UPDATE 7/20/2016: No longer available.
EvaBank recently added a 15-month CD Special (1.51% APY) to its product line. The minimum opening deposit is $1k, with no balance cap.
The 15-month CD Special is also be offered as an IRA (Traditional) earning the same APY, with the same funding requirements.
As stated on EvaBank’s CD Additional Requirements page, the Early Withdrawal Penalty reads as follows:
6 months of interest if the Time Deposit term is 12 months or longer.
As the second largest locally-owned bank in Cullman County, Alabama, EvaBank’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 (FDIC Certificate # 26799) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 7.04% (excellent), based on March 31, 2016 data. In the past year, EvaBank has increased its total deposits by $8.96 million, an excellent annual growth rate of 3.43%. Please refer to our financial overview of EvaBank 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 was recently named one of the 15 Best-Run Community Banks in the country.
How the CD Special Compares
When compared to the 127 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Northern Alabama residents, EvaBank’s 15-month CD Special APY currently shares the top spot with USALLIANCE Financial’s 15-month Certificate Special.
The above rates are accurate as of 7/7/2016.