EverBank (formerly TIAA Bank) CD rates July 2024

TIAA Bank became EverBank in 2023 and it offers 10 different terms on its Basic certificates of deposit (CDs), which have yields that don’t quite reach the top of the market. The $1,000 minimum opening deposit means that those just starting out may need some time before they can start saving, but more established households should have no problem meeting that hurdle. 

Account details and annual percentage yields (APYs) are accurate as of June 20, 2024. 

Overview of EverBank CDs

EverBank offers three kinds of CD accounts: Basic CDs, EverBank Bump-Rate CD and EverBank CDARS® certificates of deposit — which is a type of jumbo CD. They do not currently offer add-on or no-penalty CDs. 

The Basic CD has a $1,000 minimum opening deposit, and terms range between three months to five years, similar to most banks and credit unions.

OVERVIEW
Minimum deposit	$1,000 for a Basic CD; $1,500 for a Bump Rate CD $10,000 for an CDARS CD
Term lengths	3 months, 6 months, 9 months, 1 year, 1.5 years, 2 years, 2.5 years, 3 years, 3.5 years (Bump Rate CD), 4 years and 5 years
Compounding schedule	Interest is not compounded
APYs	3.90% to 5.05% APY (for Basic CDs) 4.10% APY (Bump-rate CD) 3.22% to 4.17% APY (for CDARs)
Early withdrawal penalty	Between 22 days’ and 456 days’ simple interest, depending on the CD term
Grace period for penalty-free withdrawal after maturity	10 days

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The Bump Rate CD, which allows consumers to match current interest rates once before the CD’s maturity date, offers a 3.5-year CD term and requires a $1,500 minimum opening deposit. This is a useful option if you believe interest rates will rise after you open an account. 

For consumers who want to deposit even more money in a CD, there’s the EverBank CDARS® certificates of deposit. This CD offers FDIC insurance coverage even if your CD has millions of dollars in it.

INTRAFI CD TERMS	APY	FUNDING LIMIT
3 month	3.40%	$10 million
6 month	3.43%	$10 million
1 year	4.17%	$10 million
2 year	3.56%	$1 million
3 year	3.22%	$500,000

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CDs typically offer Federal Deposit Insurance Corporation (FDIC) insurance coverage up to $250,000. However, IntraFi CDs offer much greater insurance by spreading out your principal among multiple institutions. The minimum opening deposit requirement is , which is also lower than most jumbo CDs.

“CDs with higher FDIC coverage can make sense for those high-net-worth families that are parking away money for specified purposes like buying a house, [or] helping a child with a house”, said certified financial planner Erik M. Baskin.

How much can you earn with EverBank CDs

Here’s what you can earn on a Basic and Bump Rate CD with a $10,000 deposit:

TERM	APY	EARNINGS
3 month	3.95%	$97.21
6 month	4.00%	$200
9 month	5.05%	$383.65
1 year	4.80%	$480.14
18 month	4.30%	$651.83
2 year	4.30%	$878.41
30 month	4.00%	$1,029.57
3 year	4.10%	$1,281.66
42 months (Bump rate CD)	4.10%	$1,510.70
4 year	3.90%	$1,655.49
5 year	3.90%	$2,165.14

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How EverBank CD rates compare

If you’re interested in opening a CD at EverBank, you’re in luck. In general, EverBank CD rates are higher than the national average, but they are less than CDs from some of the best banks and credit unions, like the Edward Jones certificates of deposit and Marcus by Goldman Sachs High-Yield certificates of deposit.

Here’s how they compare:

TERM	EVERBANK BASIC CD RATES	EDWARD JONES CD RATES	MARCUS BY GOLDMAN SACHS CD RATES
6 months	4.00% APY	5.40% APY	5.10% APY
12 months	4.80% APY	5.30% APY	5.15% APY
24 months	4.30% APY	5.00% APY	4.40% APY

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^{Note: EverBank CDs don’t offer compounding interest, which will lower your earnings compared to a bank that does offer compounding interest.}

How to open an EverBank CD

To open a EverBank CD, you have to fill out a brief online application and provide the following information:

• Name.
• Birthdate.
• Address.
• Social Security number.
• Contact information.
• Employment information.

You will also have to select which CD to open, the amount and the term. You can open multiple CDs at one time as long as you have the funds. Once you finalize the application, you will have to fund the account. 

Alternatives to CDs at EverBank

Checking 

EverBank Yield Pledge® Checking account offers a higher interest rate than most checking accounts, at 0.40% APY. There is no monthly maintenance fee, and you only need $100 to open the account. 

If your account has at least $5,000, EverBank will automatically reimburse you for out-of-network ATM fees. If you have an average daily balance of less than $5,000 you will have ATM fees reimbursed up to $15. If you’re withdrawing cash from a non-EverBank account, you can potentially save money on fees.

Consumers will also receive a EverBank debit card that comes with perks like extended warranty, price protection and return protection. 

Savings 

EverBank Performance℠ Savings account is a high-yield savings account with a competitive 5.05% APY. This is higher than most of their CDs and your money isn’t locked away for a set period of time (Although savings accounts APYs are variable, which means you can’t lock-in a specific rate for a specific period of time).

There is no minimum opening requirement and no monthly fees. Customers can use their EverBank app to deposit checks.

Money market accounts

The EverBank Yield Pledge® Money Market account has a 4.30% APY for the first year on balances up to $250,000. Then, an ongoing APY between 3.75% to 4.30% applies, depending on account balance. There is no opening minimum deposit requirement and no monthly account fee.

Like their other banking products, the money market account comes with a yield pledge promise, which means that EverBank will review the interest rate to ensure it’s within the top 5% in the country.

About EverBank

TIAA originally began in 1918 as the Teachers Insurance and Annuity Association providing annuities and life insurance to teachers. In 1952, it started CREF, the College Retirement Equities Fund, and offered a variable annuity to investors. You may remember when its name was TIAA-CREF. 

Through the years, TIAA offered investing and retirement accounts for businesses and individuals. In 1995, it was named the largest pension organization in the world. 

In August 2023, the banking portion of TIAA was sold to private investors who renamed it EverBank. This change will likely have little impact on consumers and so far things have been business as usual. 

Frequently asked questions (FAQs)