EverBank Performance CD

EverBank, the former TIAA Bank, sells one retail CD line called the Performance CD. There is no product named the EverBank Basic CD any more; the bank's own CD page lists exactly two options, the Performance CD and a CDARS CD for balances above the standard insurance limit. Performance CDs need $1,000 to open, charge no monthly maintenance fee, and compound interest daily. As of August 7, 2026 the headline term is 7 months at 4.10% APY, and it is the only rate on the board above 4%. Below it, the 25 month term pays 3.65%, the 3 month, 6 month and 13 month terms pay 3.60%, and everything else, from 9 months all the way out to 60 months, pays a flat 3.40%. That flat band is the tell: EverBank is competing hard on two or three odd terms and not bothering with the rest. Worth noting that EverBank's own Performance Savings account pays 3.90% APY on all balances for new accounts, which beats every EverBank CD except the 7 month one and stays fully liquid. The fine print on the 7 month CD matters more than usual. EverBank flags it as a term that automatically renews into a shorter term CD at maturity, not into another 7 month CD, so the promotional rate does not repeat unless you intervene. The same applies to the 13 month and 25 month terms. You get a 10 business day grace period after maturity to change instructions, and you can set or edit those instructions online any time up to 5 p.m. ET the business day before maturity. Early withdrawal of principal triggers a penalty that runs from 22 to 456 days of simple interest depending on the term; EverBank does not publish the per term table on its public rates page. This works for someone parking a defined chunk of cash for roughly half a year at a real bank with branches in a handful of states, who will set maturity instructions on day one rather than at maturity. The $1,000 minimum is low enough to be irrelevant for most savers, and interest can be withdrawn without penalty at any time if you elect that at opening. Skip it if you want a long lock, because 3.40% for five years is not compensation for five years of rate risk, and skip it if you are the kind of person who lets CDs roll. The auto renewal into a shorter, lower paying term is the specific way people lose money on this product. If you want the EverBank rate without the lock, the Performance Savings account at 3.90% is the more honest comparison.