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CD Rate Changes
 

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EverBank CD rates were recently increased and are very competitive. In addition to listing the new CD rates we are also writing a review of EverBank’s CD products. EverBank is headquartered in Jacksonville, Florida, and has physical locations and not just an online presence. Everbank is part of EverBank Financial Group which was acquired last June by TIAA.

In addition to banking, Everbank Financial Group also has other divisions offering a wide variety of financial services. Everbank offers commercial finance, provides financing to mortgage originators, wealth management and other financial services. 

EverBank CD RatesEverBank offers several different deposit products including savings accounts, checking accounts, and certificates of deposit. Bank CD rates and all other deposit rates are moving higher these days because the Fed is increasing the fed funds rate. The bank’s certificates of deposit include several different types and terms which are discussed in more in detail below. 

EverBank Online Banking and Banking App

The bank’s online banking services are robust and secure, providing customers with many tools for banking. Customers can bank online using the company’s website and their mobile banking app. 

The bank’s customers can easily transfer funds between internal accounts and external linked accounts. In addition, customers can also pay bills online and monitor all types of account activity. Frankly, these days there is no need to ever visit a bank branch to do any kind of banking.

Everbank Certificate of Deposits

The bank offers many different types of certificates of deposit including their Yield Pledge CDs, Bump Rate CDs, LIBOR Index CD and CDARS Service CDs. Of course the rate on these types of CDs are not as much as regular CD rates because you’re also paying for a service. Each CD product is listed below.

EverBank Yield Pledge CDs

  • No monthly account fee
  • 20-day maturity alert
  • Automatic rollover
  • IRA eligible
  • $5,000 to open
  • Many different CD terms to choose from
  • Top 5% yields at account opening and rollover. The CD yield will be in the top 5% of Competitive Accounts based on Bankrate Monitor National Index survey data from that week.

EverBank Bump Rate CDs

  • Optional 1-time rate bump. The Bump Rate CD features a Rate Increase Option that allows you to increase your interest rate and Annual Percentage Yield (APY) one time during the term if CD rates increase during the CD term. 
  • May only hold one Bump Rate CD at a time
  • Automatic rollover
  • IRA eligible
  • Many different CD terms to choose from
  • $1,500 to open ($250K maximum)

LIBOR Index CDs

The bank’s traditional CDs have a fixed rate for the entire CD term. The bank’s LIBOR Index CD returns have a variable rate because the CD product is directly tied to the performance of the 3-month London Interbank Offered Rate (LIBOR). The LIBOR Index CD is tied to the 3-month LIBOR rate, as it moves, so too does the rate on your CD. Since we are in a rising interest rate environment, you get the benefit of earning more. 

CDARS Service CDs

The bank’s CDARS Service CDs uses the CDARS network of banks. As part of the CDARS network of banks, EverBank will distribute your funds into CDs at other banks in the network. This network allows you to have FDIC insurance beyond the $250,000 maximum. You can read more about the CDARS Service at: How CDARS Works.

EverBank CD Rates

Listed below are a recent slew of EverBank CD rates and the recent rate changes. As you can see, all the CD rate changes were higher. 

CD Product Rate (new / old) Yield (new / old)
2 yr CD 2.24 / 2.09 2.27 / 2.11
2.5 yr CD 2.27 / 2.13 2.3 / 2.15
3 yr CD 2.37 / 2.27 2.4 / 2.3
5 yr CD 2.62 / 2.52 2.65 / 2.55
2.5 yr jumbo CD 2.27 / 2.13 2.3 / 2.15
5 yr jumbo CD 2.62 / 2.52 2.65 / 2.55
18 month CD 2.1 / 2.04 2.12 / 2.06
2 yr jumbo CD 2.24 / 2.09 2.27 / 2.11
18 month jumbo CD 2.1 / 2.04 2.12 / 2.06
3 yr jumbo CD 2.37 / 2.27 2.4 / 2.3
4 yr CD 2.47 / 2.32 2.5 / 2.35
4 yr jumbo CD 2.47 / 2.32 2.5 / 2.35

 You can compare EverBank CD rates with other bank and credit union CD rates by searching our rate lists at CDRates.RatesoRama.com.

Author: Brian McKay
February 23rd, 2018

CD rates inched slowly higher again, continuing the uptrend of the past year and a half. Short term CD rates increased even though the Federal Reserve didn’t increase interest rates during their meeting last week. With the recent increase in rates, the top 1 year CD rate on our list hit a new high for 2017

The outlook for short term rates continues to be good in 2017 because the Fed is expected to increase interest rates once more this year. The Fed is likely to increase the fed funds rate 0.25 percent during the December meeting, which will put more upward pressure on shorter term CD rates.

Right now, the top 1 year rate on our rate list is at 1.61 percent and a yield of 1.62 percent. Two banks are currently offering that rate and yield, EverBank and My e-BAnC by BAC Florida Bank. The top 2 year CD rate on our list is now at 1.85 percent, currently offered by Popular Direct and Congressional Bank.

You can see the top short term and long term CD rates listed below.

Current Top CD Rates by CD Term

  • 3 Month – 1.00% at First Internet Bank of Indiana and Luana Savings Bank
  • 6 Month – 1.36% at VirtualBank
  • 9 Month – 1.37% at VirtualBank
  • 12 Month – 1.62% at EverBank and My e-BAnC by BAC Florida Bank
  • 18 Month – 1.68% at My e-BAnC by BAC Florida Bank
  • 24 Month – 1.85% at Popular Direct and Congressional Bank
  • 30 Month – 1.65% at Everbank
  • 36 Month – 2.05% at Popular Direct
  • 48 Month – 2.16% at M.Y. Safra Bank, FSB
  • 60 Month – 2.40% Goldman Sachs Bank and Popular Direct

You can also browse though our CD rate lists to find the top CD rates.

Author: Brian McKay
September 25th, 2017

There has been a slew of deposit rate increases on our rate lists since the Fed increased the fed funds rate. The Fed increased the rate June 14 and as a result, six banks have increased rates on 24 deposit products.

The largest CD rate increase was on Sallie Mae’s 36 month regular and jumbo CD accounts. Sallie Mae’s 3 year CD rates were increased 30 basis points from 1.60 percent to 1.90 percent. The largest variable deposit rate increase was on Heritage Bank’s MMA account, which was increased 19 basis points from 1.01 percent to 1.20 percent.

The trend for higher interest rates will continue in 2017 because the Fed is expected to increase the fed funds rate once more this year. The Fed said they would increase their rates 3 times in 2017 and they’ve already had two increases. Since the beginning of 2017, many banks and credit unions have increased their CD rates. We’ve seen the best 1 year CD rates on our rate table move from around 1.25 percent to around 1.50 percent and 6 month CD rates increased from 0.90 percent to 1.15 percent.

Top Short Term CD Rates

3 Month CD Rates

  • TAB Bank 0.95%
  • First Internet Bank of Indiana 0.90%
  • Goldwater Bank 0.86%

6 Month CD Rates

  • First Internet Bank of Indiana 1.16%
  • VirtualBank 1.11%
  • TAB Bank 1.06%

9 Month CD Rates

  • CDBank.com 1.20%
  • TAB Bank 1.16%
  • VirtualBank 1.16%

12 Month CD Rates

You can search for and compare CD rates from banks and credit unions by searching our rate lists at CDRates.RatesoRama.com.

Author: Brian McKay
June 29th, 2017

M.Y. Safra Bank, headquartered in New York City, just increased their CD rates across the board. Some of the increases were rather sizeable. The biggest increase was on M.Y. Safra Bank 2 year CD rates, which was increased 65 basis points.

You might not have heard of M.Y. Safra Bank but they have been around since 2000 in one form or another. The bank used to be known as T. Rowe Price Savings Bank but changed their name to M.Y. Safra Bank in December 2013.

My Safra Bank CD Rate Changes

Listed below are the most recent CD rate changes at My Safra bank.

Product Rate (new / old)
1 yr CD 1.47 / 1.4
18 month CD 1.56 / 1.46
4 yr CD 2.03 / 1.99
3 yr CD 1.91 / 1.89
18 month jumbo CD 1.56 / 1.46
3 yr jumbo CD 1.91 / 1.89
1 yr jumbo CD 1.47 / 1.4
4 yr jumbo CD 2.03 / 1.99

M.Y. Safra Bank Review

M.Y. Safra Bank, provides both personal and business banking products. The bank offers deposit and transaction services, including interest bearing checking accounts, interest bearing money market deposit and savings accounts and interest bearing certificates of deposits.

The bank also provides personal lending solutions including fixed and adjustable rate mortgages for residential properties and home equity lines of credit. Other personal loans include secured or unsecured lines of credit.

On the business side of real estate, the bank provides commercial and business financing for owner-occupied commercial real estate and working capital lines of credit. In addition to commercial real estate financing, this includes multi-family, underlying co-op, commercial condo, mixed use, and flex space loans.

You can see how CD rates at M.Y. Safra Bank compare with other bank CD rates by searching our CD rate lists at RatesORama.com.

Author: Brian McKay
June 13th, 2017

Last week the Federal Open Market Committee (FOMC) met and increased the fed funds rate by 0.25 percent. This is good news for savers since there is a direct correlation between the fed funds rate and CD rates.

4 of the 5 banks increased their CD rates after the Fed increased the fed funds rate. In fact, of the 30 CD products that rates were changed, all 30 of the changes were higher.

You can see a complete list of the CD rate changes below. You can also compare these CD rates with other bank and credit union CD rates by using our rate tables at CDRates.RatesORama.com.

 

Bank

Product Rate (new / old) Yield (new / old)
Luana Savings Bank 6 month CD 0.55 / 0.5 0.55 / 0.5
Luana Savings Bank 1 yr CD 0.75 / 0.7 0.75 / 0.7
Luana Savings Bank 2 yr CD 1.05 / 1 1.05 / 1
Luana Savings Bank 2.5 yr CD 1.2 / 1.15 1.2 / 1.15
Luana Savings Bank 3 yr CD 1.35 / 1.25 1.35 / 1.25
Luana Savings Bank 5 yr CD 1.55 / 1.45 1.56 / 1.46
Luana Savings Bank 6 month jumbo CD 0.7 / 0.65 0.7 / 0.65
Luana Savings Bank 1 yr jumbo CD 0.9 / 0.85 0.9 / 0.85
Luana Savings Bank 2.5 yr jumbo CD 1.35 / 1.3 1.35 / 1.3
Luana Savings Bank 5 yr jumbo CD 1.7 / 1.6 1.71 / 1.61
Luana Savings Bank 6 month $25K CD 0.6 / 0.55 0.65 / 0.55
Luana Savings Bank 6 month $50K CD 0.65 / 0.6 0.65 / 0.6
Luana Savings Bank 18 month IRA CD 0.95 / 0.9 0.95 / 0.9
Luana Savings Bank 18 month CD 0.95 / 0.9 0.95 / 0.9
Luana Savings Bank 2 yr jumbo CD 1.2 / 1.15 1.2 / 1.15
Luana Savings Bank 18 month jumbo CD 1.1 / 1.05 1.1 / 1.05
Luana Savings Bank 3 yr jumbo CD 1.5 / 1.4 1.51 / 1.41
Luana Savings Bank 4 yr CD 1.45 / 1.35 1.46 / 1.36
Luana Savings Bank 4 yr jumbo CD 1.6 / 1.5 1.61 / 1.51
EverBank 3 month CD 0.85 / 0.74 0.85 / 0.74
EverBank 1 yr CD 1.27 / 1.23 1.28 / 1.24
EverBank 3 month jumbo CD 0.85 / 0.74 0.85 / 0.74
EverBank 1 yr jumbo CD 1.27 / 1.23 1.28 / 1.24
Nationwide Bank 2 yr CD 1.44 / 1.19 1.45 / 1.2
Nationwide Bank 2 yr jumbo CD 1.49 / 1.24 1.5 / 1.25
Third Federal Savings and Loan 5 yr CD 1.98 / 1.78 2 / 1.8
Third Federal Savings and Loan 5 yr jumbo CD 1.98 / 1.78 2 / 1.8
Astoria Bank 2.5 yr CD 1.34 / 1.24 1.35 / 1.25
Astoria Bank 3 yr CD 1.49 / 1.34 1.5 / 1.35
Astoria Bank 18 month CD 1.04 / 0.85 1.05 / 0.85
Author: Brian McKay
January 1st, 2017

Banks and credit unions are slowly increasing CD rates. The increases are still small but with inflation picking up steam and bond yields soaring higher, that may change. Another catalyst for higher CD rates is the Federal Open Market Committee meeting.

The FOMC is scheduled to meet in mid-December and is widely expected to increase the fed funds rate. The CME Group’s FedWatch Tool now has a 95 percent chance of a fed funds rate increase during the December meeting. The current rate is in a targeted range of 0.25 percent to 0.50 percent. A December increase will put the rate between 0.50 percent to 0.75 percent.

A higher fed funds rate will entice banks and credit unions to increase their deposit rates. Not all financial institutions will increase rates but we expect banks that have a need for deposits to increase rates. If there is a 25 basis fed funds rate increase, the best 1 year CD rates available will also be increased about 25 basis points.

The highest 1 year CD rates are around 1.30 percent. A 0.25 percent increase would put the highest 1 year CD rates around 1.50 percent. It’s been years since the last time we saw the top 1 year CD rates around 1.50 percent.

Looking towards 2017, the FOMC has eight scheduled meetings. At this time, the FOMC is expected to increase the fed funds rate once or twice during 2017. Of course, a lot can change in the coming months, especially since there is talk of a trillion dollar investment in infrastructure, which would put upward pressure on bond yields and inflation.

Author: Brian McKay
November 27th, 2016

Nationwide Bank made some changes to their CD rates yesterday. Nationwide Bank CD rates were increased on the bank’s 2 year certificates of deposit and lowered on the bank’s 4 and 5 year certificates of deposit. The largest increase was on Nationwide’s 2 year regular CD account which was increased 8 basis points. Jumbo 2 year CD rates were only increased 5 basis points.

Nationwide’s 4 year regular and jumbo CD rates were both lowered 5 basis points. Regular 4 year CD rates were lowered from 1.44 percent with a yield of 1.45 percent to 1.39 percent with a yield of 1.40 percent. 4 year jumbo CD rates were lowered from 1.49 percent with a yield of 1.50 percent to 1.44 percent with a yield of 1.45 percent.

5 year jumbo CD rates were lowered from 1.66 percent with a yield of 1.67 percent to 1.61 percent with a yield of 1.62 percent. Regular 5 year CD rates were lowered from 1.61 percent with a yield of 1.62 percent to 1.56 percent with a yield of 1.57 percent.

To see how Nationwide Bank’s CD rates compare with some of the best CD rates available at Banks by searching our CD rate lists at CDRates.RatesORama.com.

Author: Brian McKay
October 14th, 2016

There has been a slew of CD rate changes this past week. The good news is that most of the CD rate changes were higher, there was only a handful of rate changes lower. Unfortunately, another FOMC meeting has come and gone without a fed funds rate hike.

There are two more FOMC meetings in 2016 and it looks like there might be one rate hike. The meetings are schedule for early November and mid-December. A 0.25 percent rate hike is most likely and that would put some pressure on banks to increase short-term CD rates. Analysts are betting on the rate hike happening in the December meeting.

Listed below are this week’s bank CD rate and credit union CD rate changes.

Financial Institution

Product Rate (new / old) Yield (new / old)
California First National Bank 1 yr CD 1.19 / 1.14 1.2 / 1.15
California First National Bank 1 yr jumbo CD 1.19 / 1.14 1.2 / 1.15
Discover Bank 5 yr CD 1.74 / 1.83 1.76 / 1.85
Discover Bank 5 yr jumbo CD 1.74 / 1.83 1.76 / 1.85
Discover Bank 5 yr IRA CD 1.74 / 1.83 1.76 / 1.85
Luana Savings Bank 6 month jumbo 0.60 / 0.55 0.60 / 0.55
Luana Savings Bank 1 yr jumbo CD 0.8 / 0.75 0.8 / 0.75
Luana Savings Bank 5 yr jumbo CD 1.5 / 1.45 1.51 / 1.46
Luana Savings Bank 6 month $50K CD 0.55 / 0.5 0.55 / 0.5
Connexus Credit Union 2 yr CD 1.49 / 1.52 1.5 / 1.53
E-Loan 1 yr CD 1.29 / 1.25 1.3 / 1.26
E-Loan 2 yr CD 1.54 / 1.49 1.55 / 1.5
E-Loan 3 yr CD 1.59 / 1.54 1.6 / 1.55
E-Loan 1 yr jumbo CD 1.29 / 1.25 1.3 / 1.26
E-Loan 2 yr jumbo CD 1.54 / 1.49 1.55 / 1.5
E-Loan 3 yr jumbo CD 1.59 / 1.54 1.6 / 1.55
EverBank 3 yr CD 1.59 / 1.5 1.6 / 1.51
EverBank 5 yr CD 1.89 / 1.84 1.91 / 1.86
EverBank 5 yr jumbo CD 1.89 / 1.84 1.91 / 1.86
EverBank 3 yr jumbo CD 1.59 / 1.5 1.6 / 1.51
EverBank 4 yr CD 1.76 / 1.74 1.78 / 1.76
EverBank 4 yr jumbo CD 1.76 / 1.74 1.78 / 1.76
Author: Brian McKay
September 29th, 2016

Barclays Bank recently lowered CD rates on several certificates of deposit. Barclays Bank CD rates were in the top 5 CD rates available for several different CD terms but that is no longer the case. The biggest decrease was on Barclays Bank 2 year CD rates which were lowered by 10 basis points. All other CD rates were lowered 5 basis points.

Before we get into the recent CD rate changes let’s look at the history of Barclays Bank. The bank has been around for a very long time, 326 years to be exact. The bank started in 1690 when John Freame and Thomas Gould started trading as goldsmith bankers in, London England.

Barclays Bank’s name is based on John Freame’s son-in-law’s name James Barclay, who joined the bank in 1736. Today Barclays is a behemoth of a bank and has over 48 million customers world wide. Barclays’ U.S. operations are a lot younger, Barclays Bank Delaware (FDIC Cert # 57203) was established in 2001.  

Barclays Bank CD Rate Changes

Bank Product Rate (new / old) Yield (new / old)
Barclays 1 yr CD 1.19 / 1.24 1.20 / 1.25
Barclays 2 yr CD 1.34 / 1.44 1.35 / 1.45
Barclays 3 yr CD 1.49 / 1.54 1.50 / 1.55
Barclays 18 month CD 1.24 / 1.29 1.25 / 1.30
Barclays 4 yr CD 1.59 / 1.64 1.60 / 1.65

Barclays Bank CD Account Benefits

Opening a Barclays certificate of deposit is very quick and easy. Barclays has no minimum opening deposit and no fees to maintain your account. Barclays deposit products are insured by the FDIC for up to the maximum amount allowed by law.

The bank’s online banking tools are some of the best tools available these days which makes online banking with Barclays hassle free. Their new account management allows you to access your account from any device, phone, tablet or pc. My favorite feature is remote deposit which allows you to take a photo of a check, upload it and you’re done, the deposit is made.

You can take a quick tour of Barclays Bank’s online banking platform by viewing this video:

For more information on Barclays Bank certificates of deposit and to open an account go to the bank’s website at Barclays Bank Online CD Page.

Author: Brian McKay
September 4th, 2016

Silvergate Bank, headquartered in La Jolla, California, has just lowered CD rates on the bank’s intermediate term certificates of deposit. Silvergate Bank CD rates were lowered on regular 2 and 3 year certificates of deposit and on 3 year jumbo certificates of deposit.

The largest CD rate decrease was 25 basis points on Silvergate Bank’s 3 year and 3 year jumbo CD accounts. 3 year rates were lowered from 1.65 percent with a yield of 1.66 percent to 1.40 percent with a yield of 1.41 percent. Silvergate Bank’s 3 year CD rate was the highest 3 year rate on our list but now the bank’s rate falls to eighth place.

2 year CD rates were lowered by 21 basis points to 1.25 percent with a yield of 1.26 percent. Silvergate had the second best 2 year rate on our rate list. With this decrease, Silvergate’s rate is now the third best rate available. The complete lists of Silvergate Bank’s current CD rates are listed below.

Current Silvergate Bank CD Rates

Product APY Rate Min. Deposit
6 month CD 0.200% 0.200% $25,000.00
2 yr CD 1.260% 1.250% $25,000.00
3 yr CD 1.410% 1.400% $25,000.00

Current Silvergate Bank Jumbo CD Rates

Product APY Rate Min. Deposit
6 month jumbo CD 0.200% 0.200% $100,000.00
1 yr jumbo CD 0.300% 0.300% $100,000.00
3 yr jumbo CD 1.410% 1.400% $100,000.00

You can see how Silvergate Bank’s CD rates compare with other bank CD rates by searching our rate tables at RatesORama.com.

Author: Brian McKay
August 14th, 2016