EverBank Leads With Internet Bank CD Rates


Availability: Nationwide (internet bank)

The first week of the new year saw EverBank raising the APYs on many of its Yield Pledge CDs, resulting in competitive rates, particularly when compared to other internet banks. The minimum opening deposit for any of the Yield Pledge CD is $5k, with no stated balance cap.

2.30%$5k-EverBank5 Year Yield Pledge CD
2.30%$5k-EverBank5 Year Yield Pledge IRA (Traditional, Roth)
1.81%$5k-EverBank4 Year Yield Pledge CD
1.81%$5k-EverBank4 Year Yield Pledge IRA (Traditional, Roth)
1.80%$5k-EverBank3 Year Yield Pledge CD
1.80%$5k-EverBank3 Year Yield Pledge IRA (Traditional, Roth)
1.34%$5k-EverBank1 Year Yield Pledge CD
1.34%$5k-EverBank1 Year Yield Pledge IRA (Traditional, Roth)
Accounts mentioned in this post. Rates as of February 21, 2017.

The Yield Pledge CDs are also available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.

As DA reader, cumulus, pointed out in a recent Forum post, EverBank’s higher-than-average Early Withdrawal Penalty (EWP) tempers the competitiveness of Yield Pledge CDs. As I noted in a blog post last week, there has been a change in the way in which the EWP is presented in the Personal Account Terms, Disclosures and Agreement booklet but the numbers haven’t really changed. The old version reads as follows:

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the principal balance of the account if funds had not been withdrawn prior to the maturity date.

The new version basically requires no computation on the part of the reader.

1-year CD - 91 days of simple interest
3-year CD - 273 days of simple interest
4-year CD - 365 days of simple interest
5-year CD - 456 days of simple interest


Headquartered in Jacksonville, Florida, EverBank is an internet bank that does have some brick-and-mortar branches that were part of the 2010 acquisition of Bank of Florida. Those ten Florida branches are located on both coasts in Boca Raton, Clearwater, Coral Gables, Fort Lauderdale, Fort Myers, Jacksonville (4), and Naples.

All Yield Pledge CDs can be opened by using EverBank’s online application or at any of the above mentioned branch locations.

Bank Overview

EverBank (FDIC Certificate # 34775) has an overall health grade of “B+" at, with a Texas Ratio of 9.75% (excellent), based on September 30, 2016 data. In the past year, EverBank has increased its total non-brokered deposits by $1.3 billion, an excellent annual growth rate of 7.34%. Please refer to our financial overview of EverBank for more details.

Publicly traded on the NYSE, EverBank was founded as the First Alliance Bank in 1998, and shortly afterwards acquired the Marine National Bank of Jacksonville. Within a year, EverBank acquired the world currency division from St. Louis’ Mercantile Bank. Currently, EverBank is one of the largest internet banks in the U.S., with assets in excess of $28 billion, and over 500,000 customers.

How the Yield Pledge CDs Compare

When compared to the similar length-of-term CDs tracked by that require a similar deposit and are available nationally, all of EverBank’s Yield Pledge CD APYs currently ranks in the top three. When compared only to internet banks, the Yield Pledge CD APYs currently rank at the head of the list.

The above rates are accurate as of 1/10/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or Rates Map page.

bonkey   |     |   Comment #1
very stiff EWP makes this not worth it for me - esp with rising rates, you want some flexiblity to terminate the cd early.
Anonymous   |     |   Comment #2
The reason why many banks and CUs have stiff EWP is too many people are gaming the system and cashing in their CDs before maturity. What if the banks came back during times of declining interest rates and said they were closing out your then current CDs which were paying a higher interest rate? Perhaps banks and CUs should come out with a novel idea of offering bonuses to people who honor their original commitment and not cash out their CDs until maturity.
EverBank's 1-year Yield Pledge CD Is Top Internet Bank CD
Availability: Nationwide (internet bank)

In November, I wrote about EverBank’s across-the- board Yield Pledge CD rate increases, which ranged from 1 to 5 basis points. Since that time, EverBank’s 1-year Yield Pledge CD has had three rate changes, the latest occurring about ten days ago when the APY was raised to 1.31%. The minimum opening deposit for the Yield Pledge CD is $5k, and according to the Important Disclosures,

These interest rates and APYs are applicable to CD principal balances up to $1 million.
Please call for interest...
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