I just found out about the Everbank 5-year CD earning 2.06% APY. An interesting twist is that the early withdrawal penalty (EWP) is 1/4 of the interest you would have earned. For withdrawal after one year, this would be only about 0.5%, which is excellent. After two years, about 1%, which is competetive, and even after four years at 2% it's in line with many 5-year CDs.
Has anyone dug into the terms of this CD to see if there are any gotchas?
I seem to recall a very steep EWP of something like 15 months of interest on Everbank CDs in the past, so this is quite an improvement if I'm understanding it (and recalling it) correctly.
Ken, it would be interesting to see blog post with your thoughts about this CD. I looked and didn't find anything.