Kevin has been writing and creating personal finance and travel content for over six years. He is the founder of the award-winning blog, Family Money Adventure, and host of the Family Money Adventure Show podcast. He has been quoted by publications like Readers Digest and The Wall Street Journal. Kevin's work has been featured in Bankrate, Credible, CreditCards.com, Fox Money, LendingTree, MarketWatch, Newsweek, New York Post, Time, ValuePenguin and USA Today.
Kevin Payne
Kevin has been writing and creating personal finance and travel content for over six years. He is the founder of the award-winning blog, Family Money Adventure, and host of the Family Money Adventure Show podcast. He has been quoted by publications like Readers Digest and The Wall Street Journal. Kevin's work has been featured in Bankrate, Credible, CreditCards.com, Fox Money, LendingTree, MarketWatch, Newsweek, New York Post, Time, ValuePenguin and USA Today.
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
Fact Checked
Elizabeth Aldrich
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
For individuals with $100,000 or more saved who are looking for a nearly risk-free investment, jumbo CDs offer guaranteed returns for large bank balances. Jumbo CDs work similarly to regular certificates of deposit, earning a competitive annual percentage yield (APY) when you agree to lock up your money for a fixed term.
Opening a jumbo CD isn’t for everyone, but it could be an option if you’re a high earner or investor looking for conservative, steady yields to pair with your retirement and investment portfolio.
Read More
Show Summary
Best Jumbo CD Rates 2024
We’ve compared 60 jumbo CDs at 43 nationally available banks and credit unions to find some of the best options available. See below to learn more about why we picked each account, the pros and cons and to access individual bank reviews.
Annual percentage yields and account details are accurate as of April 16, 2024.
Highest Jumbo CD Rates
Annual percentage yield determines how much interest you’ll earn on your CD.
Here is a summary of the top jumbo CD rates and where you can find them.
- State Bank of Texas Jumbo CD Time Deposit: 5.40% APY (12 months)
- My eBanc Jumbo Online Time Deposit: 3.98% to 5.49% APY (6 months to 36 months)
- Quorum Federal Credit Union Term Savings $100,000 or More: 2.20% to 5.25% APY (7 months to 60 months)
- State Department Federal Credit Union Jumbo Certificate: 4.40% to 5.41% APY (6 months to 60 months)
- Rising Bank Jumbo CD: 4.30% APY (2 years)
- Michigan State University Federal Credit Union Jumbo Certificate: 3.50% to 4.50% APY (3 months to 7 years)
Rising Bank Jumbo CD
Annual Percentage Yield
4.30%
Minimum Deposit Requirement
$100,000
Terms
2 Years
4.30%
$100,000
2 Years
Editor's Take
Among Rising Bank’s many CD account options is its jumbo CD, which currently earns an impressive 4.30% APY. A minimum deposit of $100,000 is required to open a jumbo CD account through the online bank. Rising Bank’s Jumbo CD comes in a single term length—two years.
Pros & Cons
- Competitive APY
- Can open a jumbo CD account online
- FDIC insured up to legal limit
- Interest is credited every three months instead of monthly
- Account maximum is $1,000,000
- Only two-year term lengths
Details
Interest is compounded and credited every three months. If you close your CD account before interest is credited, you won’t receive that accrued interest. Once opened, you can’t make additional deposits into your account until maturity.
Rising Bank charges an early withdrawal penalty, equal to 180 days of interest if you withdraw funds from your account before it reaches maturity.
When the CD matures, it automatically renews for the same term at the current CD interest rate unless you withdraw funds or give written notice to Rising Bank at maturity or during the grace period.
My eBanc Jumbo Online Time Deposit
Annual Percentage Yield
3.98% to 5.49%
Minimum Deposit Requirement
$100,000
Terms
6 months to 36 months
3.98% to 5.49%
$100,000
6 months to 36 months
Editor's Take
Consumers have multiple jumbo CD term options when they bank with My eBanc. The online bank offers online jumbo CDs in five terms—six months, 12 months, 18 months, 24 months and 36 months. Jumbo CDs require a $100,000 minimum deposit to open.
Pros & Cons
- Competitive APYs
- No monthly fees
- Interest compounds daily
- Interest is only credited at maturity
Details
Interest is compounded daily and credited at maturity. Once opened, you can’t make additional deposits into your account until maturity. My eBanc charges an early withdrawal penalty of up to nine months of interest on the amount withdrawn, based on the CD term length.
When the CD matures, it automatically renews for the same term at the current CD interest rate unless you notify My eBanc during the grace period that you want to withdraw funds, deposit more funds or renew to a different CD term.
State Bank of Texas Jumbo CD Time Deposit
Annual Percentage Yield
5.40%
Minimum Deposit Requirement
$50,000
Terms
12 months
5.40%
$50,000
12 months
Editor's Take
While State Bank of Texas only offers one jumbo CD term, it comes with a competitive rate and lower minimum opening deposit requirement than other CDs. The 12-month jumbo CD currently earns 5.40% APY with only $50,000 required to open an account.
Pros & Cons
- Competitive APY
- Only available in a 12-month term
Details
Interest on State Bank of Texas’s 12-month CDs does not compound. Interest is credited monthly via ACH to an external checking account, with annual interest available at maturity.
State Department Federal Credit Union Jumbo Certificate
Annual Percentage Yield
4.40% to 5.41%
Minimum Deposit Requirement
$100,000
Terms
6 to 60 months
4.40% to 5.41%
$100,000
6 to 60 months
Editor's Take
State Department Federal Credit Union (SDFCU) makes our list with two different jumbo CD offerings: Jumbo Certificates and Jumbo Bump Up Certificates.
Jumbo CDs are available in six terms ranging from six to 60 months. They all earn competitive rates, with the current highest APY being 5.41%.
State Department Federal Credit Union Jumbo Bump Up Certificates were also among our top finishers, with 4.1 stars. Jumbo Bump Up Certificates are available in one term length—17 months, which earns 4.37%. Members with Jumbo Bump Up CDs have the option to raise the rate once during the term.
Pros & Cons
- Competitive rates
- Several CD terms available
- Raise your interest rate once per term
- Must be a member of the credit union to open a CD
- Membership through the American Consumer Council requires a $15 fee
Details
Membership is required to open a jumbo CD through SDFCU. To join, you must be either a Department of State employee or on-site contractor, a family member of an SDFCU member, a member of an affiliate organization or a member of the American Consumer Council, which costs $15 for a lifetime membership.
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends on SDFCU certificates are compounded daily and credited quarterly.
SDFCU charges an early withdrawal penalty, up to 360 days of dividends on the total amount withdrawn (based on the CD term length) if you withdraw funds from your account before the CD reaches maturity.
The rate of the Bump Up CD will change on the date SDFCU receives your request. You can deposit additional funds when the bump option is exercised.
Michigan State University Federal Credit Union Jumbo Certificate
Annual Percentage Yield
3.50% to 4.50%
Minimum Deposit Requirement
$100,000
Terms
3 Months to 7 Years
3.50% to 4.50%
$100,000
3 Months to 7 Years
Editor's Take
Michigan State University Federal Credit Union is a top choice for jumbo CDs thanks to the higher APYs and variety of term options it offers. Members have access to 10 jumbo CD terms ranging from three months up to seven years. Whether you’re looking for short-term guaranteed returns or you enjoy the security of high APYs long-term, MSU Federal Credit Union has options to fit your needs.
Pros & Cons
- Competitive APY
- A wide range of CD terms
- Must be a member of the credit union to open a CD
- Membership as a Desk Drawer Fund Donor requires a $10 donation
Details
Membership is required to open a jumbo CD account through Michigan State University Federal Credit Union (MSUFCU). MSU faculty, staff, students, graduates and donors are eligible to join MSUFCU as are immediate family or household members of someone eligible for membership. State employees, members of select employee groups and registered student organizations, and Desk Drawer Fund donors (who donate a minimum of $10) are also eligible.
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends on MSUFCU certificates are compounded and credited monthly.
MSUFCU charges an early withdrawal penalty, up to 365 days of dividends (based on the CD term length), if you withdraw funds from your account before it reaches maturity. If the CD hasn’t yet earned sufficient dividends, MSUFCU will reduce the principal amount to cover this penalty.
Quorum Federal Credit Union Term Savings $100,000 or More
Annual Percentage Yield
2.20% to 5.25%
Minimum Deposit Requirement
$100,000
Terms
7 months to 60 months
2.20% to 5.25%
$100,000
7 months to 60 months
Editor's Take
Quorum Term Accounts are similar to jumbo CDs from other banks and credit unions, except they give you the option to invest a lower minimum deposit requirement at a lower APY. You only need a $1,000 deposit to open a Term Savings account through Quorum, although committing a $100,000 minimum deposit will increase the account’s APY by 0.10%. The online credit union offers 10 CD terms ranging from 3 months to 5 years. The APYs on some terms aren’t as impressive as others, with midrange terms earning the most.
Pros & Cons
- Wide range of terms
- Competitive rates on many CD terms
- Low minimum deposit requirement
- APYs on some CD terms aren’t as competitive as others
- Longest CD terms don’t earn the highest rates
- Must deposit $100,000 or more for the best rates
Details
Membership is required to open a Term Account through Quorum Federal Credit Union.
To join, you must belong to a Select Employee Group (SEG), be a family member of an employee of someone in an SEG, be a member of the American Consumer Council (free to join) or be a member of the Select Savers Club (the $5 membership fee is paid by Quorum).
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends on Quorum Federal Credit Union Term Accounts are compounded monthly and paid monthly. Term Account deposits of $100,000 or more earn an additional 0.10% APY.
Quorum Federal Credit Union charges an early withdrawal penalty of up to 3% of the amount withdrawn (never exceeding the original principal balance) if you withdraw funds from your account before it reaches maturity.
Summary: Best Jumbo CD Rates
| Company | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Terms | |||||
|---|---|---|---|---|---|---|---|---|---|
| Rising Bank |  |
5.0 |  |
4.30% | $100,000 | 2 Years | |||
| My eBanc |  |
4.8 | |
3.98% to 5.49% | $100,000 | Learn More | Read Our Full Review | 6 months to 36 months | |
| State Bank of Texas |  |
4.6 |  |
5.40% | $25,000 | 12 months | |||
| State Department Federal Credit Union |  |
4.4 |  |
4.40% to 5.41% | $100,000 | 6 to 60 months | |||
| Michigan State University Federal Credit Union |  |
4.4 |  |
3.50% to 4.50% | $100,000 | 3 Months to 7 Years | |||
| Quorum Federal Credit Union |  |
4.0 |  |
2.20% to 5.25% | $1,000 | 3 months to 60 months |
Best Jumbo CD Rates by Term
Methodology
To create this list, Forbes Advisor analyzed 60 jumbo CDs at 43 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 16 data points within the categories of fees, access, customer experience, digital experience, minimums and APY.
The following is the weighting assigned to each category:
- APY: 50%
- Minimum deposit requirement: 12.5%
- Customer experience: 10%
- Digital experience: 10%
- Compound interest schedule: 7.5%
- Available terms: 5%
- General availability: 5%
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Guide to Jumbo CD Rates
Current Jumbo CD Rates
Jumbo CD rates today range from less than 2.00% APY to over 5.00% APY, depending on minimum balance requirements and term length. The best 12-month jumbo CD rates currently hover around 5.00% APY, and the highest jumbo CD rates for five-year terms are just above 4.00% APY. Jumbo CDs offering these rates require a minimum balance ranging from $25,000 to $100,000.
Average Jumbo CD Rates
According to FDIC data from April 2024, the average rates for traditional CDs range from 0.22% for one-month terms up to 1.81% for 12-month terms. The same set of data also shows that six-month CDs earn an average of 1.57%, while five-year CDs earn 1.39%. These average rates are for CDs with a lower minimum deposit requirement—jumbo CDs tend to pay a higher rate because they require higher minimum deposits.
How To Find the Highest Jumbo CD Rates
To find the highest jumbo CD rates, start your search with our list of the best jumbo CDs. Compare rates from several banks and credit unions for the terms you want, and look for minimum deposit requirements you can meet. Jumbo CDs often require minimum deposits of $100,000 or more. Consider how much money you can afford to keep in a CD—and for how long—before choosing an account to avoid paying an early withdrawal penalty.
What Is a Jumbo CD?
A jumbo CD is identical to a regular CD, except it requires a higher minimum opening deposit. Jumbo CDs typically require a deposit of at least $100,000, though some financial institutions may require less.
Funds kept in jumbo CD accounts are insured up to legal limits either through the Federal Deposit Insurance Corporation (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions.
How Do Jumbo CDs Work?
Banks and credit unions generally offer higher interest rates on CDs because account holders agree to leave funds in the CD untouched until the account matures. Consumers choose how long they wish to commit funds to an account when they select a CD term length. Interest rates are often higher on jumbo CDs, which are CDs that require a larger minimum opening deposit.
Jumbo CDs offer guaranteed returns through fixed interest rates. Before opening a CD account, review the documentation provided by the bank or financial institution to learn about the interest rate, compounding frequency, early withdrawal penalties and other account details.
How To Choose Jumbo CDs
When choosing the best jumbo CD, a competitive APY should be a priority if you want to maximize returns. However, term length must also be considered.
CD term lengths can be as short as three months or up to five years or longer. Determine how long you can part with your money. Banks charge costly early withdrawal penalties if you pull funds from a CD before maturity.
Other factors to consider when choosing a jumbo CD are minimum and maximum deposit requirements, whether opening an account requires a membership (for CDs at credit unions) and early withdrawal penalties.
Pros and Cons of Jumbo CDs
As you compare the best jumbo CD rates today, keep these benefits and drawbacks in mind.
Pros
- Higher interest rates. Jumbo CDs often offer higher rates than traditional CDs. This allows you to earn more interest without taking on more risk.
- Guaranteed returns. Unlike the stock market and savings accounts, CDs are great for locking in an interest rate and earning a guaranteed return that won’t change.
- Federally insured. Jumbo CDs are federally insured by the NCUA or FDIC, typically up to $250,000 per person.
Cons
- Lack of liquidity. You’re required to leave the money in your jumbo CD account until it matures. Otherwise, you’ll pay a penalty fee. Only invest money you’re comfortable locking away for the length of the CD term.
- High opening deposit. It’s generally necessary to deposit at least $100,000 into a jumbo CD. This amount may be too much for many consumers.
- Interest rates may not always be higher. Jumbo CDs don’t always have higher rates than regular CDs. Always compare the best CD rates to the best jumbo CD rates to see if you can get a better deal on a regular CD with the same term.
Where To Buy Jumbo CDs
Many banks offer jumbo CDs, including online banks. You may find jumbo CDs at your local brick-and-mortar bank, but they typically offer lower rates than online banks. Shop around to find the best rates and terms.
Credit unions also offer jumbo CDs. Check with the credit union to determine whether you meet its requirements for membership or have to pay a fee to join. As nonprofits, credit unions often boast more generous rates and fewer fees.
Not all banks and credit unions use the term “jumbo CDs.” You may find regular CD accounts with higher maximums on larger deposits. Check account details to determine if a bank’s CDs allow you to earn better interest rates on higher balances.
Are Jumbo CDs Worth It?
Jumbo CDs offer guaranteed returns but could earn less in the long run than investments like stocks and bonds. They can be a great option if you prefer low-risk or short-term investments.
Many people either don’t have the funds necessary to open a jumbo CD or prefer not to lock up that much money. You can find regular CDs that offer similar or higher APYs than a jumbo CD, often allowing higher maximum deposit amounts. A high-yield savings account might be a better choice if you prefer to keep your money accessible.
Jumbo CDs vs. Standard CDs
Jumbo CDs operate similarly to standard CDs, but there are a few key differences to consider:
- Interest rates. Jumbo CDs often, but not always, offer higher rates than standard CDs. This is because their high minimum deposit requirements can benefit financial institutions more.
- Opening deposit. Jumbo CDs require larger opening deposits than standard CDs. Many require at least $100,000 to open an account, but this varies by bank.
- Insurance. FDIC and NCUA insurance coverage is the same regardless of CD account type, but jumbo CDs can be more likely to have deposits beyond the federal limit of $250,000 per depositor.
Find The Best CD Rates Of 2024
Banks We Monitor
These financial institutions were included in our research for the best jumbo CD rates: ableBanking, Affinity Federal Credit Union, Ally Bank, American Express, Axos Bank, Apple Federal Credit Union, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Bread Savings (formerly Comenity Direct), BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Credit Union of Denver, Discover, Dollar Savings Direct, EmigrantDirect, Financial Partners Credit Union, Financial Resources Federal Credit Union, First National Bank of America, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Purepoint Financial, Quontic, Quorum Federal Credit Union, Radius Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, EverBank, TotalDirect Bank, U.S. Bank, USAA, USAlliance Federal Credit Union, Vio Bank, Virtual Bank, Wells Fargo and Truist.
Frequently Asked Questions (FAQs)
What's the difference between a regular CD and a jumbo CD?
Jumbo CDs are similar to regular CDs, except they require a larger deposit—typically $100,000 or more. Both account types earn higher interest rates for committing funds to an account for a specific time period.
Are jumbo CDs safe?
Jumbo CDs opened at banks are FDIC insured up to $250,000 per depositor for each account category. CDs opened at a credit union are NCUA insured up to $250,000 per share owner, per insured credit union, for each account category.
Are jumbo CDs FDIC-insured?
Yes, jumbo CDs are FDIC-insured up to $250,000 per depositor, per account ownership type at insured banks. The Federal Deposit Insurance Corporation (FDIC) protects depositors’ money up to this limit in the event of a bank failure. Similarly, deposits at nationally chartered credit unions are protected by the National Credit Union Administration (NCUA) up to $250,000 per depositor, for each account ownership category.
Are jumbo CDs short-term or long-term?
Jumbo CDs can be short- or long-term. These CDs have terms ranging from three months to seven years or more.
What is an early withdrawal penalty?
An early withdrawal penalty is a fee charged if you withdraw funds from a CD account before its maturity date. Typically, the penalty is a certain number of days or a percentage of the interest earned on the account.
What are dividends?
Dividends are the credit union equivalent of interest, or the yield earned on deposit accounts.
