Best CD Account of 2017: EverBank

High yields and a range of options make EverBank the best bank for CD accounts.

Certificate of deposit accounts are similar to savings accounts that earn interest, but CDs tend to beat savings accounts’ annual percentage yields with some of the highest yields offered by common banking accounts. But deciding which bank to open a CD account with can be difficult.

GOBankingRates narrowed down the options to the cream of the crop for you and found one CD account provider that outshines the rest: EverBank is the winner of the Best CD Account award in GOBankingRates’ Best Banks of 2017 study. To determine which bank offered the best CD account of the year, the study considered the following factors across 100 banks:

  • APY for a 12-month CD
  • APY for a five-year CD
  • Minimum deposit required to open

See: 10 Best CD Accounts of 2017 

Why EverBank Bank Was Awarded Best CD Account of 2017

In its first time ranking among the best CD account providers in GOBankingRates’ annual study, EverBank soared to the top for a variety of reasons. The bank provides the best CD rates with its high-yield CD accounts, and its Yield Pledge guarantees that you’ll get an APY that ranks among the top CD rates offered by competing financial institutions.

EverBank’s CD Offerings, Rates and Key Features

EverBank offers a few CD options that can work for your saving style. Its Basic CD account requires a minimum deposit of $1,000 to open, with terms as short as three months to as long as five years. EverBank’s high-interest CDs — the Yield Pledge CD and the Bump Rate CD — offer the highest interest rates available. Here’s a closer look at EverBank’s 12-month and 60-month CD accounts.

60-Month CD

EverBank’s 60-month Yield Pledge CD is the best CD account of 2017, offering a 2.28% APY — up from 2.00% APY at the time of ranking — the highest CD rate out of the best banks of 2017. The 60-month Basic CD is also highly competitive at 2.18% APY. The minimum to open the Yield Pledge CD is $5,000, and the minimum to open the Basic CD is $1,000.

12-Month CD

As of Jan. 9, 2017, EverBank’s 12-month Basic CD has a 1.15% APY, lower than its 1.30% APY at the time of ranking, but still better than 89 percent of the other one-year CD accounts surveyed in the Best Banks study. Although Synchrony Bank and Sallie Mae Bank’s 12-month CD rates are higher than EverBank’s 12-month CD rate, you face higher minimum deposit requirements with both Synchrony and Sallie Mae.

If locking down the best CD rate is more important to you than putting down the lowest minimum deposit, EverBank’s Yield Pledge CD is an appealing option. The Yield Pledge CD account features a 1.35% APY, and although it requires a minimum deposit of $5,000 to open, the CD comes with EverBank’s guarantee that you’ll earn the highest yields.

You can set your CD account for automatic rollover if you want to “set it and forget it” in order to build larger savings over a longer period of time. EverBank also provides a 20-day maturity alert, so you’ll know when it’s time decide whether you want to carry your balance into another CD account, keep it in the same account or withdraw the funds.

Other CD Accounts

The EverBank Bump Rate CD gives you the option to request a one-time rate bump if CD rates increase after you’ve already opened your account. Taking advantage of the one-time rate bump means that you can lock in a higher interest rate and increase your earnings. EverBank’s Bump Rate CD has a 3.5-year term length, automatic rollover and requires a minimum deposit of $1,500 to open, with a maximum balance of $250,000.

Other EverBank CD products include its LIBOR Index CD and CDARS, which spreads your money across a number of CD accounts in other bank networks, providing wider FDIC coverage as a result. For the average banking customer, however, EverBank’s Yield Pledge CD and special Bump Rate CD accounts can be the best fit, offering some of the top bank interest rates for CDs available, as well as the peace of mind that you can lock your money in for the best CD interest rate.

See Last Year’s Winner: CIT Bank Offers Best CD Accounts of 2016

Methodology: To compile its list of the top 100 banks, GOBankingRates surveyed the FDIC’s list of banks sorted by asset size, excluding non-active institutions, investment banks and any institutions that require customers to use investment services to access commercial bank accounts. This list of 100 banks includes 72 brick-and-mortar banks and 28 online-only banks according to the GOBankingRates database. No asset threshold was consulted for online-only banks.

Criteria for ranking: To determine its Best CD Accounts category ranking, GOBankingRates evaluated each institution’s 12-month certificate of deposit product and five-year CD product. If the bank did not offer a 12-month or five-year CD, then the next-closest CD term length was selected for evaluation. GOBankingRates scored the CD accounts from most to least favorable on the following factors: (1) minimum deposit to open a CD, (2) annual percentage yield for a 12-month CD and (3) APY for a five-year CD. APY for a 12-month CD and APY for a five-year CD were weighted more heavily than other ranking factors, and accounts were then ranked by overall score.

Data was compiled from and verified against the individual institutions’ websites between Oct. 11 and Oct. 26, 2016. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some banks mentioned in the Best Banks of 2017 survey are clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement.