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Best Jumbo CD rates - May 2023

Best available rates across different account types for Monday, May 29, 2023

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Bankrate’s picks for the top jumbo CD rates

Here are the top widely available rates for jumbo CDs. Compare these offers, then calculate how much interest you could earn when your CD comes due.

Best jumbo CD rates for 3-24 months

Term Institution APY Minimum deposit for APY
3 months SchoolsFirst Federal Credit Union 2.60% $100,000
3 months Golden 1 Credit Union 1.50% $100,000
3 months Navy Federal Credit Union 1.30% $100,000
6 months Credit One Bank 4.30% $100,000
6 months SchoolsFirst Federal Credit Union 3.10% $100,000
6 months Suncoast Federal Credit Union 3.05% $100,000
1 year Credit One Bank 5.05% $100,000
1 year Navy Federal Credit Union 4.45% $100,000
1 year SchoolsFirst Federal Credit Union 3.60% $100,000
18 months Credit One Bank 5.10% $100,000
18 months Navy Federal Credit Union 4.55% $100,000
18 months SchoolsFirst Federal Credit Union 4.10% $100,000
2 years Credit One Bank 4.40% $100,000
2 years Navy Federal Credit Union 4.25% $100,000
2 years SchoolsFirst Federal Credit Union 4.15% $100,000

Best jumbo CD rates for 3-7 years

Term Institution APY Minimum deposit for APY
3 years Credit One Bank 4.35% $100,000
3 years Navy Federal Credit Union 4.25% $100,000
3 years SchoolsFirst Federal Credit Union 4.20% $100,000
4 years Credit One Bank 4.25% $100,000
4 years SchoolsFirst Federal Credit Union 4.25% $100,000
4 years Suncoast Federal Credit Union 3.95% $100,000
5 years SchoolsFirst Federal Credit Union 4.35% $100,000
5 years Credit One Bank 4.30% $100,000
5 years Navy Federal Credit Union 4.05% $100,000
5 years Suncoast Federal Credit Union 4.05% $100,000
7 years Navy Federal Credit Union 4.05% $100,000

Note: Annual percentage yields (APYs) shown are as of May 4, 2023, and may vary by region for some products.

*APY may vary by region.

Jumbo CDs are typically available for savers with at least $95,000 or $100,000 to deposit. These accounts historically have provided a higher rate of return than traditional CDs. But in 2023, you should be able to find even higher APYs with much lower balance requirements.

The best five-year jumbo CDs pay more than three times the five-year jumbo CD national average of 1.29 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.

Today’s top widely available jumbo CD pays 5.10 percent APY. Depending on the term, a jumbo CD may be a good place to invest if you’re saving money for a big-ticket item — for instance, a down payment on a house. Having a jumbo CD can also be helpful if you need collateral for a loan. Just be sure to align your goal with the term of the CD.

A closer look at the best 5-year jumbo CD rates

SchoolsFirst Federal Credit Union – 4.35% APY, $100,000 minimum deposit for APY

SchoolsFirst Federal Credit Union was formed by school employees in 1934, during the Great Depression, and today has 50 branches.

SchoolsFirst Federal Credit Union has low minimum balances and CD terms from as short as 30 days to as long as five years. The more money you put in your CD, the higher the APY.

Credit One Bank – 4.30% APY, $100,000 minimum deposit for APY

CreditOne Bank offers five terms of jumbo CDs. The terms range from six months to five years. It also offers two bump rate CDs.

CreditOne Bank requires a $100,000 minimum deposit for all of its CDs. CreditOne Bank has a 10-day rate guarantee on its CDs.

Navy Federal Credit Union has more than 12 million members and is the world’s largest credit union. It has a global network of more than 300 branches. Navy Federal Credit Union has its headquarters in Vienna, Virginia.

Membership at Navy Federal Credit Union is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families.

In addition to CDs, Navy Federal Credit Union also offers checking and savings accounts, loans and credit cards.

Suncoast Credit Union – 4.05% APY, $100,000 minimum deposit for APY

Suncoast Credit Union was started in 1934 as Hillsborough County Teachers Credit Union. Suncoast Credit Union is the largest credit union in Florida and in early 2022 it surpassed one million members. 

People who attend school, live, work or worship in a county in Florida that Suncoast Credit Union serves are welcome to join. In addition to meeting that requirement, you’ll also need to deposit at least $5 in a Suncoast savings account to become a member.

What is a jumbo CD?

A jumbo CD is like a regular CD but requires a higher minimum deposit, and in exchange, it can pay a higher interest rate. Jumbo CDs usually require a deposit of at least $100,000, though some banks may require less. A bank may offer you a higher rate for depositing more money, and savvy shoppers should search for the best rate, whether it’s on a jumbo CD or on a regular CD.

How to find the best jumbo CD rates

If you only go as far as your local bank to find CDs, you could be leaving money on the table. That’s why shopping around and comparing rates is key.

Online-only banks typically offer competitive CD yields because they have no branches to maintain. Credit unions often have favorable rates for savers as well. If you focus on the institutions that are federally insured, you’ll be able to reclaim your funds (up to $250,000) even if your bank shuts its doors.

Pros and cons of jumbo CDs


  • Checkmark

    Potentially higher APY — Most often, jumbo CDs offer a higher APY than a regular CD. If you can get a higher APY in a jumbo CD, then you should consider this option. If you’re going to put a large amount of money in a jumbo CD, make sure it offers the best APY possible. Some banks will have tiered CDs and will reward the amount of money that you deposit, to a certain limit.

  • Checkmark

    Safety — A jumbo CD is a safe option if it’s sold through an FDIC bank or an NCUA credit union — as long as you follow insurance guidelines and are within insurance limits.


  • Inflation can be a concern — Jumbo CDs require a large minimum balance. Even though top yields have been increasing since 2022, they’re generally not keeping up with inflation. In some cases it might not make sense to put a jumbo deposit into a CD for a long period of time.

  • Non-jumbo CDs may have a better APY — Sometimes non-jumbo CDs may actually have better APYs and lower minimum balance requirements than jumbo CDs.

Jumbo CD early withdrawal penalties

Most CDs — jumbo or not — come with early withdrawal penalties for those who need access to the money before the term is up. This is because in exchange for a guaranteed rate, you’re agreeing to lock your funds in for the term of the CD. 

An early withdrawal penalty can be costly since it takes away some interest and possibly also some of your principal.

Early withdrawal penalties vary depending on the bank or credit union you choose. At CIT Bank, for example, the following penalties apply when you withdraw funds before a CD’s term is up:

  • CDs one year or less: three months simple interest.
  • CDs more than one year to three years: six months simple interest.
  • More than three years: 12 months simple interest.

Jumbo CD FAQs

Bankrate’s methodology for choosing the best CD rates

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.

When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.

Banks we monitor

These financial institutions are featured in our CD rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Morgan Stanley Private Bank, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, PurePoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, TIAA Bank, Truist Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.