Certificate of Deposit (CD) Basics & Management

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Grow your savings with a CD

A certificate of deposit (CD) is a savings product that earns interest on a lump sum for a specific period of time. In exchange for depositing your money for that set period, EverBank pays a fixed interest rate. When the term is up, you get back the money you deposited (the principal) plus any interest that has accrued.

How to manage CDs

1. Open and fund your account

Deposit a lump sum when you open your CD. You cannot add more funds during the active term, but you can add money during your grace period at renewal.

2. Monitor growth and think long term

Track your current balance, interest earnings and maturity date through online banking or the EverBank mobile app. Review your overall financial strategy and evaluate your options for the CD when it reaches maturity. Learn more about CDs

3. Choose your next step

When your term is up, you’ll have the opportunity through our online self-service feature to update your renewal term, add funds, withdraw your money or close the account. If you do nothing, your account will automatically renew to the applicable Auto-Renewal Term for your convenience. Refer to our Terms and Conditions for a complete list of each CD's Auto-Renewal Term as some CDs will renew into a CD term that is shorter or longer than the original term.

Keep in mind—you can set instructions early

You can set or edit maturity instructions online at any time during your CD's term until 5 p.m. (ET) the business day before the CD’s maturity date.

Quick answers

Can I add money to my existing CD?

Once the account has been opened and funded, you won’t be able to add additional money during the term of the CD. Once the CD matures, you will have the option to renew and add money during the grace period.

How do I view my CD’s maturity date?

To view your CD's maturity date online, use the following method.

What are my options when my CD matures?

When your CD matures, you’ll have the option to update the renewal term, add funds, withdraw funds or close the CD. If you do not provide instructions, your CD will automatically renew. Please see our Terms and Conditions for a complete list of each CD's Auto-Renewal Term since some CDs renew into a CD term that is shorter or longer than the original term.

You can set or edit maturity instructions online at any time during your CD's term until 5 p.m. (ET) the business day before the CD’s maturity date. Please note that an advanced instruction to close the CD will be final as of 5 p.m. (ET) the business day before the maturity date and cannot be undone. Your CD will be closed and there will be no grace period.

Unless your CD is closed, you will have 10 business days after the CD’s maturity date (the grace period) to set or resubmit instructions without penalty. Please note that an instruction to close the CD during the grace period will be executed on the day the instruction is received, is final and ends the grace period.

What APY will my CD get when it matures?

If no maturity instructions are provided, your CD will renew to the applicable Auto-Renewal Term and receive the interest rate and APY being offered as of your CD’s maturity date.

If you provide an instruction in advance of maturity, your renewed CD will receive the interest rate and APY being offered for the chosen term as of the CD’s maturity date. If you provide alternate instructions during the grace period, your renewed CD will receive the interest rate and APY being offered for that CD term as of the date of your last executed CD instruction.

Can I withdraw money from my CD before it matures?

You can withdraw any interest the CD has earned at any time, penalty free. However, if you want to withdraw principal funds from your CD before the maturity date, an early withdrawal penalty will apply. To learn about early withdrawal penalties, please see our Terms and Conditions.

To withdraw funds from your CD early, use the following method.