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.
Our recommendations
Quorum Federal Credit Union Jumbo CD
Quorum Federal Credit Union Jumbo CD
APY*
5.35%
Term
Seven months
Min. deposit
$100,000
Fees
Early withdrawal penalty: 1% of withdrawn amount
Why we like it:
Quorum Federal Credit Union doesn't operate any branches but provides banking services through shared branches and ATMs. Members can open CDs online ranging from six months to five years.
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.)
All In Credit Union Jumbo CD
All In Credit Union Jumbo CD
APY*
5.33%
Term
12 months
Min. deposit
$100,000
Fees
Early withdrawal penalty: 60 days' dividends
Why we like it:
All In Credit Union serves select regions of Alabama, Florida, and Mississippi. The federal credit union offers a host of banking products and services, including jumbo CDs. Our list includes several term options from All In thanks to the high APYs available with all of its terms.
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.
Suncoast Credit Union Jumbo CD
Suncoast Credit Union Jumbo CD
APY*
5.25%
Term
12 months
Min. deposit
$100,000
Fees
Early withdrawal penalty: 90 days' dividends
Why we like it:
Suncoast Credit Union has jumbo CDs available in seven terms, from six months to five years. You'll earn the Florida-based credit union's highest APY with its 12-month jumbo CD, but its other CD terms still offer competitive rates. Interest compounds daily and is credited monthly.
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.
Consumers Credit Union Jumbo CD
Consumers Credit Union Jumbo CD
APY*
5.25%
Term
13 months
Min. deposit
$250,000
Fees
Early withdrawal penalty: 60 days’ dividends
Why we like it:
The Illinois-based Consumers Credit Union offers a wide range of CD terms, from 91 days to five years. Its jumbo CDs require a $100,000 minimum opening deposit. The credit union also offers super jumbo CDs, which require a minimum deposit of $250,000.
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.
USAA Jumbo CD
USAA Jumbo CD
APY*
5.25%
Term
182 days
Min. deposit
$95,000
Fees
Early withdrawal penalty: 90 days' simple interest
Why we like it:
USAA offers more CD terms than the other banks and credit unions on our list, with 16 fixed-rate terms available, from one month to seven years. Several of USAA's CD terms earn minimal rates. Longer jumbo CD terms earn above-average rates, but it's the bank's 182-day CD that commands its highest APY.
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 Credit Union Jumbo CD
Veridian Credit Union Jumbo CD
APY*
5.20%
Term
6 months
Min. deposit
$100,000
Fees
Early withdrawal penalty: 90 days' dividends
Why we like it:
Veridian Credit Union offers several CD types for various banking needs, including youth and teen CDs and bump-up CDs. The full service credit union offers jumbo CDs in several term lengths. There are even jumbo bump-up CDs available, which allow you to increase your rate one time during your term if the interest rate goes up.
Veridian offers competitive APYs with a few of its terms, with the best being its limited-time special for six-month CDs.
Lafayette Federal Credit Union Jumbo CD
Lafayette Federal Credit Union Jumbo CD
APY*
5.20%
Term
One year
Min. deposit
$100,000
Fees
Early withdrawal penalty: 180 days' dividends
Why we like it:
Eligible individuals in the metro Washington, D.C., area can open a jumbo CD through Lafayette Federal Credit Union. The regional credit union offers five jumbo CD terms, from one to five years.
Currently, its one--year CD earns Lafayette Federal's top APY of 5.20%.
Credit One Bank Jumbo CD
Credit One Bank Jumbo CD
APY*
5.15%
Term
12 months
Min. deposit
$100,000
Fees
Early withdrawal penalty: 90 days' interest
Why we like it:
Credit One Bank is best known for its credit-building and rewards credit cards, but the financial services company also offers high-yield jumbo CDs ranging from six months to five years.
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.
Best jumbo CD rates today
| 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
Methodology
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).
How to select the best jumbo CD account for you
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.
What happens if you take out your money early?
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.
Are jumbo CDs worth it?
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.
Alternatives to jumbo CDs
If you're not sure a jumbo CD is right for you, consider one of the following alternatives to grow your savings.
- High-yield savings account. Typically found at online banks, a high-yield savings account works exactly like a traditional savings account while earning a higher interest rate.
- Money market account. Think of a money market account as a hybrid that earns rates comparable to a high-yield savings account but often comes with checking-account features, such as check-writing privileges and debit card access.
- Treasury Securities. These are low-risk investment products, such as Treasury bills, notes, and savings bonds, all issued and backed by the U.S. government.
- Stocks. With stocks you buy shares in companies that pay out a portion of their profits to shareholders, offering potential for income and growth. Stocks also include the risk that the investments may lose value.
- Bonds. These are debt securities issued by corporations to raise capital, typically offering higher yields than government bonds but carrying increased risk.
TIME Stamp: A jumbo CD can pay off if you have the cash to start one
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.
The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.
