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By
John Egan
John Egan
Banking Expert
John is a freelance writer for Newsweek’s personal finance team. He has contributed personal finance articles to outlets such as Forbes Advisor, Investopedia, Bankrate, USA Today Blueprint, Capital One, Experian and NJ.com. John, based in Austin, Texas, is the author of The Stripped-Down Guide to Content Marketing.
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Stephanie Colestock
Stephanie Colestock
Banking Expert
Stephanie is a freelance writer and contributor with over a decade of experience in the personal finance field. While she covers a variety of topics, her expertise centers around loans, insurance, real estate, travel and retirement. Her work can be found on sites like Newsweek, TIME, MSN, Market Watch and USA Today, to name a few. She graduated from Baylor University and currently splits her time between Texas and the DC area.
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EverBank CD rates are among some of the best you’ll find today. This financial institution, previously known as TIAA Bank, pays CD rates starting at 3.90% and rising as high as 5.05%, depending on the term length chosen.
EverBank CDs terms range from three months to five years with a minimum deposit of either $1,000, $1,500 or $5,000, depending on the type of CD chosen. Although these minimum deposits may be higher than those at some of EverBank’s competitors, the tradeoff is above-average CD rates.
Adding to the APY appeal: EverBank operates as a national bank with billions of dollars in assets and deposits. It’s a Member FDIC and is backed by several high-profile investment firms.
Our Methodology
Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Vault’s Viewpoint on EverBank CD Rates
- EverBank CD rates are some of the highest available today.
- CD terms at EverBank range from three months to five years.
- EverBank’s minimum deposit requirements start at just $1,000, but may still deter some savers.
Overview of EverBank CDs
EverBank offers multiple certificates of deposit (CDs), including traditional, high-dollar, yield-bump and yield-guarantee products. Available terms stretch from just three months to as long as five years, with a competitive return for each. Depending on the type of CD you choose, the minimum deposit can be either $1,000, $1,500 or $5,000.
In the crowded field of CDs, EverBank stands out for its high annual percentage yields (APYs): The lowest APY currently offered on CDs is 3.90%, while the highest is 5.05%. Each of EverBank’s CDs pays more than the national average (as of June 2024) as well as many of its competitor banks.
One drawback to EverBank CDs is that the bank operates mostly online, and its only branches are located in Florida. If you’re not concerned about doing business in person, though, EverBank CDs may be an appealing way to save and grow your money.
| CD Term (Traditional CD) | APY | Minimum Deposit |
| 3 months | 3.95% | $1,000 |
| 6 months | 4.00% | $1,000 |
| 9 months | 5.05% | $1,000 |
| 1 year | 4.80% | $1,000 |
| 18 months | 4.30% | $1,000 |
| 2 years | 4.30% | $1,000 |
| 30 months | 4.00% | $1,000 |
| 3 years | 4.10% | $1,000 |
| 4 years | 3.90% | $1,000 |
| 5 years | 3.90% | $1,000 |
| CD Term (CDARS CD) | APY | Minimum Deposit | Funding Limit* |
| 3 months | 3.40% | $10,000 | $12 million |
| 6 months | 3.43% | $10,000 | $12 million |
| 1 year | 4.17% | $10,000 | $12 million |
| 2 years | 3.56% | $10,000 | $1 million |
| 3 years | 3.22% | $10,000 | $500,000 |
| CD Term (3.5-year Bump Rate CD) | APY | Minimum Deposit |
| 42 months | 4.10% | $1,500 |
| CD Term (Yield Pledge CD*) | APY** | Minimum Deposit |
| 3 months | 5.05% | $5,000 |
| 6 months | 5.25% | $5,000 |
| 9 months | 5.20% | $5,000 |
| 1 year | 5.15% | $5,000 |
| 18 months | 4.74% | $5,000 |
| 2 years | 4.32% | $5,000 |
| 30 months | 4.00% | $5,000 |
| 3 years | 4.00% | $5,000 |
| 4 years | 3.95% | $5,000 |
| 5 years | 3.95% | $5,000 |
Pros and Cons of an EverBank CD
Pros
The benefits of an EverBank CD include ultra-competitive interest rates and flexible maturity terms.
- Higher-than-average interest rates on all CD terms
- Terms from three months to five years
- No monthly maintenance fee
Cons
The downsides of an EverBank CD include a higher minimum deposit than some other banks may require and a lack of branches outside Florida.
- $1,000 minimum deposit for traditional CDs
- Potentially confusing menu of CD products
- Branches located only in Florida
How Much Can You Earn With an EverBank CD
The following estimated earnings are based on a $25,000 deposit in a traditional EverBank CD. Rates range from a low of 3.95% for a three-month CD to a high of 5.25% for a nine-month CD.
All of the listed EverBank rates far exceed the national averages for CDs which, according to the FDIC, is up to 1.83% for a one-year CD term (as of February 20, 2024).
| CD Term (Traditional CD) | APY | Estimated Earnings |
| 3 months | 3.95% | $243.30 |
| 6 months | 4.00% | $495.10 |
| 9 months | 5.05% | $941.02 |
| 1 year | 4.80% | $1,200 |
| 18 months | 4.30% | $1,629.71 |
| 2 years | 4.30% | $2,196.22 |
| 30 months | 4.00% | $2,575.50 |
| 3 years | 4.10% | $3,202.80 |
| 4 years | 3.90% | $4,134.14 |
| 5 years | 3.90% | $5,270.37 |
How to Open a CD with EverBank
Here are the 10 steps for opening a traditional CD with EverBank:
- 1. Visit the EverBank website to start the application process. Just click Open an Account from the home or product pages to begin your online application.
- 2. Choose your opening deposit. For traditional EverBank CDs, the minimum deposit amount is $1,000.
- 3. Choose your preferred term. This can range from three months to five years with standard CDs.
- 4. Select your account type. EverBank allows for both individual and joint CDs.
- 5. Provide your personal information. This includes entering your name, date of birth, tax ID number (Social Security number or Individual Taxpayer Identification Number), citizenship status, email address, phone number and residential address.
- 6. Create a security code. This code can be a PIN, alphanumeric combo or phrase that adds another layer of security to your new account.
- 7. Supply your employment status. You’ll need to specify whether you’re employed, self-employed, retired or other.
- 8. Review application. Once you’ve filled everything out, review the information you provided to check for inaccuracies or anything missing. Once you’ve confirmed all of the information, you can proceed with signing your account documents.
- 9. Accept disclosures. You’ll then need to review and accept the bank’s disclosures regarding rates, fees and account requirements. Once signed, your application can be submitted.
- 10. Submit application. Click Submit to finalize your application and initiate your new account.
Alternatives to a CD with EverBank
Not sure if an EverBank CD is the right place for your savings? Here are some alternative types of savings accounts to consider.
EverBank Performance Savings Account
If you don’t want to lock up your cash in a CD for three months to five years, you might try EverBank’s Performance Savings account. The account pays an APY of 5.15% with no minimum balance, no minimum opening deposit and no monthly maintenance fee
EverBank Yield Pledge Money Market Account
EverBank’s Yield Pledge money market account, a cross between a savings and checking account, guarantees a competitive APY that starts at 4.30% for the first year. There’s no monthly maintenance fee and no minimum deposit, either. Bonus: EverBank doesn’t charge ATM fees and automatically reimburses up to $15 per month for fees paid at other U.S. ATMs.
EverBank Yield Pledge Checking Account
If you’re in the market for an interest-bearing checking account, don’t overlook EverBank. This account pays 0.40% APY for its Yield Pledge checking account with no monthly maintenance fee. An opening deposit of just $100 is required and ATM fees are reimbursed. Plus, EverBank promises the rate for this account will always remain competitive.
Frequently Asked Questions
Is EverBank Reputable?
Florida-based EverBank is a trusted banking institution with roots dating back to 1961. Formerly operating as TIAA Bank, EverBank is an FDIC-insured national bank with $34.6 billion in assets and $25.3 billion in deposits as of September 30, 2023.
Who is EverBank Owned By?
In 2023, financial services giant TIAA sold a majority stake in the bank (then known as TIAA Bank) to a group of private investors. These included Stone Point Capital, Warburg Pincus, Sixth Street, Reverence Capital Partners and Bayview Asset Management.
Who Has the Highest-Paying CD Right Now?
Financial Partners Credit Union has one of the highest-paying CDs right now, offering new members a 6.00% APY on an eight-month CD. The minimum deposit is $1,000, though the maximum deposit is $5,000.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
John Egan
Banking Expert
John is a freelance writer for Newsweek’s personal finance team. He has contributed personal finance articles to outlets such as Forbes Advisor, Investopedia, Bankrate, USA Today Blueprint, Capital One, Experian and NJ.com. John, based in Austin, Texas, is the author of The Stripped-Down Guide to Content Marketing.
Read more articles by John Egan
