Certificates of deposit allow you to make more of your savings by putting it away for a fixed term, and for a fixed interest rate. Naturally, the longer you keep your money tied to the bank, the higher the interest they will give you. If you’ve got some extra cash which you know you won’t use for some time, why not place it in a long term certificate of deposit? After all, interest rates certainly beat that regular savings account.
One of our highest scorers in long term CD’s for the month of June is Ever Bank. Currently they are giving away their 5-year CD for a high interest rate of 2.5%. Coming close after is Melrose Credit Union at 2.42%, followed by Penfed at 2.25%, and finally Capital One Bank’s 1.75%. These rates apply for 5 year certificates of deposit. 5 years is the longest term that Ever Bank can accept for certificates of deposits. Other terms are 3 months, 6 months, 9 months, 1 year, 1.5 year, 2 year, 2.5 year, 3 year, and 4 year CD’s. Another good thing aside from the high interest rate is the fact that there is no account fee.
Ever Bank has been in business since 1961 and ever since then they have continuously shown growth in their company. It is one of the highest rated banks and it also boasts of a 5 star health rating. Ever Bank also shows consistent stability and expansion of assets, starting from 3 billion dollars in 2002, and increasing that to an astounding 12 billion dollars in the year 2010.
Ever Bank is a member of the FDIC, ensuring the safety of your deposits for up to $250,000.00 for each account category. Accounts protected by the FDIC include checking accounts, money market deposit accounts, certificates of deposits and savings accounts. You can even choose to increase your coverage by applying for enhanced FDIC Insurance Coverage that can go as high as $5,000,000.
Ever Bank also provides customer support and online banking services, making banking easier and more convenient for you. With the highest long term CD rates from Ever Bank, looks like people from the West Coast have something to celebrate. Ever bank is located in eight locations in Jacksonville, Florida.