: EverBank CDs come in a variety of terms of up to five years.
Cons Explained
- Minimum balance requirement: EverBank's CDs have a minimum deposit requirement of $1,000 or $10,000, depending on the CD type.
- Non-competitive rates: EverBank's CDs have fairly competitive rates, but you can likely find even higher rates by shopping around.
About EverBank
EverBank rebranded from TIAA Bank in August 2023. In addition to CDs, the bank also offers a high-yield savings account and a money market account. It also offers business banking and commercial financing.
Alternatives to EverBank CDs
- High-yield savings accounts: If you’re willing to open an online savings account elsewhere, you may be able to earn higher rates. See the best high-yield savings account rates to compare how much you could earn.
- High-yield checking accounts: You may find relatively high rates with some checking accounts. Be aware of their requirements and limits. The best high-interest checking accounts give you easy access to your money.
- Certificates of deposit (CDs): You can also choose from a range of CDs from other financial institutions.
- Money market account: Money market account can also provide a return on your savings. Check the best money market account rates to see how it compares.
- Treasury securities: These government-backed bills, notes, and bonds sometimes offer even higher rates than CDs and may be more liquid.
Frequently Asked Questions (FAQs)
How Do You Get a CD With EverBank?
You can open an EverBank Performance℠ CD online. This bank mentions that the online application process takes just five minutes, so it’s fairly simple to open a new CD account.
Are EverBank CDs Worth Investing In?
EverBank offers relatively generous APYs for its CDs, so it could be worth opening a CD account if you can afford to keep your money in it for the full term. Just keep in mind that withdrawing your money early will result in penalties, and take the time to shop around for the highest-yield CDs before making a decision.
How Do You Get the Best CD Rate With EverBank?
EverBank offers different CD rates for different term lengths and account types. To find the best possible home for your money, compare terms and select the option with the highest rate. The best CD for you will be the one that aligns best with your needs (including minimum deposit requirements), so keep this in mind as you compare.
Are EverBank CDs FDIC-Insured?
Yes, EverBank's CDs are FDIC-insured. Its Performance℠ CDs and Bump Rate CDs are insured up to $250,000, while its CDARS® CD is insured up to $50 million. Note that the CDARS CD’s balance is distributed across multiple FDIC-insured bank accounts, which is why it has increased FDIC coverage.
Your Guide to CDs
- What Is a Certificate of Deposit (CD)?
- What Is a Brokered CD?
- What Is a CD Ladder?
- Pros and Cons of CDs
- How to Invest With CDs
- How to Open a CD
- How to Close a CD
- CDs vs. Annuities
- CDs vs. Stocks
- CDs vs. Mutual Funds
- CDs vs. ETFs
- CDs vs. Savings Accounts
- Short-Term vs. Long-Term CDs
- CD Rates News
- Best 1-Year CD Rates
- Best 18-Month CDs
- Best Jumbo CD Rates
- Best 6-Month CD Rates
- Best 3-Month CD Rates
- Best Bank CD Rates
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