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Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
A jumbo CD is a type of CD with a high minimum deposit that pays a higher interest rate than a regular CD. A jumbo CD may be worthwhile if you have more than $100,000.
Jumbo CDs aren’t common, and ones that pay high interest rates are even less common. If you’re also interested in other types of CDs, check out our overall best CD rates guide. Below, you’ll find our top picks for the best jumbo CDs, which have either competitive interest rates or a variety of terms.
The Best Jumbo CD Rates
Market Leader
One American Bank 170-Day CD Special: 5.85% APY
Top Jumbo CD Rates
CIT Bank 18 Month Term CD
Annual Percentage Yield (APY)
4.60%
Minimum Deposit Amount
$1,000
CIT Bank 18 Month Term CD
Annual Percentage Yield (APY)
4.60%
Minimum Deposit Amount
$1,000
CIT Bank 18 Month Term CD
Details
Annual Percentage Yield (APY)
4.60%
Minimum Deposit Amount
$1,000
Compare the Best Jumbo CDs
One American Bank 170-Day CD Special
Annual Percentage Yield (APY)
5.85%
Minimum Deposit Amount
$100,000
One American Bank 170-Day CD Special
Annual Percentage Yield (APY)
5.85%
Minimum Deposit Amount
$100,000
On One American Bank’s website
One American Bank 170-Day CD Special
Details
Annual Percentage Yield (APY)
5.85%
Minimum Deposit Amount
$100,000
Connexus Jumbo Certificates
Annual Percentage Yield (APY)
4.16% to 5.76%
Minimum Deposit Amount
$100,000
Connexus Jumbo Certificates
Annual Percentage Yield (APY)
4.16% to 5.76%
Minimum Deposit Amount
$100,000
On Connexus Credit Union’s website
Connexus Jumbo Certificates
Details
Annual Percentage Yield (APY)
4.16% to 5.76%
Minimum Deposit Amount
$100,000
US Senate Federal Credit Union Jumbo CDs
Annual Percentage Yield (APY)
2.38% to 5.28%
Minimum Deposit Amount
$200,000
US Senate Federal Credit Union Jumbo CDs
Annual Percentage Yield (APY)
2.38% to 5.28%
Minimum Deposit Amount
$200,000
On US Senate Federal Credit Union’s website
US Senate Federal Credit Union Jumbo CDs
Details
Annual Percentage Yield (APY)
2.38% to 5.28%
Minimum Deposit Amount
$200,000
Consumers Credit Union Jumbo CD
Annual Percentage Yield (APY)
0.50% to 5.15%
Minimum Deposit Amount
$250 to $100,000
Consumers Credit Union Jumbo CD
Annual Percentage Yield (APY)
0.50% to 5.15%
Minimum Deposit Amount
$250 to $100,000
Consumers Credit Union, NCUA Insured
Consumers Credit Union Jumbo CD
Details
Annual Percentage Yield (APY)
0.50% to 5.15%
Minimum Deposit Amount
$250 to $100,000
USAA Jumbo CD
Annual Percentage Yield (APY)
0.05% to 5.00%
Minimum Deposit Amount
$95,000
USAA Jumbo CD
Annual Percentage Yield (APY)
0.05% to 5.00%
Minimum Deposit Amount
$95,000
USAA Jumbo CD
Details
Annual Percentage Yield (APY)
0.05% to 5.00%
Minimum Deposit Amount
$95,000
Navy Federal Credit Union Standard Certificate
Annual Percentage Yield (APY)
0.45% to 4.50%
Minimum Deposit Amount
$1,000
Navy Federal Credit Union Standard Certificate
Annual Percentage Yield (APY)
0.45% to 4.50%
Minimum Deposit Amount
$1,000
Navy Federal Credit Union Standard Certificate
Navy Federal CD rates are high overall, with the exception of its 6-month terms — you’ll find the best 6-month CD rates elsewhere. The SaveFirst Account rates are only so-so, but they’re some of the few CDs out there that allow you to add more money to your account during the term.
Details
Annual Percentage Yield (APY)
0.45% to 4.50%
Minimum Deposit Amount
$1,000
Why You Should Trust Us: Experts’ Advice on Choosing the Best Jumbo CD
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts to use for your money.
Insider
Here’s what they had to say about CDs. (Some text may be lightly edited for clarity.)
What makes a jumbo CD good or not good?
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
“The main benefit of a jumbo CD is that it can sometimes offer a higher interest rate than a regular one because you’re making a substantial initial deposit. However, if a bank pays the same interest rate regardless of how much money you deposit upfront, I would probably consider another financial institution or put my money in another type of account.”
How should someone choose a CD term length?
Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:
“I would think about when you need the money and then compare that with what the prevailing CD rates are, and then what makes sense from a financial perspective, but also from your own personal timing perspective.”
Mykail James, CFEI:
“I believe in having a plan for whatever the funds are. If it’s supposed to be a house fund, and you want to wait for another two years to buy a house, that’s what you should be thinking of when you want to have this money.”
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, certified financial planner at SaverLife:
“So I guess we’ll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”
Sophia Acevedo, Personal Finance Insider:
“Generally, I think a high-yield savings account or money market account could be good options for an emergency fund or short-term savings goals. A high-yield savings account offers a higher interest rate than traditional savings accounts at brick-and-mortar banks. Meanwhile, money market accounts might be worth considering if you want more account accessibility — several offer paper checks, ATM cards, or debit cards. CDs could be worthwhile if you don’t need access to some of your money, since they have a fixed interest rate for a specific term.”
Our Methodology
Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY (Annual Percentage Yield), for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various CDs so you don’t have to.
We reviewed financial institutions to find banks that offered no-penalty CDs. For each account, we use our CD methodology to compare the minimum opening deposits, early withdrawal penalties, and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, and ethics.
Jumbo CD Frequently Asked Questions
A jumbo CD is a certificate of deposit that requires a high minimum deposit — usually around $100,000. As a reward for placing this large deposit, you’ll earn a higher interest rate than you would on a regular CD.
The main distinctions are that a jumbo CD requires a higher deposit, and it usually pays a higher rate. Some banks also offer different term lengths for its jumbo and regular CDs.
The main pro of a jumbo CD is the guaranteed rate of return. You’re putting a lot of money into a jumbo CD. If you were to put that money into a riskier investment, such as the stock market, you wouldn’t know how much you’d end up with in a few months or years. With a jumbo CD, you know exactly how much you’ll earn.
One con of jumbo CDs are the higher minimum deposits. Regular CDs typically require a few hundred or a few thousand dollars, but you’ll need around $100,000 to open a jumbo CD. Also, the rate isn’t always better. Banks usually pay higher rates on jumbo CDs — but not always. You could find a different bank that pays better rates on regular CDs than a certain bank pays on jumbo CDs.
CDs aren’t generally considered investments the same way something like an index fund, which puts your money into the stock market, is. Instead, a CD is typically viewed as a type of savings account, and your potential for losses and gains — your risk — is much more limited. Because the stock market is risky, experts generally don’t advise investing money you’ll need in the next five years. In the case of a stock market drop, you wouldn’t have time to make up your losses.
Jumbo CD Reviews
One American Bank 170-Day CD Special
One American Bank may be a good option if you are strictly searching for a high interest rate. The bank has a 170-day CD special that pays 5.85% APY.
One American Bank has three locations in South Dakota, but you can also open an account online from anywhere in the US.
Term length options: One American Bank has CD specials ranging from 170 days to 18 months. The other CD specials only require a $5,000 minimum opening deposit. The bank also has standard CDs.
What to look out for: The 170-day CD special has a penalty of 3 months of interest if you withdraw before the term ends. Other banks may have a more lenient early withdrawal penalty.
Connexus Credit Union may be a great option if you prioritze banking with a credit union. Connexus offers particularly high CD rates on 1-year and 2-year terms.
Term length options: Jumbo Certificates range from 1 year to 5 years.
What to look out for: Connexus Jumbo Certificates have steep early withdrawal penalties.
Connexus Credit Union requires membership. The easiest way to become a member regardless of where you live in the US is to join the Connexus Association by making an initial $5 donation.
US Senate Federal Credit Union Jumbo CDs
US Senate Federal Credit Union might also be a good choice if you prefer credit unions over banks. It offers a variety of CD terms and pays great rates.
Term length options: Jumbo CD terms range from 3 months to 60 months.
What to look out for: US Senate Federal Credit Union jumbo CDs have a $200,000 minimum opening deposit.
You also need to become a member to open a CD. To join US Senate Federal Credit Union, you must work for a Select Employee Group, have a family member that’s a current member, or become a member of the U.S. Capital Historical Society or the American Consumer Council (you can join these organizations from anywhere in the US).
Consumers Credit Union Jumbo CD
Consumers Credit Union pays competitive rates on jumbo CDs, especially for longer terms. Consumers makes it easier to become a member than most credit unions do — you just have pay $5 to join the Consumers Cooperative Association, then deposit $5 in a Consumers savings account. Unlike most credit unions, Consumers compounds interest daily, meaning you can earn more money in the long run.
Term length options: 91 days to 5 years
What to look out for: Consumers Credit Union doesn’t have any major downfalls, but you might earn a higher rate at another institution, depending on the term length.
USAA has a wider range of term lengths than most banks, which makes it easy to find a jumbo CD that fits your needs. It also pays good rates on longer-term CDs.
Term length options: 30 days to 7 years
What to look out for: The other institutions on our list compound interest daily, but USAA only compounds interest monthly. This limits how much you’ll earn over the months or years.
Navy Federal Credit Union Standard Certificate
You’ll earn the highest rates with a $100,000 minimum. However, Navy Federal CD rates are still high regardless of your account balance. Navy Federal compounds your interest daily like most banks would, unlike many credit unions that compound monthly. Navy Federal also offers terms for up to 7 years, while many banks cap out at 5 years.
Term length options: 3 months to 7 years
What to look out for: You or a family member must have ties to the military for you to become a member of Navy Federal. Or you can join by living with a Navy Federal member, or by being a Department of Defense civilian personnel or contractor.
Navy Federal Credit Union Review
Bank Trustworthiness and BBB Ratings
We’ve compared each company’s Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company’s score:
US Senate Federal Credit Union received an A- rating because it has failed to respond to one customer complaint.
Both Navy Federal and USAA have NR (“No Rating) ratings from the BBB because they are responding to previously closed complaints.
Navy Federal and USAA have also been involved in recent public scandals.
In 2020, a Navy Federal employee stated the lender pressured mortgage underwriters to approve loans even if they didn’t have sufficient reason to believe applicants could repay the loans. The employee filed a lawsuit and said Navy Federal retaliated against her whistleblowing by changing her job duties. She dropped the case in late 2020.
In 2020, the Office of the Comptroller of the Currency said USAA broke the law by failing to establish and carry out an efficient compliance risk management program and IT risk governance program.
SoFi Checking and Savings
Eligible customers can earn up to $250 with direct deposit through 12/31/2023. Plus, earn up to 4.50% APY on savings accounts with qualifying activities.
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