Best jumbo CD rates for December 2024

Best jumbo CD rates for 3-24 months

Best jumbo CD rates for 3-7 years

Note: Annual percentage yields (APYs) shown are as of Dec. 10. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes in its lists only banks that are members of the Federal Deposit Insurance Corp. (FDIC) or credit unions insured by the National Credit Union Administration (NCUA). 

Suncoast Credit Union – 4.75% APY, $100,000 minimum deposit for APY

Suncoast Credit Union was started in 1934 as Hillsborough County Teachers Credit Union. Suncoast Credit Union is the largest credit union in Florida and in early 2022 it surpassed one million members. 

People who attend school, live, work or worship in a county in Florida that Suncoast Credit Union serves are welcome to join. In addition to meeting that requirement, you’ll also need to deposit at least $5 in a Suncoast savings account to become a member.

Credit One Bank – 4.50% APY, $100,000 minimum deposit for APY

CreditOne Bank offers seven terms of jumbo CDs. The terms range from six months to five years. It also offers two bump rate CDs.

CreditOne Bank requires a $100,000 minimum deposit for all of its CDs. CreditOne Bank has a 10-day rate guarantee on its CDs. Customers also get a 0.05 percent loyalty rate increase if they renew a CD.

SchoolsFirst Federal Credit Union – 4.35% APY, $250,000 minimum deposit for APY

SchoolsFirst Federal Credit Union was formed by school employees in 1934, during the Great Depression, and today has more than 70 branches.

SchoolsFirst Federal Credit Union has low minimum balances and CD terms from as short as 30 days to as long as five years. The more money you put in your CD, the higher the APY.

Navy Federal Credit Union – 4.15% APY, $100,000 minimum deposit for APY

Navy Federal Credit Union has more than 13 million members and is the world’s largest credit union. It has a global network of around 360 branches. Navy Federal Credit Union has its headquarters in Vienna, Virginia.

Membership at Navy Federal Credit Union is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families.

In addition to CDs, Navy Federal Credit Union also offers checking and savings accounts, loans and credit cards.

A jumbo CD is like a regular CD but requires a higher minimum deposit, and in exchange, it may pay a higher interest rate, but that isn’t always the case. Jumbo CDs usually require a deposit of at least $100,000, though some banks may require less. A bank may offer you a higher rate for depositing more money, and savvy shoppers should search for the best rate, whether it’s on a jumbo CD or on a regular CD.

Jumbo CDs are typically available for savers with at least $100,000 to deposit. These accounts historically have provided a higher rate of return than traditional CDs. But, you should be able to find even higher APYs with much lower balance requirements.

Today’s top widely available jumbo CD pays 4.75 percent APY. Depending on the term, a jumbo CD may be a good place to invest if you’re saving money for a big-ticket item — for instance, a down payment on a house. Having a jumbo CD can also be helpful if you need collateral for a loan. Just be sure to align your goal with the term of the CD.

There aren’t too many banks that offer jumbo CDs. So you’re generally limited in finding the best jumbo CD rate. You should definitely consider regular CDs in your search as well, since these might have higher APYs than jumbo CDs.

Only going as far as your local bank to find CDs could cause you to leave money on the table by not getting a competitive yield. That’s why shopping around and comparing rates is key.

Online-only banks typically offer competitive CD yields because they have no branches to maintain – and because they need to attract customers to their bank. Credit unions often have favorable rates for savers as well. If you focus on the institutions that are federally insured, you’ll be able to reclaim your funds (up to $250,000) even if your bank fails. Consider credit unions in your search. But you might not meet the membership requirements at some of these not-for-profit institutions.

Most CDs — jumbo or not — come with early withdrawal penalties for those who need access to the money before the term is up. This is because in exchange for a guaranteed rate, you’re agreeing to lock your funds in for the term of the CD.

An early withdrawal penalty can be costly since it takes away some interest and possibly also some of your principal.

Early withdrawal penalties vary depending on the bank or credit union you choose. At CIT Bank, for example, the following penalties apply when you withdraw funds before a CD’s term is up:

• CDs one year or less: three months simple interest.
• CDs more than one year to three years: six months simple interest.
• More than three years: 12 months simple interest.

Research methodology

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.

When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.