Best Jumbo CD Rates of December 2023

While Jumbo CDs share many things with other CD types, they do have some special requirements.

Understanding these can help you decide if a Jumbo CD is the best type of account for you.

After all, Jumbo CDs require a considerable investment, and a little bit of research can go a long way in helping you make the right kind of investment for you.

Though not as well known as many other types of accounts, CDs generally offer higher interest rates than a High-Yield Savings Account or Money Market Account.

Longer-term CDs tend to be more profitable than short-term CDs, with Jumbo CDs usually providing better rates than other types of CD.

Best Jumbo CD Rates for December 2023

Here are some of the best Jumbo CD rates available right now:

1 Year Jumbo CD Rates

Bank Term APY Min Deposit
CCBank12 Mo5.50% APY$100,000
USAA Federal Savings Bank12 Mo5.25% APY$95,000
Navy Federal Credit Union12 Mo4.95% APY$100,000
Financial Partners Credit Union12 Mo3.65% APY$100,000
Justice Federal Credit Union12 Mo3.61% APY$100,000

3 Year Jumbo CD Rates

Bank Term APY Min Deposit
Navy Federal Credit Union36 Mo4.25% APY$100,000
Justice Federal Credit Union36 Mo3.36% APY$100,000
Financial Partners Credit Union36 Mo3.15% APY$100,000
CCBank36 Mo2.94% APY$100,000
USAA Federal Savings Bank36 Mo2.75% APY$95,000

5 Year Jumbo CD Rates

Bank Term APY Min Deposit
Navy Federal Credit Union60 Mo4.05% APY$100,000
CCBank60 Mo3.41% APY$100,000
Financial Partners Credit Union60 Mo3.40% APY$100,000
Justice Federal Credit Union60 Mo3.15% APY$100,000
Superior Choice Credit Union60 Mo2.89% APY$100,000

Note: Rates last updated December 06, 2023. May vary by region.

1. Ally Bank

Ally Bank consistently rates among the top performers, and even here, their High Yield CDs offer some of the best rates around.

They don’t have specific “jumbo” rates, but their High Yield CD rates challenge many of the “jumbo” rates offered by other banks and credit unions – which means that you can get top rates regardless of the amount you have to deposit.

There are no monthly fees, but early withdrawals will incur a penalty that ranges between 60 days to 150 days worth of interest – depending on the term of the CD.

Once the term expires, you have a 10-day grace period in which you can withdraw the money without any penalties. Should you decide to renew, the bank will give you a loyalty reward currently set as 0.05%.

The bank also offers the Ally Ten Day Best Rate Guarantee. They will apply the highest rate during ten days from account opening to account funding.

  • APY: 5.15% APY
  • Term: 18 Month
  • Minimum Deposit: $0

2. American Express

While American Express is most well-known for its credit cards, the company also offers CDs. Their rates aren’t quite as good as some of their competition, but like Ally, they offer the same rate to those who have $500 to deposit as they do to those with $100,000.

And that rate is better than some of the other banks’ “jumbo” tier.

Rates are locked on the day you fund the account, which helps you know exactly how much money you will have at the end of the term.

Like most other CDs, you’re only allowed one deposit. The bank recommends their High Yield Savings Account (HYSA) if you plan to make regular deposits. The minimum term available is six months, while the maximum is five years.

American Express offers automatic renewal with a 10-day period in which you can withdraw the money without any penalties.

You can also write to the bank or call them to tell them not to renew the CD, but you’ll have to do this before the end of the grace period.

  • APY: 5.25% APY
  • Term: 11 Month
  • Minimum Deposit: $0

3. CIT Bank

CIT Bank’s Jumbo CDs come with a minimum term of 2 years, but their highest rate comes with their longer terms.

The longest Jumbo CD that CIT Bank offers is five years.

There are no monthly fees or account opening fees, and interest is compounded daily. The rate of return is guaranteed, and you can open an account easily through their website.

  • APY: 0.50% APY
  • Term: 4 Year
  • Minimum Deposit: $100,000

4. Credit Union of Denver

The Credit Union of Denver is a credit union based in Colorado. They offer their members a wide range of products and services, including their Jumbo CDs.

Available terms start from 30 days and max out at one year. The minimum deposit amount is $50,000, and interest is compounded and credited every month.

Membership is open to those who live or work in various counties and employees, students, and members of many organizations.

Both members and their families can use the credit union’s products and services, including their Jumbo CDs.

The credit union also offers many other CDs, including starter certificates with a much lower deposit requirement of $25.

Here, you can expect to receive a much lower rate, but even so, they can be a great way of understanding if CDs are the right tool for you.

  • APY:
  • Term:
  • Minimum Deposit:

Learn more about what credit unions are and how they’re different from banks, or see our list of the best credit unions.”

5. Financial Partners Credit Union

Financial Partners Credit Union is located in California, and they have close to $2 billion in assets and over 85,000 members.

Their Jumbo CDs come with a higher deposit requirement than Regular CDs but enjoy higher APY rates.

Terms start from 3 months and max out at five years. You can also get Jumbo CDs as an IRA CD as long as the term is six months or longer.

The interest rate is fixed for the term, making it easier to work out how much you will earn by the maturity date.

Like most other CDs, early withdrawals come at a fee and are federally insured up to $250,000.

If you’re looking to get an IRA Jumbo CD, you’ll need to contact the credit union for more information.

  • APY: 4.00% APY
  • Term: 6 Month
  • Minimum Deposit: $100,000

6. Justice Federal Credit Union

Justice Federal Credit Union is dedicated to serving its members who are part of the justice and law enforcement community.

They offer a wide range of financial services and products, including Jumbo CDs. Available terms start at three months and cap at five years.

The minimum deposit amount is $100,000 regardless of the term length you choose.

The credit union also offers Jumbo IRA Certificates, but these have the same APY rates as regular jumbo certificates.

Early withdrawals will incur a fee, so you need to plan carefully to make sure you don’t lose money by withdrawing before the maturity date.

  • APY: 3.80% APY
  • Term: 2 Year
  • Minimum Deposit: $100,000

7. Marcus by Goldman Sachs

Marcus by Goldman Sachs offers two types of CDs – regular CDs and No-Penalty CDs.

Regular CDs start at six months and max out at six years.

On the other hand, No-Penalty CDs are available for up to 13 months.

While the rates are not the highest, the deposit requirement is a more manageable $500, which is applicable on all CDs regardless of the term length or rate offered.

Rates are locked in, which makes it easier to plan ahead. Early withdrawal fees apply for the regular CDs but not the No-Penalty CDs, so the latter have lower rates when compared to the regular CDs.

  • APY: 5.30% APY
  • Term: 1 Year
  • Minimum Deposit: $500

Navy Federal Credit Union is a credit union dedicated to serving members of the armed forces and the Department of Defence (DoD) and their families and veterans.

It offers a wide range of CDs, including short-term and long-term CDs.

While there aren’t any specific Jumbo CDs, the credit union provides tiered rates according to the deposit amount, with special rates for deposits of $100,000 or more.

Terms start from a minimum of 3 months and go all the way up to 7 years.

Early withdrawals will incur a fee, and interest is compounded daily and paid out to the CD monthly.

  • APY: 4.95% APY
  • Term: 1 Year
  • Minimum Deposit: $100,000

9. Superior Choice Credit Union

Superior Choice Credit Union is a federally-insured, Equal Housing Opportunity lender with branches in Wisconsin and Minnesota.

The minimum deposit required for their Jumbo CDs is $100,000, which will earn you over $7,000 by maturity date.

The credit union also offers standard certificates, with a lower deposit requirement of $2,500, youth certificates, and On the Rise Certificates.

Early withdrawals also incur a penalty, so careful planning is required.

  • APY: 3.20% APY
  • Term: 2 Year
  • Minimum Deposit: $100,000

10. Wings Financial Credit Union

Wings Financial Credit Union CDs come with one of the highest APY rates around, but you’ll need to deposit $250,000 to earn it.

Otherwise, their rates are tiered, offering better rates at four deposit intervals: $500 (minimum), $10,000, $100,000, and lastly $250,000.

Whichever you choose, you can expect no monthly fees, which allows you to maximize what you can earn.

Early withdrawals incur a fee equal to 6 months worth of earnings for CDs with terms less than 24 months or two years’ worth of earnings for CDs with a term of 24 months or more.

  • APY:
  • Term:
  • Minimum Deposit:

What is a CD?

CD is short for Certificates of Deposit, and in a nutshell, it works just like a savings bank account. While you’re most likely to invest in CDs with banks and credit unions, you can also buy them from brokerage firms.

The biggest difference you’ll find is that unlike a standard savings account, which allows you to deposit and withdraw money whenever you want, a CD account locks you in for a while.

Typically, banks and credit unions offer a wide range of terms. A term is the amount of time during which your savings are locked in.

Available terms can range from 1 or 3 months to 6 years or more. The longer the period, the higher the interest rate you’ll earn.

Once the period elapses, you can withdraw the money or start a new term. Most financial institutions offer an automatic renewal, with a grace period in which you can withdraw your funds.

Most CDs have a penalty for withdrawing your funds early, usually based on the interest earned.

It is important to note here that early withdrawals can make losses on your principal – the original sum of money you saved in the CD.

CD rates can fluctuate because it’s based on the rate offered by the federal reserve board.

That said, some CDs offer a fixed interest rate which gives you the option to lock in your rate. When you do that, you get the same rate regardless of whether the federal reserve rate goes down or up.

What is a Jumbo CD?

To entice customers, financial institutions offer different CDs, including brokered CDs, no-penalty CDs, and several others. While they all work the same, the different CDs have diverse requirements and terms.

These include the possibility to make an early withdrawal without penalty or imposing a larger minimum deposit requirement. The more restrictive the conditions, the higher the interest rate the bank or credit union will pay.

Jumbo CDs are one such type of CD.

Jumbo CDs have a significantly higher minimum deposit requirement, which can go as high as $50,000 or $100,000 in some cases. You can expect a jumbo-sized interest rate to match the jumbo-sized deposit requirement.

Jumbo CD terms can vary from 3 months to 60 months, depending on the financial institution offering the certificate.

One other difference that comes with Jumbo CDs is that they apply a high rate on high balances. Traditional CDs, in most cases, will lower the rate when the balance gets over a certain threshold, but Jumbo CDs don’t.

Who offers Jumbo CDs?

You will mostly find Jumbo CDs at credit unions – very few banks offer Jumbo CDs.

But this doesn’t mean banks don’t offer CDs with high deposit requirements and high-interest rates. After all, Jumbo CD is just a name.

The important thing to look for here is the APY rate offered for the term you would like to choose and the amount of money you would like to deposit.

What is the APY rate?

APY is an acronym, and it stands for Annual Percentage Yield.

APY is the rate, expressed as a percentage, that the bank will pay you for keeping your money with them. The exciting thing about APYs is that they pay you interest on your interest.

Generally speaking, the APY interest rate is compounded daily and paid out monthly. Most banks offer this type of setup, but others don’t.

When the interest rate is compounding daily, the interest on your balance is worked out every day and paid out to your account once a month.

Once the interest has been paid, the bank will take the principal sum (the money initially deposited) + the interest paid so far to work out the payable interest that month.

To work out the interest, the bank will take the APY rate, which, as the name implies, is the yearly percentage, and divide it by the number of days in a year.

It will then apply the daily percentage rate on the available balance each day to work out how much interest you make each day.

When to get a Jumbo CD

Jumbo CDs offer relatively high interest for very low risk. As we said earlier, interest rates can go higher than you can expect to make with savings accounts or checking accounts.

Even so, it is lower than what you can make when investing in the market. The upside to this is that your investment is safe. Except for early withdrawals, it is virtually impossible to lose your money when investing in a CD.

That’s mainly because the bank doesn’t use your money to invest it in risky investments. In most cases, your money is protected up to $250,000 by the FDIC (or NCUA for credit unions).

What to consider before getting a Jumbo CD

Jumbo CDs can be an amazing personal finance tool to grow your savings. But they are a commitment that is not easy to back out of without suffering some losses.

Because of this, some things need to be thought of and considered before taking out a CD.

  • Investment Amount. Consider how much money you can save in a Certificate of Deposit. Knowing this will help you choose a CD with a deposit and balance requirement that suits your budget.
  • Term length. Consider for how long you can set aside the money as early withdrawals can come with a hefty penalty.
  • Rate. The higher the rate, the more money you’ll make, so always look for the most competitive rates for the term you’re looking to take out.
  • Fees. While most CDs do not come with any fees, you might want to check the fee schedule to see what kind of fees you might be liable to pay.
  • Contingency plan. Think of any expenses that are due or might arise during the term length and whether you have supplementary funds to cover them without disbanding your CD.
  • Insurance. Ensure that your CD is insured by the FDIC (if it’s a bank) or the NCUA (if it’s a federal credit union).

Pros & Cons

Jumbo CDs are one of the best types of deposit accounts that can help depositors reach their financial goals easily and securely. While there are many financial products out there, it can be difficult to find something that offers the same rate and risk-to-reward ratio as this type of CD.


  • Higher Yield: An online savings account might get you close, but you’d be hard-pressed to find something that matches the higher yield of CDs.
  • Less Risk: On the other end of the spectrum, pouring your money into the stock market might see you get an even bigger return on your investment. Still, the risk of losing your money is also much higher (and much more likely).


  • Early Withdrawl Penalty: Of course, the early withdrawal penalty can be a big concern and is definitely one of the Jumbo CDs’ cons, especially if you’re tying a large sum of capital for a longer term.


Who has the best jumbo CD rates?

The best rates on jumbo CDs depend on the length of the term that you choose. At some banks and credit unions, the amount you deposit can also bump your rate.

Are there any 3% CD rates?

No, currently we’re not seeing any banks that offer a 3% APY for Jumbo CDs. However, this does not mean that there can’t be a 3% APY rate on a CD.

CD rates fluctuate – meaning they can go up or down – depending on the rates published by the federal reserve board.

What is considered a Jumbo CD?

Technically speaking, a Jumbo CD is a CD that has a high deposit requirement and in turn, a high APY rate.

They’re offered more often by credit unions, although some banks offer the equivalent of a Jumbo CD.

In most cases, the deposit required will be a minimum of $100,000, but some start at $50,000.

You can expect to receive a higher-than-normal interest rate, which varies depending on the length of the term you choose.

Do Jumbo CDs always offer a higher rate than regular CDs?

Nope! Often times, certificates with “jumbo” in their name don’t offer the highest APY. Instead, you’d do better by opening a regular CD and simply depositing a jumbo amount. So, like anything, be sure to do your research and shop around.

Jumbo CD Rates in Summary

There is no denying that Jumbo CDs require a substantial investment which in most cases is set at $100,000.

While some financial institutions offer Jumbo CDs with lower deposit requirements, this still tends to be higher.

Even so, as we saw throughout the article, you don’t need to be rich to get a CD with great rates.

While these might not be as high as the Jumbo CDs with a 100 grand deposit, they still offer great returns.

What remains essential when taking out a CD is the planning. CDs tie your capital for a while, and accessing your money before that period of time is over can cost you quite a bit of money.

That’s why it’s crucial to plan in advance and make sure you have contingency plans in place should something happen.

Make sure that your emergency fund is well-stocked, and try to postpone non-essential purchases until after the CD maturity date.

Like many other areas in life, planning is one of the foundations on which strong finances are built.

A few sacrifices now can go a long way into helping you build the future you wish for and ultimately deserve.

With a Jumbo CD in your portfolio, you’re one step ahead of getting there faster.

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