EvaBank (AL) Offers Competitive 36-Month CD Statewide
EvaBank is currently offering 5.13% APY on its 36-month CD. The minimum opening deposit is $1k, with no stated balance cap. The 36-month CD is the most competitive certificate in the EvaBank product line, having gained 285 bps since July.
As stated on the EvaBank CD Additional Account Requirements page, the Early Withdrawal Penalty reads as follows:
We will impose a penalty if you withdraw any of the balance before the maturity date.
The imposed will equal 3 months of interest if the Time Deposit term is less than
12 months or 6 months of interest if the Time Deposit term is 12 months or longer.
Availability and Account Opening
Headquartered in Eva, Alabama, EvaBank is a “small independently owned and controlled bank,” but currently offers a limited number of products (including CDs) on statewide basis to U.S. citizens (18 years or older) with a valid Social Security number and a physical address in Alabama.
Opening a CD can be done online or at any of eight full-service Alabama branches located in Arab, Birmingham, Cullman (2), Decatur (2), Eva, and Madison.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire ($5 fee), check (in-branch), internal transfer.
- Ownership – Individual, joint, or trust (in-branch opening only for a trust account).
- Interest – Compounded daily/credited annually; can be withdrawn penalty-free by check or ACH.
- Maturing Funds – Cashier’s check to address on file or internal transfer to a savings/checking account.
- Beneficiaries – Unlimited and percentages can be assigned; Social Security numbers are preferred but not required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull through Transunion.
Bank Overview
EvaBank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 5.15% (excellent), based on September 30, 2023 data. In the past year, EvaBank has increased its total non-brokered deposits by $8.36 million, an excellent annual growth rate of 3.31%. Please refer to our financial overview of EvaBank (FDIC Certificate # 26799) for more details.
Established in 1986, the Bank’s original name was First Bank of Eva. The name was changed to EvaBank in 1997, with the “Eva” portion of the name being an acronym for “Every Valuable Advantage.” EvaBank is currently the 34th largest bank headquartered in Alabama, with assets in excess of $400 million.
How the 36-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide, have fixed rates, and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the EvaBank 36-month CD. The following table compares the 36-month CD to the two highest-rate CDs from credit unions and the two highest-rate CDs from other banks.
The above information and rates are accurate as of 12/18/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
