EvaBank has doubled the rate on its 11-month CD Special (2.30% APY). Added to the product line more than two years ago, the 11-month CD Special’s APY held at 1.15% until yesterday. It can be opened with a minimum $1k deposit; there is no stated balance cap.
Considering the low rates for EvaBank’s other CD Specials (14-month, 1.41% APY and 30-month, 1.61% APY), I called the Bank to make sure the 2.30% APY wasn’t an error. CSR laughed a bit when I asked, saying “why does everyone think the rate is a mistake?”
As stated on EvaBank’s Time Deposit 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.
Headquartered in Eva, Alabama, EvaBank iss the second largest locally-owned bank in Cullman County. The Bank’s market area is Northern Alabama, extending from the Tennessee border to Birmingham.
Opening any type of account with EvaBank requires an in-person to any of six full-service Alabama branches located in Birmingham, Cullman (2), Decatur, Eva, and Madison.
EvaBank’s online platform, NetTeller Online Banking, is currently limited to account management and bill payment services.
EvaBank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 7.85% (excellent), based on December 31, 2017 data. In the past year, EvaBank has increased its total non-brokered deposits by $5.96 million, an above average annual growth rate of 2.45%. 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’s history has both lows and highs: in June 2010, the Bank was hit with a zero rating by BauerFinancial, but through aggressive management and foresight, it was recently named one of the 15 Best-Run Community Banks in the country. EvaBank is currently the 28th largest bank in Alabama, with assets in excess of $376 million.
How the CD Special Compares
When compared to the 247 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit (without a low balance cap) and are available to Northern Alabama residents, EvaBank’s 11-month CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.30% APY||11-Month CD Special||EvaBank|
|2.25% APY||12-Months Online Time Deposit||My eBanc|
|2.20% APY||112-Month PurelyCD||BankPurely|
The above rates are accurate as of 4/13/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.