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
CAR & MONEY NEWSLETTER

Get cost-cutting tips for buying, selling and maintaining your wheels. Delivered monthly.

advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Bad-credit car loans lowest since 2012

Car loans for consumers with the worst credit, so-called subprime and deep subprime, have fallen to its lowest share of auto loans overall since 2012.  ... Read more


Connect with us