bank rates

EverBank Falls From 36-, 60-Month Lead

It seems the CD rate-setters at EverBank like rollercoasters.

The Jacksonville-based bank, which has a dozen branches across Florida and a prominent online operation, has yet again revised its 60-month, 36-month and 24-month CD rates.

This time, the changes are all reductions and drop the bank out of a shared lead among nationally available rates on our 3-year and 5-year CD Rates Leaderboards.

Its new rates are:

  • 2.03% APY on 60-month CDs, down from 2.25%.
  • 1.37% APY on 36-month CDs, down from 1.50%.
  • 1.10% APY on 24-month CDs, down from 1.14%.

As a result, Synchrony Bank now stands alone as the 36-month leader, while Barclays Bank, GE Capital Bank and Synchrony co-lead the 5-year term.

What’s surprising here is the remarkably frequent seesawing that EverBank is doing.

It’s the ninth time in the 11 weeks of 2015 that EverBank has changed its 60-month rate – both up and down – and the eighth time it has changed the 36-month rate.

It’s anybody’s guess whether EverBank’s rate-change decisions represent skittishness about when the Fed will finally start raising interest rates, or high variability of the capital the bank has on deposit, or even perhaps a marketing tactic to keep its name in the news.

In any case, it’s a rollercoaster ride by any standard, and we’ll continue to keep you posted.

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