EverBank offers certificate of deposit (CD) accounts as one of its savings products.EverBank CDs are a type of savings account where you deposit a fixed amount of money for a set period of time, ranging between 3 months – 5 years .
EverBank CDs
APY Range
Minimum Deposit
Terms
Our Rating
TIAA Bank CDs
APY Range
Minimum Deposit
Terms
Our Rating
EverBank CD Rates
EverBank offers competitive interest rates on its CDs, which are generally higher than the rates offered on traditional savings accounts. The interest rate you earn will depend on the term of the CD and the amount you deposit.
What's good with EverBank CDs is the variety of terms; each of them offers a competitive rate. For example, if you're looking for the 9-month CD, EverBank offers 5.25% APY, which is among the top CD rates for this term.
It's a good idea to compare TIAA Bank's CD rates and terms with those offered by other banks and credit unions.
CD Term | APY |
|---|---|
3 Months | 4.00% |
6 Months | 4.00%
|
9 Months | 5.25%
|
12 Months | 5.00%
|
18 Months | 4.60% |
24 Months | 4.40% |
30 Months | 4.10% |
36 Months | 4.10%
|
48 Months | 4.05%
|
60 Months | 3.95%
|
How Much Can You Earn If You Deposit $100,000 Today?
The interest rate provided by the financial institution, the CD's term, and the frequency of interest payments are just a few variables that will affect how much you can make from investing $100,000 in a EverBank certificate of deposit (CD).
For instance, if you invest $100,000 in a EverBank CD and assume that interest increases daily and there are no early withdrawal penalties, the predicted earnings (before taxes) are as follows:
CD Term | Interest Earned |
|---|---|
3 Months | $742
|
6 Months | $1,641
|
9 Months | $2,927
|
12 Months | $4,435
|
18 Months | $6,647
|
24 Months | $8,852
|
30 Months | $10,365
|
36 Months | $11,900
|
48 Months | $15,488
|
60 Months | $18,546
|
Naturally, the earnings are higher for the longer terms. Therefore, if you choose to put your money in 5-year CDs, you'll get the highest earnings (but not the highest APY).
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How EverBank CDs Work
EverBank CDs can be a good option for individuals who are looking for a low-risk way to save and grow their money, as long as they are willing to lock their funds into the CD for the entire term.
EverBank requires a minimum deposit of $1,000 to open a CD account. Like all deposits at FDIC-insured banks, TIAA Bank CDs are insured up to $250,000 per depositor, per bank, for each account ownership category.
If you withdraw funds from a CD before its maturity date, you will be subject to an early withdrawal penalty of one-fourth of the total interest earned. This penalty can reduce the amount of interest you earn on your CD and may also reduce the principal amount of your deposit. If you may need to withdraw your money, you may want to take a look on savings accounts or no-penalty CDs.
Given the significant rate difference between CDs with durations less than a year and CDs with terms of a year or longer, 12-month CDs at EverBank appear to be a sweet spot, providing you with good returns with a relatively short lock-in period.
EverBank Certificates Rates vs Savings Rates
The value proposition behind CDs is that you receive a higher interest rate in exchange for limiting your access to your money. Savings accounts normally have a little bit lower rates, but they also allow withdrawals immediately rather than making you wait for the account to mature.
Savings accounts from EverBank pay 5.05% interest, which is higher rate as the bank's certificates of deposit for maturities less than 6 months.
There is little need for EverBank customers to open a 6- or 3-month CD unless they are concerned about interest rates decreasing. Additionally, there are no monthly fees and low balance requirements for the savings account.
CDs | Savings | |
|---|---|---|
APY | 3.90% – 5.05% | 5.05% |
Minimum Deposit | $1,000
| $25
|
Fees | $0 | $0 |
About EverBank
EverBank (formerly TIAA Bank) is a U.S. based bank that provides banking and lending services to individuals and institutional clients.
EverBank is a good online bank, that offers a range of products and services, including checking and savings accounts, mortgages, personal loans, and investment products. They also provide a range of digital banking services, such as online and mobile banking, bill pay, and account management.
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How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
