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Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Toni Husbands Staff Writer Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
Reviewed by
Rita-Soledad Fernandez Paulino Money coach and founder of Wealth Para Todos Rita-Soledad Fernández Paulino is the CEO and founder of Wealth Para Todos, a company with a mission to teach progressive BIPOC, women, and LGBTQ+ folk to create a financial plan to retire early while engaging in the deepest levels of self-care.
Article updated on Sep 24, 2024
Written by Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech. Toni Husbands Staff Writer Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy. Liliana Hall Associate Writer Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
Edited by Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
Reviewed by Rita-Soledad Fernandez Paulino Money coach and founder of Wealth Para Todos Rita-Soledad Fernández Paulino is the CEO and founder of Wealth Para Todos, a company with a mission to teach progressive BIPOC, women, and LGBTQ+ folk to create a financial plan to retire early while engaging in the deepest levels of self-care.
CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.
Reviews ethics statementA certificate of deposit lets you earn interest on a sum of money with a fixed annual percentage yield, or APY, over a fixed period of time, or term. CDs are a good savings option to park money for a few months or years with minimal risk of losing your earnings.
If you need to access the money before it fully matures, you’ll often pay an early withdrawal penalty that can reduce your interest earnings. Most CD options require a single deposit and don’t allow additional deposits, so you’ll need to gather your funds before opening an account. When you’re ready to open a CD, compare the best terms and rates among local credit unions and banks to find the right fit for your savings.
- Apple Federal Credit Union $50,000 Min. deposit to open
- Connexus Credit Union $100,000 Min. deposit to open
- Credit One Bank $100,000 Min. deposit to open
- Rising Bank $100,000 Min. deposit to open
- State Department Federal Credit Union $100,000 Min. deposit to open
Certificate of deposit (CD)
A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.
Annual percentage yield (APY)
A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.
CD term
The fixed period in which your deposit earns interest. The maturity date is the end of the term, which can range from one month to 10 years or more.
Early withdrawal penalty
The fee for withdrawing your CD funds before maturity, often equalling a period's worth of interest, which varies by institution and length of CD term.
Share certificate
Similar to a CD, but issued by a credit union, in which a credit union member deposits a lump sum that accrues interest for a fixed term.
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CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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Certificate of Deposit (CD)
A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.
Checking
The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.
Savings
A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.
Money Market Account (MMA)
Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.
Annual Percentage Yield (APY)
A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.
Estimated earnings
An estimated calculation usually associated with determining how much you’ll receive from an interest-bearing account.
A jumbo certificate of deposit is a CD that typically requires a high minimum deposit in exchange for a high rate. However, jumbo CDs don’t always come out on top over standard CDs.
Right now, you can still lock in an annual percentage yield north of 5% with a standard CD that requires a much smaller deposit, but the clock is ticking. The Federal Reserve cut interest rates for the first time since March 2020 at its recent policy meeting, meaning that CD rates will continue to drop.
Still, it’s a good time to capitalize on the elevated rate environment with a CD because a fixed rate is applied to a CD’s entire term. In other words, no matter what happens to rates, your earnings stay the same. So if you have upward of $100,000 to tuck away, today’s best jumbo CDs offer many long-term options with rates as high as 4.99% APY.
CNET’s picks for the best jumbo CD rates
Not every bank offers jumbo CDs, but those that do currently have rates on par or slightly below the best high-yield CDs.
| Term | Apple Federal Credit Union | Connexus Credit Union | Credit One Bank | Rising Bank | State Department Federal Credit Union |
| 1-year | 4.75% | 4.96% | 4.85% | N/A | 4.99% |
| 2-year | N/A | 4.58% | 4.10% | 3.25% | 4.63% |
| 3-year | 4.05% | 4.16% | 4.00% | N/A | 4.37% |
| 5-year | 3.85% | 3.46% | 4.00% | N/A | 4.37% |
Apple Federal Credit Union
- 5.0/5
- $50,000
4.5/5
We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
Min. deposit to open
Min. deposit to open
You can open a 12-, 36-, or 60-month Apple Federal Credit Union jumbo CD when you deposit $50,000 or more. We like that Apple Federal CU has a lower deposit requirement than the other banks on this list, allowing you to tap into higher rates with a smaller upfront deposit. Early withdrawal penalties vary from three to six months’ worth of interest.
However, you’ll need to become a credit union member to open an account. To qualify, you need to live in select Virginia counties, attend specific schools, work at select businesses or be a member of certain organizations. You may also qualify if an immediate family member is a member. You can open an account online or at a physical branch.
You can open a 12-, 36-, or 60-month Apple Federal Credit Union jumbo CD when you deposit $50,000 or more. We like that Apple Federal CU has a lower deposit requirement than the other banks on this list, allowing you to tap into higher rates with a smaller upfront deposit. Early withdrawal penalties vary from three to six months’ worth of interest.
However, you’ll need to become a credit union member to open an account. To qualify, you need to live in select Virginia counties, attend specific schools, work at select businesses or be a member of certain organizations. You may also qualify if an immediate family member is a member. You can open an account online or at a physical branch.
Connexus Credit Union
- 3.3/5
- $100,000
3.5/5
We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
Minimum deposit and fees
Min. deposit to open
Connexus Credit Union offers select terms for jumbo CDs including 12-, 24-, 36-, 48- and 60-month. Right now, its 12-month CD has the highest APY: 4.96%. You’ll need a minimum deposit of $100,000 to open a jumbo CD. And like most CDs, if you withdraw funds before the CD term ends, you’ll pay an early withdrawal penalty.
To open any savings account with Connexus Credit Union, you’ll need to become a member. You can sign up if you’re an employee or member of these businesses, organizations and communities. You can also join the Connexus Association with a one-time $5 association fee. Connexus has shared branches for in-person assistance.
Connexus Credit Union offers select terms for jumbo CDs including 12-, 24-, 36-, 48- and 60-month. Right now, its 12-month CD has the highest APY: 4.96%. You’ll need a minimum deposit of $100,000 to open a jumbo CD. And like most CDs, if you withdraw funds before the CD term ends, you’ll pay an early withdrawal penalty.
To open any savings account with Connexus Credit Union, you’ll need to become a member. You can sign up if you’re an employee or member of these businesses, organizations and communities. You can also join the Connexus Association with a one-time $5 association fee. Connexus has shared branches for in-person assistance.
Credit One Bank
- $100,000
Min. deposit to open
Credit One Bank is an online bank with several jumbo CDs, including an 12-month jumbo CD with a 4.85% APY. This bank’s jumbo CDs range from six months to five years and require a $100,000 minimum deposit. We like that Credit One offers a 0.05% loyalty rate increase if you already have a CD with them (or when you renew your CD).
Credit One only operates online so you’ll need to be comfortable managing your account online or consider other banking options that have physical branches. You can call 877-825-3242 for assistance.
Credit One Bank is an online bank with several jumbo CDs, including an 12-month jumbo CD with a 4.85% APY. This bank’s jumbo CDs range from six months to five years and require a $100,000 minimum deposit. We like that Credit One offers a 0.05% loyalty rate increase if you already have a CD with them (or when you renew your CD).
Credit One only operates online so you’ll need to be comfortable managing your account online or consider other banking options that have physical branches. You can call 877-825-3242 for assistance.
Rising Bank
- 5.0/5
- $100,000
3.7/5
We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
Minimum deposit and fees
Min. deposit to open
Rising Bank offers high-yield CDs with competitive rates and one jumbo CD: a two-year term with a 3.25% APY, and minimum deposit of $100,000. Like most jumbo CDs, there’s an early withdrawal penalty for taking the money out before the term ends.
Rising Bank is an online-only bank, so you’ll need to manage your account online. However, you can call 888-222-9484 for assistance.
Rising Bank offers high-yield CDs with competitive rates and one jumbo CD: a two-year term with a 3.25% APY, and minimum deposit of $100,000. Like most jumbo CDs, there’s an early withdrawal penalty for taking the money out before the term ends.
Rising Bank is an online-only bank, so you’ll need to manage your account online. However, you can call 888-222-9484 for assistance.
State Department Federal Credit Union
- $100,000
Min. deposit to open
State Department Federal Credit Union offers jumbo CDs with terms ranging from six months to five years, and rates up to 4.99% APY depending on the term. A minimum $100,000 deposit is required to open an account. Rates range from 4.42% up to 4.99%. You’ll forgo between one and six months of interest if you withdraw money before the term ends.
To open an account, you’ll need to become a member of the credit union. SDFCU has a list of organizations that qualify for membership eligibility. If you don’t qualify, we recommend considering one of the other jumbo CD options above, instead.
State Department Federal Credit Union offers jumbo CDs with terms ranging from six months to five years, and rates up to 4.99% APY depending on the term. A minimum $100,000 deposit is required to open an account. Rates range from 4.42% up to 4.99%. You’ll forgo between one and six months of interest if you withdraw money before the term ends.
To open an account, you’ll need to become a member of the credit union. SDFCU has a list of organizations that qualify for membership eligibility. If you don’t qualify, we recommend considering one of the other jumbo CD options above, instead.
What is a jumbo CD and how does it work?
A jumbo CD has a high deposit requirement, usually in exchange for a higher-than-average interest rate. Most banks require a $100,000 minimum deposit, though some banks and credit unions have lower thresholds. It’s worth noting that jumbo CDs are less common than traditional and high-yield CDs, so you’ll need to shop around to find one.
The main benefit of any CD is a fixed interest rate to guarantee a return, instead of riskier investment options, such as stocks. Most experts recommend locking in a long-term CD (those with terms over one year) in a falling-rate environment. If you lock in a rate when interest rates are still increasing, you could tie up your money in an account that doesn’t tap into higher yields.
Since jumbo CDs require a higher initial deposit, you should be mindful not to deposit more than the FDIC- or NCUA-insured amount of $250,000. Most banks insure only up to this amount per account owner and account type, which means any money over $250,000 isn’t protected in the event of a bank failure.
Otherwise, CDs are considered a safe, conservative investment when bought through a bank or credit union because they’re insured.
Jumbo CDs vs. traditional CDs
Jumbo CDs require a larger minimum deposit -- typically $100,000 -- than traditional CDs. Many traditional or high-yield CDs have no minimum deposit amount, but others can range from $500 to $1,000 for traditional CDs.
In a normal rate environment, jumbo CDs might offer a better APY than traditional or high-yield CDs, giving you more of an incentive to open one. However, as rates start to drop following the Fed’s recent rate cut, long-term jumbo CDs are ranking roughly on par or slightly lower than the best traditional high-yield CDs.
Otherwise, jumbo CDs work similarly to high-yield or traditional CDs. You’ll deposit a lump sum of money for a specific period of time in exchange for a fixed rate of growth. Both charge a penalty fee if you withdraw money before the maturity date.
If you’re debating between a high-yield and jumbo CD, start by choosing a bank that you feel comfortable with and weigh other factors like customer service, fees and account tools. Then compare APYs. Most importantly, make sure the account is FDIC- or NCUA-insured.
Pros and cons of jumbo CDs
Pros
Jumbo CDs offer a fixed interest rate.
The average one-year jumbo CD offers a much higher interest rate than the average savings rate -- 1.44% APY compared with 0.46%.
Jumbo CDs bought through banks and credit unions are insured for up to $250,000, minimizing risk of loss of the original principal.
Cons
You can lose a significant amount of the interest you’ve earned if you withdraw before the maturity date.
If interest rates rise, the APY is locked into the rate set at the time of purchase, which will cause you to miss out on additional growth.
The CD term restricts access to cash that you may need. If you withdraw early, a penalty will diminish your return.
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FAQs
Your CD won’t lose value unless you withdraw funds before the CD term ends. Then you’ll lose only interest -- which can be a few weeks or months, depending on the bank and CD term.
And as long your jumbo CD is at a bank or credit union that’s FDIC- or NCUA-insured, your funds are protected for up to $250,000 (including compounded interest). If you want to make a larger deposit, you may need to buy CDs at multiple institutions to ensure your total investment is insured.
Yes, the IRS will tax interest earned on a CD that exceeds $10 as income, but it’s best to speak with a tax professional to understand what that means for your taxes.
Jumbo CDs have both long- and short-term options, typically spanning one to five years. Depending on the bank, you might find a jumbo CD with a term as short as a few months and as long as a decade.
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Methodology
CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We selected the CDs with the highest APY for one-year terms from among the organizations we surveyed, and considered rates for shorter terms if one-year terms were identical or unavailable.
Banks surveyed include: Apple Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, State Department Federal Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank and Wells Fargo
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
Written by
Dashia Milden
Editor
Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Written by
Toni Husbands
Staff Writer
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Written by
Liliana Hall
Associate Writer
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.
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