cds

What is a one-year jumbo CD?

 

What is a one-year jumbo CD?

(The Bankrate.com financial term of the day is:) "One-year jumbo CD."

This also could be called a one-year jumbo certificate of deposit. It's a big, fat deposit account that's insured by the Federal Deposit Insurance Corp., or FDIC, and will typically earn higher interest than a regular old savings account. But it's also like a jumbo elephant sitting on your savings. You can't touch your money for one year -- or else you'll likely be charged a penalty. You may need at least $100,000 to open one of these accounts, which pay higher rates than smaller, not-so-jumbo CDs.

If you have a big pile of money you can afford to keep out of reach until next year, you might consider a one-year jumbo CD for a heftier payoff than you'd get with other deposit accounts.

To find the best rates on Certificates of Deposit, visit the CDs tab at Bankrate.com.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Check credit before auto loan

The news that an auto finance company distorted consumer credit records for years is a good reminder to check your credit report regularly.  ... Read more


Connect with us