Best CD Rates in Florida for October 2023

Certificates of Deposit, or CDs, can be a good hands-off way to invest your money while earning decent interest rates. We’ve found the best CD rates in Florida to help you make the most of your financial goals.

If the stock market is too risky, you may want to consider this conservative investment option.

The following banks and credit unions offer attractive terms and APYs, helping Florida savers make the most of their money.

Best CD Rates in Florida

Check out the best CD rates in Florida below to see how quickly you can reach your financial goals:

  1. Valley Direct: 5.60% APY
  2. Western Alliance: 5.51% APY
  3. Pacific Western Bank: 5.50% APY
  4. Sallie Mae: 5.40% APY
  5. Blue Federal Credit Union: 5.25% APY
  6. Quontic Bank: 5.05% APY
  7. Discover Bank: 5.00% APY
  8. CIT Bank: 5.00% APY
  9. First Tech: 4.91%

1. Valley Direct

  • Minimum Deposit: $500
  • APY: 4.60% to 5.60%
  • Terms: 12 to 36 months

Valley Direct’s online-only CDs offer high APYs and have three term options for short and long-term savings.

They offer a variable rate CD for 36 months, ensuring the APY remains 0.1% higher than the Federal Funds Target Rate Upper Limit. This allows your earnings to keep pace with inflation.

The 12 and 24-month CDs have a fixed rate that you lock for the entire term. Opening an account online at Valley Direct takes less than five minutes, and each CD product is FDIC-insured, protecting your funds up to $250,000 per depositor.

Pros:

  • Option for a variable rate CD to avoid losing money to inflation
  • High APYs
  • Low minimum deposit requirements

Cons:

  • A limited selection of CD terms
  • Your daily balance must not fall below $500, or you don’t earn the advertised rates

 


2. Western Alliance

  • Minimum Deposit: $1
  • APY: 5.21% to 5.51%
  • Terms: 3 to 12 months

Western Alliance is one of the nation’s top commercial banks but offers CD options for individual savers with short-term goals. They pay high APYs on CDs for one year or less and compound interest daily.

CDs at Western Alliance automatically renew, but you have a 7-day grace period to cancel the CD and withdraw your funds without penalty.

Savers in Florida should ensure they can keep their funds locked up for the entire term, or they’ll incur an early withdrawal penalty, usually equal to 90 days of interest.

Pros:

  • Low minimum deposit requirement
  • High APYs on short-term CDs
  • CD options start at just three months

Cons:

  • No long-term savings option
  • Hefty penalty for early withdrawals

 


3. Pacific Western Bank

  • Minimum Deposit: $1
  • APY: 5.35% to 5.5%
  • Terms: 7 to 12 months

Pacific Western Bank offers two CD term options with high APYs over 5%. They are great products for short-term goals. Interest compounds daily and pays monthly.

The CD automatically renews at maturity, but you can close it before the maturity date hits and withdraw your funds.

Pacific Western Bank allows Florida savers to withdraw funds early, but you’ll be subject to a fee equal to 90 days of interest, so it’s best to choose terms you can leave the funds untouched.

Pros:

  • Short-term savings options with high APYs
  • Low minimum deposit requirement
  • Daily compounded interest

Cons:

  • Only short-term CD options
  • No early withdrawal option without penalty

 


4. Sallie Mae

  • Minimum Deposit: $1
  • APY: 4.70% to 5.40%
  • Terms: 10 to 14 months

Florida residents can take advantage of Sallie Mae’s high APYs with various CD options, including no-penalty CDs.

If you aren’t sure how long you can lock up your funds but want to earn interest while you can, the no-penalty CDs allow the option to withdraw funds after 30 days of opening the account.

The CD terms are all short-term at Sallie Mae, but the APYs are high, allowing your earnings to grow as long as you can leave them. All Sallie Mae CDs automatically renew, but you may cancel them before maturity if you prefer a payout.

Pros:

  • High APYs on short-term CDs
  • Option for no-penalty CDs
  • Low minimum deposit

Cons:

  • No longer-term options
  • No-penalty CDs have lower APYs

 


5. Blue Federal Credit Union

  • Minimum Deposit: $1
  • APY: 5.00% to 5.25%
  • Terms: 9 to 15 months

Blue Federal Credit Union is Wyoming and Colorado-based but allows membership from people nationwide through donations to the Blue Foundation. They currently have 115,000 members and offer attractive APYs on short-term CDs.

With a low minimum deposit requirement and daily compounding interest, it’s easy to let your money grow and reach your short-term goals.

Blue Federal Credit Union also offers a no-penalty CD option with a 9-month term, allowing early withdrawals after 30 days of opening the account.

Pros:

  • Option for high-yield or no-penalty CDs
  • High APYs
  • Low minimum balance requirement

Cons:

  • Only short-term options
  • Must wait 30 days to withdraw funds on no-penalty CD

 


6. Quontic

  • Minimum Deposit: $500
  • APY: 4.30% to 5.05%
  • Terms: 6 months to 5 years

It takes less than three minutes for Florida residents to open a CD at Quontic. With only $500 required, you can earn high APYs on various terms.

Despite being a digital bank, clients can access human support via phone calls or live chat.

Quontic compounds interest daily and pay it monthly. However, use caution when choosing your CD term, as they charge an early withdrawal fee if you withdraw funds earlier than the maturity date.

Pros:

  • Great customer support
  • Large selection of CD terms
  • Option for long-term savings

Cons:

  • Longer-term CDs have lower APYs
  • No option for free early withdrawal

 


7. Discover Bank

  • Minimum Deposit: $2,500
  • APY: 2.00% to 5.00%
  • Terms: 3 months to 10 years

Discover Bank offers high APYs with no fees on their CDs, and they are available in many terms. After opening a CD at Discover, your rate remains locked for the term.

However, choose your CD term carefully. Discover charges hefty prepayment penalties based on the length of the term.

For example, terms of 7 to 10 years incur a 24-month interest penalty for withdrawing funds early.

Pros:

  • Many CD terms
  • High APYs
  • Easy to open online

Cons:

  • Hefty early withdrawal fees
  • High minimum balance

 


8. CIT Bank

  • Minimum Deposit: $1,000 for term and no-penalty CDs; $100,000 for jumbo CDs
  • APY: 0.3% to 5.00%
  • Terms: 6 months to 5 years

CIT Bank offers various CD options, including term, no-penalty, and jumbo CDs. The options allow Florida savers to choose the best CD that suits their goals.

For example, if you aren’t sure if you can tie up the funds for long, you may choose the no-penalty CD to avoid the hefty early withdrawal fee you’d incur for withdrawing before maturity.

Term CDs are available in many terms but earn the highest APY at six months. Jumbo CDs pay lower APYs but provide a safe place to invest your money if you need to keep it conservative.

Pros:

  • Many options for different types of savers
  • Option for a no-penalty CD
  • No fees (except early withdrawal)

Cons:

  • Jumbo CDs pay low APYs
  • APYs drop significantly for certain longer terms

 


9. First Tech

  • Minimum Deposit: $500
  • APY: 2.25% to 4.91%
  • Terms: 6 months to 5 years

First Tech offers Florida savers many options when investing in a CD. You can choose term CDs with a fixed rate for the entire term or bump-up CDs that allow you to bump up the rate during the term if rates increase.

Each CD requires only a $500 deposit, and the APYs vary based on the type of CD chosen. With 6 to 60-month terms, there are plenty of opportunities to save for your specific goals.

Pros:

  • Many CD term options
  • Option to bump up the rate on 13-month to 36-month CDs
  • Attractive APYs

Cons:

  • APYs decrease significantly starting at two-year terms
  • You must be a First Tech member to invest in their CDs

 

Summary of the Best CD Rates in Florida

Company APY Min. Deposit Requirement Compounding Frequency
Valley Direct 4.60% to 5.60% $500 Daily
Western Alliance 5.21% to 5.51% $1 Daily
Pacific Western 5.35% to 5.50% $1 Daily
Sallie Mae 4.70% to 5.40% $1 Daily
Blue Federal Credit Union 5.00% to 5.25% $1 Daily
Quontic 4.30% to 5.05% $500 Daily
Discover 2.00% to 5.00% $2,500 Daily
CIT Bank 0.30% to 5.00% $1,000 Daily
First Tech 2.25% to 4.91% $500 Daily

Types of CDs Available in Florida

Choosing the right type of CD is key to reaching your financial goals. Fortunately, savers in Florida have many options when choosing CDs, including short-term, long-term, no-penalty, and bump-up CDs.

Short-Term CDs in Florida

Short-term CDs are good for the money you need relatively soon but want to earn a little interest while it sits. Most short-term CDs are for up to 12 months, but some can be good for a few days or weeks.

Many banks offer promotional rates on their shorter-term CDs so that you may earn a higher APY with the shorter terms. This allows you the best of both worlds: high APYs and liquidity when you need it.

Long-Term CDs in Florida

If you have longer-term goals, you may want to lock up your funds for longer. Long-term CDs usually have terms of two years or longer. Some banks offer CDs for ten years, but the APYs may not be as attractive, so compare your options before choosing a term.

Remember, if you choose a longer term, you should leave the funds until maturity. If you don’t, you could pay hefty fees for withdrawing the funds early.

Liquid CDs in Florida

Liquid CDs or no-penalty CDs in Florida provide you with more options. You choose a term to lock up your funds, but if you need access to them sooner, you avoid the early withdrawal penalty.

This can be a good option for those funds you aren’t sure what you’re doing with but want to earn interest while you decide. Each CD has different terms regarding when you can withdraw the funds without penalty. The terms range from a few days to a month with most banks.

Step Up/Bump Up CDs in Florida

Bump-up CDs allow you to bump your rate, usually once during the CD’s term. This allows you to take advantage of higher rates if market rates increase and your funds are tied up in a CD.

These CDs have strict terms, including high deposit amounts and longer terms, so be sure you understand the terms and can meet them to avoid unnecessary penalties.

Add-on CDs in Florida

Sometimes, you want to add to your CD balance, but most banks don’t allow it. If you want to contribute additional funds to your CDs, look for bump-up CDs in Florida. These CDs allow contributions throughout the term, increasing the interest you earn.

Not all banks offer these, so specifically look for the name ‘bump-up CD’ and read the fine print if it’s something you want.

Our Methodology

The BankBonus team has reviewed dozens of brick-and-mortar banks, online banks, credit unions, and fintech companies offering CD accounts in Florida.

To provide you with accurate recommendations for the best CD rates in Florida, we used the metrics below to assess each account:

  • APY: First and foremost, we evaluate CD offers based on how competitive their APY is
  • Compounding schedule: Another major factor we consider is the account’s compounding schedule, prioritizing banks that compound interest daily rather than monthly or quarterly
  • CD terms: We also consider the variety of CD term lengths each financial institution offers
  • Account minimum: Additionally, we look at each CD’s minimum opening deposit requirements and any ongoing account minimums
  • User experience: We carefully consider the ease of applying and managing CD accounts on each bank’s website and factor in reviews of the mobile app from the App Store and Google Play Store
  • Customer service: In our review process, we also explore each institution’s customer service channels, hours of availability, and third-party reviews