bank rates

EverBank Kicks Off 2016 With Higher Rates

EverBank rang in the new year by raising the return on four of its certificates of deposit.

Those increases push the Jacksonville-based bank – with 10 branches in Florida and substantial nationwide online banking operations – into a tie for the best nationally available 2-, 3-, 4- and 5-year returns on our CD Rates Leaderboard.

It’s currently paying:

  • 1.52% APY on 24-month CDs.
  • 1.85% APY on 36-month CDs.
  • 2.00% APY on 48-month CDs.
  • 2.45% APY on 60-month CDs.

These rates tie EverBank with E-Loan for all four of those maturities, as well as Salem Five Bank for 4-year CDs. (EverBank was already paying the top 3-month return on the Leaderboard, and continues to do so.)

But it’s worth noting that EverBank’s minimum deposit is $1,500, compared with $10,000 at E-Loan and Salem Five.

All three banks also feature substantial early-withdrawal penalties for CDs, which should be considered before account opening.

I’ve opened several CDs at EverBank in recent years and have found the online application process to be relatively straightforward.

While it’s always good to see banks offering higher rates, we need to see them doing more than simply vying to pay these historically low yields.

Now that the Federal Reserve is committed to pushing interest rates higher over the next several years, we need banks to start moving yields back toward the reasonable returns we enjoyed before the financial crisis and recession.

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