Jenny Ellis
EverBank CD rates currently top out at 4.00% APY on its 7 month Performance CD, making the bank a option worth a look if you have a lump sum to park and want flexibility on term length. The bank also runs a specialty CD that spreads deposits across many banks for extra FDIC coverage.
Key Takeaways
- EverBank's Performance CD pays between 3.40% and 4.00% APY on terms from three months to five years, with a $1,000 minimum deposit.
- The 7 month term is the standout at 4.00% APY, well above several longer term options at this bank.
- EverBank's CDARS CD spreads deposits across a network of banks, pushing FDIC insurance coverage up to $50 million instead of the standard $250,000.
- CDARS rates are lower than the Performance CD, ranging from 2.66% to 3.22% APY, and require a $10,000 minimum.
- Early withdrawal penalties vary widely by term, from 22 days of interest up to 456 days of interest.
What EverBank Is Paying Right Now
EverBank's flagship CD product, the Performance CD, offers a fairly wide menu of terms with a $1,000 minimum balance across the board. The rates don't climb steadily with term length the way some banks structure their CDs. Instead, the 7 month term pays the highest yield at 4.00% APY, while terms on either side of it, including 6 months and 9 months, pay less.
| CD Term | APY | Minimum Balance |
|---|---|---|
| 3 months | 3.60% | $1,000 |
| 6 months | 3.60% | $1,000 |
| 7 months | 4.00% | $1,000 |
| 9 months | 3.40% | $1,000 |
| 1 year | 3.40% | $1,000 |
| 13 months | 3.60% | $1,000 |
| 18 months | 3.40% | $1,000 |
| 2 years | 3.40% | $1,000 |
| 25 months | 3.65% | $1,000 |
| 30 months | 3.40% | $1,000 |
| 3 years | 3.40% | $1,000 |
| 4 years | 3.40% | $1,000 |
| 5 years | 3.40% | $1,000 |
That pattern matters for anyone building a CD ladder. Rather than assuming longer terms automatically pay more, savers comparing EverBank CD rates need to check each maturity individually. The 25 month term, at 3.65% APY, is another example of a mid range option beating some of the longer commitments.
The CDARS Option: Bigger Insurance, Smaller Returns
EverBank also offers a Certificate of Deposit Account Registry Service, or CDARS, CD. This product works by dividing a deposit among multiple FDIC insured banks in the CDARS network, which allows a saver to get coverage well beyond the standard $250,000 limit that applies to a single account category at one bank. With EverBank's CDARS CD, that protection extends up to $50 million.
| CD Term | Funding Limit | APY | Minimum Balance |
|---|---|---|---|
| 3 months | $12 million | 3.05% | $10,000 |
| 6 months | $12 million | 3.04% | $10,000 |
| 1 year | $12 million | 2.77% | $10,000 |
| 2 years | $1 million | 2.66% | $10,000 |
| 3 years | $0.5 million | 3.22% | $10,000 |
The tradeoff is clear once you set the two tables side by side. CDARS rates run lower than the standard Performance CD across comparable terms, and the minimum deposit jumps to $10,000. There's also a structural quirk worth understanding before signing up: your money ends up split across accounts at several different banks rather than staying in one place. That isn't necessarily a problem, but it's a detail some savers may not expect when they think they're simply opening one CD.
This product tends to make the most sense for people sitting on unusually large balances, business accounts, estates, or anyone who needs coverage well past what a single bank can insure and is willing to accept a lower yield for that protection.
Where EverBank Falls Short and What It Offers Beyond CDs
EverBank's CD lineup has real strengths, chiefly the range of terms available and that standout 7 month rate. But the bank isn't the highest payer in the market. Both the Performance CD and the CDARS CD carry minimum deposit requirements, $1,000 for the former and $10,000 for the latter, that some competitors don't impose at all. And while EverBank's rates are respectable, shopping around often turns up better yields elsewhere, especially among online only banks competing hard for deposits.
Early withdrawal penalties also deserve attention. EverBank's penalty structure ranges from 22 days of interest on shorter terms up to 456 days of interest on longer ones, and the bank hasn't disclosed whether there's any grace period allowing penalty free withdrawals after opening. Anyone who thinks they might need the cash before maturity should factor that uncertainty into their decision.
Beyond CDs, EverBank runs a high yield savings account and a money market account, along with business banking and commercial financing services. Both the Performance CD and the Bump Rate CD are insured up to the standard $250,000, while the CDARS CD's expanded coverage comes from spreading funds across the bank network described above.
Other Places to Put Your Money
Before committing funds to any EverBank product, it makes sense to weigh a few alternatives.
- High yield savings accounts: Opening an online savings account elsewhere can sometimes beat EverBank's rates, particularly for money you might need on short notice.
- High interest checking accounts: Some checking accounts pay competitive rates too, though they often come with balance requirements or transaction limits worth reading closely.
- CDs from other banks: The broader CD market includes plenty of institutions offering rates that top EverBank's, so comparing several before committing is worthwhile.
- Money market accounts: These accounts can offer a similar return to a CD while usually preserving more access to the funds.
- Treasury securities: Government backed bills, notes, and bonds sometimes pay more than a CD and can offer more liquidity depending on the security.
Is EverBank the Right Fit for Your Savings Plan?
Opening an EverBank Performance CD is a simple process done entirely online, and the bank says the application takes about five minutes. Whether it's the right move depends less on convenience and more on your own timeline and how much flexibility you need. If you're comfortable locking money away for the full term and the 4.00% rate on the 7 month CD fits your plans, EverBank is a reasonable place to park cash. If you want higher insurance limits for a large balance, the CDARS CD offers a genuine solution, just at a lower yield and with money spread across a network of banks rather than sitting in one account.
Anyone comparing options should still check current rates at a handful of other banks before locking in a term, since CD pricing shifts often and a better deal may be sitting one search away.
