Certificate of deposit (CD) accounts can be a great option when you want to save for short or long-term goals. Where you live can influence the amount of interest you earn, as banks may offer different CD rates in different areas. If you’re shopping for the best CD rates in Florida, it helps to know what options you have.
Best CD Rates in Florida
We’ve compared 356 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in Florida. Learn why we picked each account, including its pros and cons, then take a deeper dive with our individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of May 3, 2024.
Summary : Best CD Rates In Florida
Methodology
To determine the best CD rates in Florida, Forbes Advisor considered 356 CD accounts at 134 financial institutions in Florida, including traditional brick-and-mortar banks, online banks and credit unions. To calculate the star ratings, we analyzed each certificate based on 10 data points in the categories of APY, minimum deposit requirements, compound interest schedule, customer service, digital experience, available terms and overall availability.
The following is the weighting assigned to each category:
- APY: 50%
- Minimum deposit requirement: 21.5%
- Compound interest schedule: 7.5%
- Digital experience: 6%
- Customer service: 5%
- Availability: 5%
- Available terms: 5%
Based on these categories, we ranked certificates in Florida from best to worst. Accounts offering the highest APYs rose to the top. We gave preference to certificates with a minimum deposit requirement of under $10,000. CD accounts with daily compounding interest schedules generally did better than those with monthly or quarterly schedules. To make the list, the certificate must be available to Florida residents.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Current CD Rates in Florida
Current CD rates in Florida vary widely, ranging from less than 0.50% APY to 5.00% APY or more. Many rates are above average based on data from the FDIC for all banks and credit uinons. Promotional CDs, which are typically only available in select terms, tend to offer the most competitive rates. Credit unions and online banks often have some of the highest-earning promotional CDs.
How Florida CD rates will change depends largely on the federal funds rate. The best CD rates in Florida may get better or drop in the future depending on actions by the Federal Reserve.
Find The Best CD Rates Of 2024
Tips for Finding the Highest CD Rates in Florida
When looking for the best CD rates in Florida, compare several options to find an account that matches your needs and offers the highest APY you can qualify for.
- Check your current bank. If you already have an account with a bank you like, you can check what kind of CD rates are available to you there. You may be able to take advantage of special relationship rates for opening a new account or increasing your combined balance with the institution.
- Consider online CDs. Compared to traditional banks, online banks often offer higher rates to Florida savers. If you don’t mind forgoing branch banking access, searching for online CDs may give you a better chance of finding the best rates.
- Pick the right term. Whatever CD term you choose, be sure you’re comfortable locking your money up for that period of time. Early withdrawal penalties can leave a significant dent in earnings, and high rates might not matter if you lose all of your interest to fees.
- Look for CD specials. Banks and credit unions regularly offer special promotional CDs that feature above-average rates to attract new customers. For example, you might find a promotional 11-month CD with a higher rate than all other terms.
- Opt for a bump-up CD. If you’re worried about missing out on future rate hikes, you can open a bump-up or bump-rate CD. These allow you to increase your rate once or twice during the term if the rate currently available increases after you’ve opened an account.
Short-Term CDs in Florida
Short-term CDs could be a good option if you want to save money for a planned expense or you anticipate a drop in interest rates happening sooner rather than later. Our research found that credit unions offer some of the best CD rates in Florida for short-term savers.
The credit unions we’ve reviewed make it easy for Florida residents to open certificates online. That’s a plus, as some credit unions may require you to live, work, worship or attend school in a specific area in order to join.
When choosing short-term CDs, it’s helpful to consider what kind of maturity term might work best and how it affects your interest earnings. For instance, you might earn a higher APY with a 91-day CD, but in terms of interest earned overall, you may get more mileage from a three- or six-month CD.
Long-Term CDs in Florida
When shopping for the best long-term CD rates in Florida, online banks can be a good choice. The banks we researched and reviewed offer some of the highest rates for savers who are interested in accepting a longer CD term.
If you’re unsure about locking your money away for years at a time, you may consider a CD laddering strategy. Laddering involves opening multiple CDs with different terms so that as one “rung” matures, you can decide whether to withdraw the money or roll it into a new CD.
When comparing long-term CDs in Florida, consider minimum deposit requirements and whether a promotional CD or a special type of CD might be best. For example, you might choose a high-yield IRA CD if you’re looking for a safe way to save for retirement.
Jumbo CDs in Florida
A jumbo CD is a CD with a high minimum deposit requirement—usually $100,000 or more. In exchange for keeping a large balance, you’ll often earn a higher interest rate on jumbo CDs than you would with a traditional CD.
If you’re looking for jumbo CDs in Florida, some of the certificates on this list pay a higher APY to customers with larger balances. It’s worth noting, however, that all of the CDs on this list offer competitive rates on all balances.