EverBank - Yield Pledge CD

Average Score:

•   Makin' it easy

  At first I thought, "Yield Pledge? You pledge your CD yield will stay high? Isn't that the whole point of a CD, that you lock in a rate for the term of the CD?" The Yield Pledge is actually a promise that if you let your CD roll over from this term to another year-long term, EverBank will still have a pretty good rate next year (most CDs automatically roll over if you don't stop them within a week or so of when the term is up).

  The Yield Pledge is actually kind of awesome. Lots of banks' CDs give you a great rate with the hope that you'll be lazy and let your CD roll over, and by the time it does they'll have a really terrible rate. EverBank's Yield Pledge CD doesn't offer an off-the-charts rate, but, at the time of this writing, it's a solidly competitive rate, and the pledge makes me think it will probably still be that way a year from now. If you think you might want to roll your CD over and you don't want to do this whole CD-picking exercise over again a year from now, or if you know yourself and figure that you might just forget, this is probably a really solid CD. If you're hardcore on personal finance stuff and looking for absolutely the best rate, you'll probably be able to find a better solution.

  Posted by blisterTonkin -- Sept. 28, 2009