Best Jumbo CD Rates in August 2024
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Jumbo certificates of deposit (CDs) require a higher minimum balance commitment than traditional CDs, typically $100,000 or more. Banks and credit unions often pay higher rates on jumbo CDs as a reward for leaving a larger amount of money in your account in the long term. In some cases jumbo CDs offer interest rates of 5.00% or higher.
Our list of the best jumbo CD rates focuses specifically on CDs with the highest rates that require at least a $100,000 minimum deposit to open. At a credit union, a CD is called a share certificate, but it works in essentially the same way. For simplicity, this article calls them all CDs.
When you open a CD with a deposit of $100,000 or more, you automatically earn an additional 0.10% APY. Quorum's offers one of the highest APYs anywhere these days at 5.35% for its seven-month jumbo CD. (Note that your deposit must come from new money not already in a Quorum account to earn the special rate.) (Its 15-month CD earns 5.00%, and doesn't carry any additional stipulations.)
One interesting detail to note is that All In Credit Union's nine-month jumbo CD allows one penalty-free withdrawal during the term. It's the only term option that features an early-withdrawal-penalty waiver.
To be a member you must live, work, attend school, or worship within select counties in Florida where SunCoast operates. You can also join if you are an immediate family member of a current Suncoast member.
Rates vary among terms, with its 13-month CDs earning its highest annual percentage yield (APY)—5.25% for a super jumbo and 5.15% for a regular jumbo. Interest compounds daily and posts monthly.
Technically, USAA jumbo CDs fall below our deposit threshold, with a $95,000 minimum requirement, but it also offers super jumbo CDs, which earn the same rates but require a $175,000 minimum opening deposit. You must be a U.S. military member or veteran, or an immediate family member of one to be eligible for USAA membership.
Veridian offers competitive APYs with a few of its terms, with the best being its limited-time special for six-month CDs.
Currently, its one--year CD earns Lafayette Federal's top APY of 5.20%.
Credit One currently offers reasonably high rates on all of its jumbo CD terms, with the current best being the 13-month CD listed above. In addition to high APYs, you'll earn a .05% loyalty rate increase when you renew a CD with Credit One.
Institution | APY* | CD term | Minimum opening deposit | Early withdrawal penalty |
---|---|---|---|---|
Quorum Federal Credit Union | 5.35% | Seven months | Over $100,000 | 1% of withdrawn amount (never to exceed the original principal balance) |
All In Credit Union | 5.33% | 12 months | $100,000 | 60 days' dividends |
Suncoast Credit Union | 5.25% | 12 months | $100,000 | 90 days' dividends |
Consumers Credit Union | 5.25% | 13 months | $250,000 | 60 days’ dividends |
USAA | 5.25% | 182 days | $95,000 | 90 days' simple interest |
Lafayette Federal Credit Union | 5.20% | One year | $100,000 | 180 days' dividends |
Veridian Credit Union | 5.20% | 6 months | $100,000 | 90 days' dividends |
Credit One Bank | 5.15% | 12 months | $100,000 | 90 days' interest |
*Rates as of March 7, 2024
We chose the best jumbo CD rates based on which financial institutions currently offer the highest APYs regardless of CD term length. While jumbo CDs exist with minimum deposit requirements under $100,000, we only considered CDs meeting or exceeding that deposit threshold. Every CD on our list is at a bank or credit union that is insured up to the allowable limits by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).
If you're thinking of opening a jumbo CD, you likely have significant funds set aside. The best way to maximize interest earnings is to search for jumbo CDs with the highest APYs. Because CDs come with fixed rates and predetermined term lengths, you can calculate exactly how much you'll earn on a jumbo CD.
The reason financial institutions typically offer higher rates on CDs than other deposit accounts is because account holders agree to leave their funds untouched for the entirety of the CD term. Banks use your deposits to fuel their lending products.
To protect themselves financially and curb withdrawals, banks and credit unions charge a fee, called an “early withdrawal penalty,” if you remove CD funds from your account before it reaches maturity. Typically, early withdrawal penalties are a set number of days or months' worth of interest based on the CD term length.
If you have the funds available and won't need access to your money right away, jumbo CDs can be a good savings investment. Jumbo CD ceilings aren’t as high as those for investment accounts, but CDs at least offer guaranteed returns. This can be especially appealing to depositors close to or past retirement age.
Still, you could lose out on bigger returns if interest rates increase, and there's no guarantee that jumbo CD rates will outpace inflation. That said, jumbo CDs generally offer some of the highest APYs available among banking deposit accounts.
If you're not sure a jumbo CD is right for you, consider one of the following alternatives to grow your savings.
Opening a jumbo CD or credit-union certificate can be lucrative, especially if you can lock in a high rate. However, it ties up a significant amount of funds for a not inconsiderable amount of time. Review your financial situation, savings goals, and liquidity needs over time to determine if jumbo CDs make sense for you.
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