If you are looking for a short-term certificate of deposit (CD), you may want to consider an account with Evans Bank. Not all of its standard rates are competitive with the best CD rates on the market but its short-term special rates certainly are.
The $500 minimum deposit requirement also makes these CDs accessible for many customers. There are also rates available only for CDs in individual retirement accounts (IRAs).
Of course, you will need to live in Western New York to open an account. Evans Bank is a community bank with only a handful of locations. To learn more about the bank’s CDs and whether or not they are a good choice for you, continue reading.
|CD Term||Minimum Deposit||APY|
|91 Days||$500||0.10%||Compare CD Rates|
|6 Month Special||$500||2.00%||Compare CD Rates|
|7 Month||$500||0.30%||Compare CD Rates|
|9 Month||$500||0.25%||Compare CD Rates|
|1 Year||$500||0.50%||Compare CD Rates|
|13 Month||$500||0.60%||Compare CD Rates|
|15 Month||$500||1.00%||Compare CD Rates|
|18 Month||$500||0.60%||Compare CD Rates|
|2 Year||$500||0.60%||Compare CD Rates|
|2.5 Year||$500||2.00%||Compare CD Rates|
|3 Year||$500||1.00%||Compare CD Rates|
|4 Year||$500||2.25%||Compare CD Rates|
|5 Year||$500||1.60%||Compare CD Rates|
|CD Term||Minimum Deposit||APY|
|30 Day Fixed Rate||$500||0.10%||Compare CD Rates|
|18 Month Fixed Rate||$500||0.60%||Compare CD Rates|
|18 Month Variable Rate||$500||2.48%||Compare CD Rates|
|18 Month Variable Rate||$50,000||2.73%||Compare CD Rates|
|18 Month Variable Rate||$100,000||2.83%||Compare CD Rates|
|36 Month Fixed Rate||$500||2.00%||Compare CD Rates|
|60 Month Fixed Rate||$500||1.60%||Compare CD Rates|
91-Days CD Interest Rate Comparison
Overview of Evans Bank CDs
With its headquarters in Angola, New York, Evans Bank is a community bank that serves Western New York State. It has about 15 branches and you will need to live near one of those branches in order to open a CD account. Residents of Alleghany, Erie, Cattaraugus, Chautauqua and Niagara counties may be able to open a CD online.
CDs from Evans Bank, which usually range in term length from three months up to five years, come with a $500 minimum deposit. That includes CDs for an IRA. At the same time, an IRA CD may offer a higher rate if you make a minimum deposit of at least $50,000.
Interest for CDs typically compounds and credits quarterly to your account. Terms of less than one year (such as the seven-month CD) may only credit interest to your account at maturity. You should ask about your specific term before you open an account.
Once you earn interest, you have the option to transfer your earnings to another account you have with the bank. Just remember that if you withdraw the interest earnings from your account, you will earn less over your term. This is because you lose out on the benefits of compound interest.
While you can transfer interest earnings out of your account, you cannot withdraw any principal before the end of your term. If you do, Evans Bank will charge you an early withdrawal penalty. The penalty amount depends on the length of your term and the amount you withdraw. In general, you can expect a penalty of at least 90 days’ worth of interest.
In order to avoid paying a penalty, you should wait until your CD reaches maturity. At the end of your term, Evans bank will provide you a 10-day grace period. You can make any deposits, withdrawals or other changes to your account in that time. That includes changing your term length or closing your account. If you don’t close your account by the end of the grace period, it will renew for another CD of the same term length.
How Much You Earn With Evans Bank CDs Over Time
What you earn with Evans Bank will depend on your which term you have. In general, the interest rates are low and don’t compare well with the best CD rates. However, certain terms from the bank will offer higher rates. If you are interested in a CD with Evans Bank, you should ask your local branch which terms offer the highest rates at the moment.
The table below shows what your approximate total balance will be based on different initial deposits and term lengths. Note that the earnings for the six-month term are based on the current special rate. The current rate for the 30-month CD (2.5 years) is also higher than it may be at other times of the year.
|Initial Deposit||6-Month CD||12-Month CD||30-Month CD||60-Month CD|
Compare Evans Bank to Other Competitive Offers
How Evans Bank CD Rates Compare to Other Banks’
The interest rates from Evans Bank vary by term. Terms of less than a year and terms with special rates have the most competitive rates. Even if that’s what you’re looking for, you should compare CD rates from other banks to make sure you get the best rates.
If you’re looking specifically for a short-term rate, look at rates from Ally Bank. All of Ally’s rates are competitive but it’s short-term rates are its best. There is no minimum to open an account. The current special CD rates from Evans Bank are better than the rates from Ally.
You should also consider Capital One. The one-year CD from Capital One usually has a high rate that’s tough to beat. If you are looking for a long-term CD (three to five years), the accounts from Capital One are also worth considering. There is no minimum deposit necessary for opening a Capital One CD account.
IRA CDs from Evans Bank offer decent rates, but you can find much higher rates elsewhere. This is especially true for terms of five years or more. For example, Edward Jones has terms of up to 10 years and the rates reach up to almost 3.50%. Accounts do require a $1,000 minimum deposit, but the higher price tag may be worth it because of the extra earnings. It’s also worth mentioning that Edward Jones is a broker. Brokered CDs work slightly differently than CDs from a traditional bank. The differences may not affect most borrows, though. (One of the biggest differences is that you cannot withdraw your money early from a brokered CD.) It is possible to recoup your principal deposit, and we go over that more in our review of Edward Jones’ CDs.
|CD Account||Evans Bank||Ally Bank||Capital One|
*This is the current special rate for a six-month term. The standard rate is 1.00%.
Should You Get an Evans Bank CD Account?
Whether or not you should get an account will depend on a couple of factors. First of all, you will need to live near a local branch in order to open an account. Those who do not live in Western New York should consider other banks. You should also consider what your financial goals are. The standard rates from Evans Bank are not very high. You can get a high rate with certain terms, but that means you have to want a CD with one of those term lengths. In particular, the long-term rates lack appealing special offers. You should consider other banks if your primary goal is to save for the long term. That includes customers who want to save for retirement.