Money Banking
Article updated on Jun 03, 2024
Depending on the term, you might earn more with a high-yield CD than with a jumbo CD right now.
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Dashia Milden Editor Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Toni Husbands Staff Writer Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
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Rita-Soledad Fernandez Paulino Money coach and founder of Wealth Para Todos Rita-Soledad Fernández Paulino is the CEO and founder of Wealth Para Todos, a company with a mission to teach progressive BIPOC, women, and LGBTQ+ folk to create a financial plan to retire early while engaging in the deepest levels of self-care. 
Article updated on Jun 03, 2024
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Written by Dashia Milden Editor Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech. Toni Husbands Staff Writer Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Edited by Courtney Johnston Senior Editor Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.
Reviewed by Rita-Soledad Fernandez Paulino Money coach and founder of Wealth Para Todos Rita-Soledad Fernández Paulino is the CEO and founder of Wealth Para Todos, a company with a mission to teach progressive BIPOC, women, and LGBTQ+ folk to create a financial plan to retire early while engaging in the deepest levels of self-care.
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Reviews ethics statementA certificate of deposit lets you earn interest on a sum of money with a fixed annual percentage yield, or APY, over a fixed period of time, or term. CDs are a good savings option to park money for a few months or years with minimal risk of losing your earnings.
If you need to access the money before it fully matures, you’ll often pay an early withdrawal penalty that can reduce your interest earnings. Most CD options require a single deposit and don’t allow additional deposits, so you’ll need to gather your funds before opening an account. When you’re ready to open a CD, compare the best terms and rates among local credit unions and banks to find the right fit for your savings.
Table of contents
Best Jumbo CD Rates
- Apple Federal Credit Union $50,000 Min. deposit to open
- Connexus Credit Union $100,000 Min. deposit to open
- Credit One Bank $100,000 Min. deposit to open
- Rising Bank $100,000 Min. deposit to open
- State Department Federal Credit Union $100,000 Min. deposit to open
Helpful Definitions
Certificate of deposit (CD)
A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.
Annual percentage yield (APY)
A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.
CD term
The fixed period in which your deposit earns interest. The maturity date is the end of the term, which can range from one month to 10 years or more.
Early withdrawal penalty
The fee for withdrawing your CD funds before maturity, often equalling a period's worth of interest, which varies by institution and length of CD term.
Share certificate
Similar to a CD, but issued by a credit union, in which a credit union member deposits a lump sum that accrues interest for a fixed term.
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CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted onBankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive theBankrate.comrate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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Terms explained
Certificate of Deposit (CD)
A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.
Checking
The core bank account used for financial transactions. Account holders use it to deposit money and withdraw funds as needed.
Savings
A deposit account issued by banks and credit unions used to deposit money and earn a small amount of interest. Typically insured for up to $250,000 per account owner.
Money Market Account (MMA)
Similar to a savings account but with the added feature of checking-writing privileges and debit card to access cash, with some limitations.
Annual Percentage Yield (APY)
A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.
Estimated earnings
An estimated calculation usually associated with determining how much you’ll receive from an interest-bearing account.
Table of Contents
- CNET’s picks for the best jumbo CD rates
- Pros and cons of jumbo CDs
- What is a jumbo CD and how does it work?
- Jumbo CDs vs. traditional CDs
- FAQs
- Methodology
A jumbo CD is a certificate of deposit that requires a high minimum deposit -- typically $100,000 -- generally in exchange for a higher annual percentage yield. However, in the high rate environment right now, many jumbo CD rates are on par with high-yield CDs you’ll find at online-only banks and credit unions.
And in some cases you can earn even more with a high-yield CD. If you’re considering depositing a large sum of money into a CD, shop around to find the best rate for your money.
CNET’s picks for the best jumbo CD rates
Not every bank offers jumbo CDs, but those that do currently have rates on par or slightly below the best high-yield CDs.
| Term | Apple Federal Credit Union | Connexus Credit Union | Credit One Bank | Rising Bank | State Department Federal Credit Union |
| 11-month | N/A | N/A | 5.75% | N/A | N/A |
| 1-year | 4.50% | 5.46% | 5.25% | N/A | 5.30% |
| 2-year | N/A | 5.26% | 4.70% | 5.35% | 4.73% |
| 3-year | 4.30% | 4.76% | 4.35% | N/A | 4.47% |
| 5-year | 4.00% | 4.16% | 4.05% | N/A | 4.47% |
Apple Federal Credit Union
- APY
- 4.6/5
- Min. deposit to open
- 5.0/5
- Customer service
- 4.0/5
- Min. deposit to open
- $50,000
4.5/5
How we score CDs We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
You can open a 12-, 36-, or 60-month Apple Federal Credit Union jumbo CD when you deposit $50,000 or more. We like that Apple Federal CU has a lower deposit requirement than the other banks on this list, allowing you to tap into higher rates with a smaller upfront deposit. Early withdrawal penalties vary from three to six months’ worth of interest.
However, you’ll need to become a credit union member to open an account. To qualify, you need to live in select Virginia counties, attend specific schools, work at select businesses or be a member of certain organizations. You may also qualify if an immediate family member is a member. You can open an account online or at a physical branch.
About the bank
You can open a 12-, 36-, or 60-month Apple Federal Credit Union jumbo CD when you deposit $50,000 or more. We like that Apple Federal CU has a lower deposit requirement than the other banks on this list, allowing you to tap into higher rates with a smaller upfront deposit. Early withdrawal penalties vary from three to six months’ worth of interest.
However, you’ll need to become a credit union member to open an account. To qualify, you need to live in select Virginia counties, attend specific schools, work at select businesses or be a member of certain organizations. You may also qualify if an immediate family member is a member. You can open an account online or at a physical branch.
Connexus Credit Union
Read Connexus Credit Union Review
- APY
- 3.4/5
- Minimum deposit and fees
- 3.3/5
- Customer service
- 4.0/5
- Min. deposit to open
- $100,000
3.5/5
How we score CDs We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
Read Connexus Credit Union Review
Connexus Credit Union offers select terms for jumbo CDs including 12-, 17-, 24-, 36-, 48- and 60-month. Right now, its 17-month CD has the highest APY: 5.56%. You’ll need a minimum deposit of $100,000 to open a jumbo CD. And like most CDs, if you withdraw funds before the CD term ends, you’ll pay an early withdrawal penalty.
To open any savings account with Connexus Credit Union, you’ll need to become a member. You can sign up if you’re an employee or member of these businesses, organizations and communities. You can also join the Connexus Association with a one-time $5 association fee. Connexus has shared branches for in-person assistance.
About the bank
Connexus Credit Union offers select terms for jumbo CDs including 12-, 17-, 24-, 36-, 48- and 60-month. Right now, its 17-month CD has the highest APY: 5.56%. You’ll need a minimum deposit of $100,000 to open a jumbo CD. And like most CDs, if you withdraw funds before the CD term ends, you’ll pay an early withdrawal penalty.
To open any savings account with Connexus Credit Union, you’ll need to become a member. You can sign up if you’re an employee or member of these businesses, organizations and communities. You can also join the Connexus Association with a one-time $5 association fee. Connexus has shared branches for in-person assistance.
Credit One Bank
- Min. deposit to open
- $100,000
Credit One Bank is an online bank with several jumbo CDs, including an 11-month jumbo CD with a 5.75% APY. This bank’s jumbo CDs range from six months to five years and require a $100,000 minimum deposit. We like that Credit One offers a 0.05% loyalty rate increase if you already have a CD with them (or when you renew your CD).
Credit One only operates online so you’ll need to be comfortable managing your account online or consider other banking options that have physical branches. You can call 877-825-3242 for assistance.
About the bank
Credit One Bank is an online bank with several jumbo CDs, including an 11-month jumbo CD with a 5.75% APY. This bank’s jumbo CDs range from six months to five years and require a $100,000 minimum deposit. We like that Credit One offers a 0.05% loyalty rate increase if you already have a CD with them (or when you renew your CD).
Credit One only operates online so you’ll need to be comfortable managing your account online or consider other banking options that have physical branches. You can call 877-825-3242 for assistance.
Rising Bank
- APY
- 3.4/5
- Minimum deposit and fees
- 5.0/5
- Customer service
- 3.0/5
- Min. deposit to open
- $100,000
3.7/5
How we score CDs We score certificates of deposit based on annual percentage yields, customer experience, and minimum deposits and fees. Our CD ratings are based on extensive in-house research.
Rising Bank offers high-yield CDs with competitive rates and one jumbo CD: a two-year term with a 5.35% APY, and minimum deposit of $100,000. Like most jumbo CDs, there’s an early withdrawal penalty for taking the money out before the term ends.
Rising Bank is an online-only bank, so you’ll need to manage your account online. However, you can call 888-222-9484 for assistance.
About the bank
Rising Bank offers high-yield CDs with competitive rates and one jumbo CD: a two-year term with a 5.35% APY, and minimum deposit of $100,000. Like most jumbo CDs, there’s an early withdrawal penalty for taking the money out before the term ends.
Rising Bank is an online-only bank, so you’ll need to manage your account online. However, you can call 888-222-9484 for assistance.
State Department Federal Credit Union
- Min. deposit to open
- $100,000
State Department Federal Credit Union offers jumbo CDs with terms ranging from six months to five years, and rates up to 5.30% APY depending on the term. A minimum $100,000 deposit is required to open an account. Rates range from 4.40% up to 5.30%. You’ll forgo between one and six months of interest if you withdraw money before the term ends.
To open an account, you’ll need to become a member of the credit union. SDFCU has a list of organizations that qualify for membership eligibility. If you don’t qualify, we recommend considering one of the other jumbo CD options above, instead.
About the bank
State Department Federal Credit Union offers jumbo CDs with terms ranging from six months to five years, and rates up to 5.30% APY depending on the term. A minimum $100,000 deposit is required to open an account. Rates range from 4.40% up to 5.30%. You’ll forgo between one and six months of interest if you withdraw money before the term ends.
To open an account, you’ll need to become a member of the credit union. SDFCU has a list of organizations that qualify for membership eligibility. If you don’t qualify, we recommend considering one of the other jumbo CD options above, instead.
Pros and cons of jumbo CDs
Pros
Jumbo CDs offer a fixed interest rate.
The average one-year jumbo CD offers a much higher interest rate than the average savings rate -- 1.44% APY compared with 0.20%.
Jumbo CDs bought through banks and credit unions are insured for up to $250,000, minimizing risk of loss of the original principal.
Cons
You can lose a significant amount of the interest you’ve earned if you withdraw before the maturity date.
If interest rates continue to rise, the APY is locked into the rate set at the time of purchase which will cause you to miss out on additional growth.
The CD term restricts access to cash that you may need. If you withdraw early, a penalty will diminish your return.
What is a jumbo CD and how does it work?
A jumbo CD has a high deposit requirement, usually in exchange for a higher-than-average interest rate. Most banks require a $100,000 minimum deposit, though some banks and credit unions have lower thresholds. It’s worth noting that jumbo CDs are less common than traditional and high-yield CDs, so you’ll need to shop around to find one.
The main benefit of any CD is a fixed interest rate to guarantee a return, instead of riskier investment options, such as stocks. Most experts recommend locking in a long-term CD (those with terms over one year) in a falling rate environment. If you lock in a rate when interest rates are still increasing, you could tie up your money in an account that doesn’t tap into higher yields.
Since jumbo CDs require a higher initial deposit, you should be mindful not to deposit more than the FDIC- or NCUA-insured amount of $250,000. Most banks only insure up to this amount per account owner and account type, which means any money over $250,000 isn’t protected in the event of a bank failure.
Otherwise, CDs are considered a safe, conservative investment when bought through a bank or credit union because they’re insured.
Jumbo CDs vs. traditional CDs
Jumbo CDs require a larger minimum deposit -- typically $100,000 -- than traditional CDs. Many traditional or high-yield CDs have no minimum deposit amount, but others can range from $500 to $1,000 for traditional CDs.
In a normal rate environment, jumbo CDs might offer a better APY than traditional or high-yield CDs, giving you more of an incentive to open one. However, right now, most jumbo CD rates are equivalent or slightly lower than the best high-yield CD rate.
Otherwise, jumbo CDs work similarly to high-yield or traditional CDs. You’ll deposit a lump sum of money for a specific period of time in exchange for a fixed rate of growth. Both charge a penalty fee if you withdraw money before the maturity date.
If you’re debating between a high-yield and jumbo CD, start by choosing a bank that you feel comfortable with and weigh other factors like customer service, fees and account tools. Then compare APYs. Most importantly, make sure the account is FDIC or NCUA insured.
FAQs
Your CD won’t lose value unless you withdraw funds before the CD term ends. Then, you’ll only lose interest -- which can be a few weeks or months, depending on the bank and CD term.
And, as long your jumbo CD is at a bank or credit union that’s FDIC- or NCUA-insured, your funds are protected for up to $250,000 (including compounded interest). If you want to make a larger deposit, you may need to buy CDs at multiple institutions to ensure your total investment is insured.
Jumbo CD terms vary from three months to five years. Usually, jumbo CDs with longer terms pay higher interest rates. However, there are other types of accounts to consider, including savings accounts, high-yield savings accounts and I bonds.
Yes, the IRS will tax interest earned on a CD that exceeds $10 as income, but it’s best to speak with a tax professional to understand what that means for your taxes.
Jumbo CDs have both long- and short-term options, typically spanning one year to five years. Depending on the bank, you might find a jumbo CD with a term as short as a few months and as long as a decade.
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Methodology
CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We selected the CDs with the highest APY for one-year terms from among the organizations we surveyed, and considered rates for shorter terms if one-year terms were identical or unavailable.
Banks surveyed include: Apple Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, State Department Federal Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank and Wells Fargo
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
Written by
Dashia Milden
Editor
Read more from Dashia
Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards and banking. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Written by
Toni Husbands
Staff Writer
Read more from Toni
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
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CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
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