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EverBank Changes Name to TIAA Bank: What You Need to Know

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

EverBank’s CD rates

Yield Pledge CDs

EverBank offers some of the top rates out there on this standard CD account.

Term

APY

3 months

2.15%

6 months

2.45%

9 months

2.47%

1 year

2.50%

18 months

2.50%

2 years

2.55%

2.5 years

2.55%

3 years

2.60%

4 years

2.65%

5 years

2.70%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $0.01
  • Early withdrawal penalty: For each of the following CDs, the early withdrawal penalty will be:
    • For each of the following CDs, the early withdrawal penalty will be:
    • 6-month CD: 45 days’ worth of interest
    • 9-month CD: 68 days’ worth of interest
    • 1-year CD: 91 days’ worth of interest
    • 18-month CD: 136 days’ worth of interest
    • 2-year CD: 182 days’ worth of interest
    • 2.5-year CD: 228 days’ worth of interest
    • 3-year CD: 273 days’ worth of interest
    • 4-year CD: 365 days’ worth of interest
    • 5-year CD: 456 days’ worth of interest

EverBank’s Yield Pledge CD has pretty standard terms, which means you don’t need to worry about any funny business. You’re allowed to withdraw the interest earned without penalty, but if you do so, you might not earn the stated APY (the stated APY assumes that you let interest pile up within the account rather than withdrawing it).

Once the CD matures, it’ll automatically roll over into a new CD of the same type. But, you also get a 10-day grace period from the date of maturity to make any changes, such as withdrawing the money, adding any funds and/or changing the terms of the CD.

It’s easy to open a Yield Pledge CD account online. All you have to do is provide some basic personal information about yourself to help verify your identity, such as your name and Social Security number. After you’ve applied for an account, you’ll also need a way to fund it. You can do this by writing a check and mailing it in, or using their mobile deposit app, setting up a wire transfer or depositing the funds online from another bank.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

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How EverBank’s CD rates compare

When it comes to high rates on a CD, you can’t really go wrong with EverBank. They currently offer some of the best CD rates available, which puts them on par with some of the bigger online banks.

In particular, we really like EverBank’s Yield Pledge promise, which states that EverBank will always keep their rates among the top 5% of all banks. This makes them a really attractive bank to stick with if you plan on opening multiple CDs, or doing a CD ladder strategy. This gives you peace of mind that the bank isn’t luring you in with temporarily high rates, only to drop them back down after you’ve already got a bunch of CDs with them. You can rest assured you’ll always get high rates, even in the future.

EverBank’s checking account

Yield Pledge Checking

High interest rates and low (or even no) ATM fees make this a great checking account for people who use ATMs frequently.

APY

Minimum Balance Amount

1.21% (1-Year Intro APY)

$5,000 - $250,000

0.25%

$0-$9,999.99

0.46%

$10,000-$24,999.99

0.61%

$25,000-$49,999.99

0.61%

$50,000-$99,999.99

0.71%

$100,000-$10,000.000

  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: None
  • ATM fees: None (we are excluding any ATM surcharge fees charged by the ATM’s owner).
  • ATM fee refunds: Unlimited ATM surcharge fee refunds each month if you keep an average daily balance of $5,000 in your account.
  • Overdraft fees: $30 insufficient funds fee, up to twice daily, if you don’t have overdraft protection enabled. Otherwise, an overdraft transfer from a linked EverBank account is free.

You’ll need a hefty amount of money to open this account, but if you’ve got it, it’s one of the highest-earning bank checking accounts. You’ll even earn a higher premium rate in your first year, regardless of how much you have in the account. After that, it’ll drop back down to the normal (but still high) interest rates for this account.

This account is especially great for people who use ATMs frequently and keep a large amount of money in their checking account. You’re not required to keep $5,000 in your account after opening it, but if you do, you get an added bonus: EverBank will refund all ATM surcharge fees that other ATM owners charge. Plus, they, themselves won’t charge you any fees for using whichever ATM you wish. It’s truly free-for-all ATM use.

It’s easy to open a Yield Pledge Checking account online. All you have to do is provide some basic personal information about yourself to help verify your identity, such as your name and Social Security number. After you’ve applied for an account, you’ll also need a way to fund it. You can do this by writing a check and mailing it in, or using EverBank’s mobile deposit app, setting up a wire transfer or depositing the funds online from another bank.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

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How EverBank’s checking account compares

EverBank offers exceptional rates on their checking account. In fact, it’s one of the best online checking accounts available. There’s only one catch: You need to have a large opening deposit of at least $5,000, which is a lot of cash for most people.

But, once you open the account, you don’t necessarily need to keep it funded with $5,000 every day, although you do get some ATM perks and can earn higher interest rates by doing so. Still, it’s a great checking account for most people, although you can earn even higher interest rates by keeping your excess cash in an EverBank Money Market account.

EverBank’s money market account

Yield Pledge Money Market

EverBank’s Money Market account also offers great rates and low (or no) ATM charges.

APY

Minimum Balance Amount

2.15% (1-Year Intro APY)

$5,000 - $250,000

1.10%

$0-$9,999.99

1.20%

$10,000-$24,999.99

1.65%

$25,000-$49,999.99

1.75%

$50,000-$99,999.99

2.00%

$100,000-$10,000.000

  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $0
  • ATM fees: None (not including any ATM surcharge fees charged by the ATM’s owner).
  • ATM fee refunds: Unlimited ATM surcharge fee refunds each month if you keep an average daily balance of $5,000 in your account.
  • Overdraft fees: $30 NSF fee, up to twice daily, if you don’t have overdraft protection enabled. Otherwise, an overdraft transfer from a linked EverBank account is free.

You can earn high rates with EverBank’s Checking account, but you can earn even higher rates for your savings in an EverBank Money Market account. Plus, it’s a tiered account, so as your balance grows, you’ll earn even more money.

Just watch out; you’re limited to six transactions per month with this account, unless they’re in-person, by mail or ATM transactions. If you go over that amount, you’ll pay $10 per transaction, and they may even close your account or convert it into a checking account if you do this enough times.

It’s easy to open a Yield Pledge Money Market account online. All you have to do is provide some basic personal information about yourself to help verify your identity, such as your name and Social Security number. After you’ve applied for an account, you’ll also need a way to fund it. You can do this by writing a check and mailing it in, or using EverBank’s mobile deposit app, setting up a wire transfer or depositing the funds online from another bank.

LEARN MORE Secured

on EverBank’s secure website

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How EverBank’s money market account compares

EverBank also offers high interest rates on their Money Market account. Unlike their Yield Pledge Checking account, however, they’re not actually among the current top contenders for best money market account rates. There are many other banks out there offering higher rates on money market accounts than EverBank.

You also need to bring a lot of cash to the table with this account — $5,000, which again, is a lot for many people.

Overall review of EverBank’s products

We really like EverBank and their Yield Pledge promise, which states that they commit to being among the top 5% of banks offering the highest interest rates on their accounts. This makes them especially appealing if you’re doing a CD ladder because you might not want to fuss around every few years figuring out where you’re going to deposit your CD money next, depending on who’s offering the highest interest rates. With EverBank, you can plop it down in one spot and rest assured that you’ll earn great rates.

One thing we do not like about EverBank is that it requires high minimum deposits for all of their accounts. This precludes a lot of people from getting started with their savings. Still, it’s an all-around great option for folks who already have a small pile of cash saved up to earn even more money on their deposits.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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How to Request a Credit Limit Increase With Chase

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

If you’re interested in requesting a credit limit increase with Chase, the good news is that it’s fairly simple to do. Before you pick up the phone, however, be sure you’re requesting a credit limit increase for the right reasons. Are you looking to get a higher limit so you can make a large purchase and pay it off over time? Are you constantly finding yourself maxing out your cards? A higher limit might help you in the short-term by giving you more breathing room, but it won’t solve the larger issue that is driving you to charge purchases you can’t afford to pay off each month.

But a credit limit increase can also be a strategic move to decrease your credit utilization rate and, as a result, possibly boost your credit score.

In this post, we’ll provide instructions for requesting a credit limit increase with Chase.

Option 1: Over the phone

The only way to request a credit limit increase is to speak with a representative over the phone. Simply call the number on the back of your card and someone can assist you in requesting a higher credit limit. Have your account and financial information ready.

A Chase representative tells MagnifyMoney there is no limit to how many times you can request a credit limit increase. However, be aware that a request will result in a hard pull on your credit report, which can ding your credit score.

Option 2: Automatic credit limit increases

On occasion, you may receive a notice from Chase in the mail saying your credit limit has been increased automatically. If you receive an increased credit limit, there is no action required on your part and your new credit limit is available for use. Your odds of receiving an automatic credit limit increase may be amplified if you follow some of the tips below.

  • Pay on time and more than the minimum. Having good payment history shows issuers you’re responsible with your credit card and may lead to an increase in your credit limit. That means don’t be late on payments and avoid carrying a balance whenever possible.
  • Keep your income up to date. For example, if you get a raise, record your new salary on your account profile so your financial information will be current. If issuers see you’re making more money, they may raise your credit limit.

Currently, you can’t request a credit limit increase with Chase online.

Understanding credit limit increases

Hard or soft pull on your credit? If you receive an automatic credit limit increase, there will be no harm to your credit score since you didn’t initiate anything. However, if you request an increase by phone, Chase will request a credit bureau report, resulting in a hard pull.

A higher credit limit has the potential to improve your credit score. Increasing your credit limit has the potential to boost your credit score by allowing you to maintain a low utilization rate more easily. Your utilization rate is the amount of credit you’re using divided by the total credit you have. An increase in the limit while maintaining the same spending will lower your utilization rate, and may raise your credit score.

For example, if you spend $1,000 a month on a card with a $4,000 credit limit, your utilization rate is 25%. But, if you request a credit limit increase and receive a new line of credit at $5,000, your utilization rate will drop to 20% as long as you still spend $1,000 a month.

Increased buying power. Your current credit limit may not be enough to cover the cost of large purchases, and that’s where a credit limit increase can come in handy. An increase in your credit limit can provide you with the buying power necessary for large purchases. However, take your increased credit limit with a grain of salt. While it can be tempting to spend more, keep new purchases to a minimum and pay them off as soon as possible so you avoid interest charges.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at [email protected]

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Reviews

Review of Edward Jones CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

LEARN MORE Secured

on Edward Jones’s secure website

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How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 1.49% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 0.00%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here