Higher Long-Term CD and IRA CD Rates at EverBank - Available Nationwide

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• Yield Pledge Money Market and Checking Accounts
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In the last two weeks EverBank has made some nice increases in its 5-year CD rate. It's now 2.66% APY which is near the top for banks with accounts available nationwide. The 4-year CD rate is also competitive with a 2.21% APY. Minimum deposit is $1,500. These rates are listed at EverBank's High Yield CD page as of 12/19/2010.

One downside with EverBank's long-term CDs is a harsh early withdrawal penalty. According to page 31 of EverBank's disclosure:

We will impose an early withdrawal penalty on withdrawals made before the maturity date of the CD. This penalty will be equal to one-fourth of the total interest that would have been earned on the principal balance of the account if funds had not been withdrawn prior to the maturity date.

For a 5-year CD that's 15 months of interest which is way above the average 6-month interest penalty.

Yield Pledge Money Market and Checking Accounts

EverBank continues to offer a 3-month interest rate bonus of 2.01% for its Yield Pledge checking and money market accounts. The ongoing yield for the money market account is 1.06% APY as of 12/19/2010. One thing to keep in mind regarding this 3-month bonus is that readers in the past have warned about a slow new-account opening process. So that could reduce the time your money is earning 2.01%.

One nice feature of EverBank's checking and money market accounts is their online check deposit which allows you to scan checks and deposit them online without having to mail in the checks. I was told in July that they have a limit of $10K per day. A separate form must be filled out and mailed or faxed.

For more details about EverBank accounts, please refer to my February EverBank account review.

Bank Overview

EverBank has an overall health score at DepositAccounts.com of 3 out of 5 with a Texas Ratio of 44.17% (average) based on September 2010 data. It's one of the larger internet banks with $11.55 billion in assets. Please refer to our financial overview of EverBank for more details. EverBank has been a FDIC member since 1998 (FDIC Certificate # 34775).

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