Best Jumbo CD Rates Of July 2024

We’ve compared 60 jumbo CDs at 43 nationally available banks and credit unions to find some of the best options available. See below to learn more about why we picked each account, the pros and cons and to access individual bank reviews.

Annual percentage yields and account details are accurate as of June 17, 2024.

Highest Jumbo CD Rates

Annual percentage yield determines how much interest you’ll earn on your CD.

Here is a summary of the top jumbo CD rates and where you can find them.

• My eBanc Jumbo Online Time Deposit: 3.98% to 5.51% APY (6 months to 36 months)
• State Department Federal Credit Union Jumbo Certificate: 4.37% to 5.41% APY (6 months to 60 months)
• State Bank of Texas Jumbo CD Time Deposit: 5.40% APY (12 months)
• Quorum Federal Credit Union Term Savings $100,000 or More: 2.30% to 5.10% APY (3 months to 60 months)
• Michigan State University Federal Credit Union Jumbo Certificate: 3.50% to 4.50% APY (3 months to 7 years)
• Rising Bank Jumbo CD: 4.30% APY (2 years)

• Current Jumbo CD Rates
• Average Jumbo CD Rates
• How To Find the Highest Jumbo CD Rates
• What Is a Jumbo CD?
• How To Choose Jumbo CDs
• Pros and Cons of Jumbo CDs
• Where To Buy Jumbo CDs
• Are Jumbo CDs Worth It?
• Jumbo CDs vs. Standard CDs
• Methodology

Jumbo CD rates today range from less than 2.00% APY to over 5.00% APY, depending on minimum balance requirements and term length. The best 12-month jumbo CD rates currently hover around 5.00% APY, and the highest jumbo CD rates for five-year terms are around 4.00% APY. Jumbo CDs offering these rates require a minimum balance ranging from $25,000 to $100,000.

According to FDIC data from June 2024, the average rate for a traditional one-month CD is 0.23% and the average rate for a 12-month CD is 1.86%. The same set of data also shows that six-month CDs earn an average of 1.81%, while five-year CDs earn 1.43%. These average rates are for CDs with a lower minimum deposit requirement—jumbo CDs tend to pay a higher rate because they require higher minimum deposits.

To find the highest jumbo CD rates, start your search with our list of the best jumbo CDs. Compare rates from several banks and credit unions for the terms you want, and look for minimum deposit requirements you can meet. Jumbo CDs often require minimum deposits of $100,000 or more. Consider how much money you can afford to keep in a CD—and for how long—before choosing an account to avoid paying an early withdrawal penalty.

A jumbo CD is identical to a regular CD, except it requires a higher minimum opening deposit. Jumbo CDs typically require a deposit of at least $100,000, though some financial institutions may require less.

Funds kept in jumbo CD accounts are insured up to legal limits either through the Federal Deposit Insurance Corporation (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions.

How Do Jumbo CDs Work?

Banks and credit unions generally offer higher interest rates on CDs because account holders agree to leave funds in the CD untouched until the account matures. Consumers choose how long they wish to commit funds to an account when they select a CD term length. Interest rates are often higher on jumbo CDs, which are CDs that require a larger minimum opening deposit.

Jumbo CDs offer guaranteed returns through fixed interest rates. Before opening a CD account, review the documentation provided by the bank or financial institution to learn about the interest rate, compounding frequency, early withdrawal penalties and other account details.

When choosing the best jumbo CD, a competitive APY should be a priority if you want to maximize returns. However, term length must also be considered.

CD term lengths can be as short as three months or up to five years or longer. Determine how long you can part with your money. Banks charge costly early withdrawal penalties if you pull funds from a CD before maturity.

Other factors to consider when choosing a jumbo CD are minimum and maximum deposit requirements, whether opening an account requires a membership (for CDs at credit unions) and early withdrawal penalties.

As you compare the best jumbo CD rates today, keep these benefits and drawbacks in mind.

Pros

• Higher interest rates. Jumbo CDs often offer higher rates than traditional CDs. This allows you to earn more interest without taking on more risk.
• Guaranteed returns. Unlike the stock market and savings accounts, CDs are great for locking in an interest rate and earning a guaranteed return that won’t change.
• Federally insured. Jumbo CDs are federally insured by the NCUA or FDIC, typically up to $250,000 per person.

Cons

• Lack of liquidity. You’re required to leave the money in your jumbo CD account until it matures. Otherwise, you’ll pay a penalty fee. Only invest money you’re comfortable locking away for the length of the CD term.
• High opening deposit. It’s generally necessary to deposit at least $100,000 into a jumbo CD. This amount may be too much for many consumers.
• Interest rates may not always be higher. Jumbo CDs don’t always have higher rates than regular CDs. Always compare the best CD rates to the best jumbo CD rates to see if you can get a better deal on a regular CD with the same term.

Many banks offer jumbo CDs, including online banks. You may find jumbo CDs at your local brick-and-mortar bank, but they typically offer lower rates than online banks. Shop around to find the best rates and terms.

Credit unions also offer jumbo CDs. Check with the credit union to determine whether you meet its requirements for membership or have to pay a fee to join. As nonprofits, credit unions often boast more generous rates and fewer fees.

Not all banks and credit unions use the term “jumbo CDs.” You may find regular CD accounts with higher maximums on larger deposits. Check account details to determine if a bank’s CDs allow you to earn better interest rates on higher balances.

Jumbo CDs offer guaranteed returns but could earn less in the long run than investments like stocks and bonds. They can be a great option if you prefer low-risk or short-term investments.

Many people either don’t have the funds necessary to open a jumbo CD or prefer not to lock up that much money. You can find regular CDs that offer similar or higher APYs than a jumbo CD, often allowing higher maximum deposit amounts. A high-yield savings account might be a better choice if you prefer to keep your money accessible.

Jumbo CDs operate similarly to standard CDs, but there are a few key differences to consider:

• Interest rates. Jumbo CDs often, but not always, offer higher rates than standard CDs. This is because their high minimum deposit requirements can benefit financial institutions more.
• Opening deposit. Jumbo CDs require larger opening deposits than standard CDs. Many require at least $100,000 to open an account, but this varies by bank.
• Insurance. FDIC and NCUA insurance coverage is the same regardless of CD account type, but jumbo CDs can be more likely to have deposits beyond the federal limit of $250,000 per depositor.

To create this list, Forbes Advisor analyzed 60 jumbo CDs at 43 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 16 data points within the categories of fees, access, customer experience, digital experience, minimums and APY.

The following is the weighting assigned to each category:

• APY: 50%
• Minimum deposit requirement: 12.5%
• Customer experience: 10%
• Digital experience: 10%
• Compound interest schedule: 7.5%
• Available terms: 5%
• General availability: 5%

Banks We Monitor

These financial institutions were included in our research for the best jumbo CD rates: ableBanking, Affinity Federal Credit Union, Ally Bank, American Express, Axos Bank, Apple Federal Credit Union, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Bread Savings (formerly Comenity Direct), BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Credit Union of Denver, Discover, Dollar Savings Direct, EmigrantDirect, Financial Partners Credit Union, Financial Resources Federal Credit Union, First National Bank of America, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Purepoint Financial, Quontic, Quorum Federal Credit Union, Radius Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, EverBank, TotalDirect Bank, U.S. Bank, USAA, USAlliance Federal Credit Union, Vio Bank, Virtual Bank, Wells Fargo and Truist.

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