EverBank CD Rates
EverBank is a top national bank headquartered in Jacksonville, Florida that identifies with the opportunity and top-quality service they provide customers with. The humble company that was founded in 1999 now has $25.2 billion in assets and $17.8 billion in deposits.
EverBank provides banking solutions for personal use and business use including lending and investing products along with checking accounts, money market accounts and CDs.
They take pride in providing a unique experience for their customers that allows them to bank when and however they want and take advantage of high-yield rewards in the process. Let's take a look at what they offer in terms of certificates of deposit.
Features and Benefits
EverBank offers a wide range of CD products to meet your personal or business needs. One of their most popular CDs is the High Yield Pledge CD. EverBank promises to help you turn your savings into earnings, which is why they established the 'High Yield Pledge'. The pledge promises to allow customers a yield that never strays from the top 4% of competitive accounts nationwide.
Their High Yield Pledge CD requires a minimum balance of $1,500 to open and is IRA eligible. The terms range from 3 months to 5 years with interest rates ranging from .55% for the shortest term and 2.32% and an APY of 2.35% for the longest term. There are no calculators on this site to help you determine your estimated earnings based on your deposit and term, but by doing simple math on you own, you'll quickly see that EverBank offers the top rates in the industry. With this particular CD, EverBank allows you to deposit up to $1 million.
Another product EverBank offers is a 3-year Libor Index CD. Returns on this variable rate CD are directly tied to the performance of the 3-month London Interbank Offer Rate (LIBOR). This means as the 3-month LIBOR rate moves, the interest on your CD will adjust to reflect that. The current interest rate and APY for this product is .66%, but as you can imagine, it can and will change over time. While there is some risk involved with a variable interest rate CD, while the market is good you can take advantage of when rates go up. You'll need a minimum of $1,500 to open this Index CD and this is no monthly fee.
If you're interested in a business CD, EverBank offers terms from 3 months to 5 years after a deposit of $1,500 or more is made and an APY that ranges from .55% to 2.35%. With a business CD, you can also deposit up to $1 million and receive no monthly fee from this bank.
While EverBank offers some competitive CD products and banking solutions, some subsidiaries of their bank are not FDIC insured. EverBank itself is an FDIC insured savings bank, but extensions of the institution like EverTrade Direct Brokerage, EverBank Wealth Management, and foreign investing are all not FDIC insured so that's something to look out for.
In reviews, some customers have made complaints about the process of opening an account with this bank in regards to all the paperwork they received and other hold ups. The account opening process seems easy enough granted the fact that you can do it online, but if you are looking for a super quick and laid back process, you might have to do a little more work to start using EverBank.
The extensive paperwork may seem like a hassle, but it's something that's put in place to protect your identity and may not even be a factor for customers who are interested in opening only a CD.
Setting Up and Managing Your Account
Customers can open their CD account online by filling out the online application form. You'll need personal information like your social security number or tax identification number and proof of address is you lived at your current address for less than 3 months. If you need to pause the application for any reason, EverBank allows you to save your responses and log back in at a later time.
You can also check the status of your application online after you submit it.
EverBank provides a 20-day maturity alerts to remind you right before your CD will mature. They also have an automatic rollover system so you can either choose to renew your CD without any hassle or additional applications or choose to withdraw the balance at the maturity date and have the funds deposited into your account. The 20-day maturity alert is very important to pay attention to because it will allow you enough time to make this decision and set everything up.
While you can manage your account from home thanks to online banking, EverBank has a mobile app that customers can download for free to review and manage their account on the go. They also provide helpful customer service 24/7 in order to answer your questions or help you solve an issue. If you are outside of the U.S., you won't be able to take advantage of 24/7 support, but you can contact the bank Monday through Friday from 8 am to 9 pm at an alternative number.
You can also contact EverBank conveniently through email or their Twitter account and receive a prompt response. Since interest rates are constantly changing, EverBank has a page on their website that shows the most recent rates for their various different products so you can always be up-to-date.
Verdict - Good
There is no doubt that EverBank provides the industry's best rates when it comes to CDs. As a customer, it's important to seek the best rates so you can maximize your yield. It's also important to look at other factors when determining which company to use to manage your CD.
EverBank's flexible terms and rates can help accommodate any customer and the minimum deposit requirement is quite lower than other competitors making it more manageable for people to take advantage of their CD products. It's also a benefit that they have options to choose from and don't require you to open their variable rate CD if you don't feel comfortable.
While EverBank should have more resources and guidance on their site for potential customers like an FAQ page or an educational blog, it's great that they offer 24/7 support through their customer service department to assist customers when they need it.