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Best Jumbo CD Rates for October 2022

Special CDs typically offer the highest interest rates -- but the minimum deposit requirements are considerable.

A certificate of deposit, or CD, is a specialized savings account that offers a fixed-rate annual percentage yield (APY). According to Bankrate, the average APY for a 1-year CD is 0.65% -- considerably higher than the 0.13% average interest rate for savings accounts nationwide. Unlike a traditional savings or money market account, which lets you access your funds at any point, CDs restrict access until a set date -- the maturity date. And if you withdraw early, you'll be penalized for some portion of the interest you'd earned. 

As the name implies, a jumbo CD requires a larger minimum deposit -- generally $100,000 or more, though some have lower thresholds. They are less common than traditional CDs, and only about 50 US banks and credit unions offer them. Though there are jumbo CDs that offer a competitive APY, there are plenty of traditional CDs insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) up to $250,0000 that offer a higher APY than those marketed as jumbo CDs. 

The major benefit here is a fixed rate of interest -- but there is risk, too: when interest rates are increasing, a CD puts you at risk of tying up your money in an account that doesn't keep pace with inflation. That noted, CDs are considered a safe, conservative investment when purchased through a bank or credit union because they're insured.

Check out CNET's list of the best jumbo CDs – which includes some conventional CDs that have no maximum deposit limit. 

CNET's picks for the best jumbo CD rates

Term EFCU Credit One Bank Luana Savings Bank Navy Federal Credit Union Golden 1 Credit Union SchoolsFirst Federal Credit Union
1 year 2.85% 2.80% 3.00% 2.30% 0.60% 1.60%
35 months N/A N/A N/A N/A 3.00% N/A
3 years 3.35% 3.20% 3.20% 2.75% 0.85% 2.35%
5 years 3.85% 3.55% 2.84% 2.85% 1.15% 2.85%
7 years N/A N/A 2.43% 3.15% N/A N/A
Min Deposit $100,000 $100,000 $100,000 $100,000 $50,000 $100,000

When comparing jumbo CDs to a 1-year CD or 5-year CD, you'll see that APYs vary by bank and credit union. The following table shows CNET's top picks for traditional CDs, some of which offer competitive rates and no maximum deposit limit. 

Compare to CNET's picks for the top traditional CD rates

Term Marcus by Goldman Sachs Barclays Bread Savings Pentagon Federal Credit Union Synchrony Bank
1 year 2.70% 2.50% 3.00% 2.30% 2.75%
3 years 3.10% 3.00% 3.55% 3.25% 3.10%
5 years 3.25% 3.25% 3.65% 3.20% 3.50%
Min Deposit $500 $0 $1,500 $1,000 $0
Max Deposit $1 million None None $1 million $3 million 

Annual percentage yields (APYs) shown are as of September 8, 2022. APYs may have changed since they were last updated and may vary by region for some products.

More details on the best jumbo CD rates

  • APY: 2.85% to 3.85%
  • Minimum deposit: $100,000
  • Early withdrawal penalty: Six months of dividends
  • Membership eligibility: People who live, work, worship or attend school in one of nine Louisiana parishes are eligible for membership. For more details visit EFCU Financial.
  • APY: 2.50% to 3.25%
  • Minimum deposit: $100,000
  • Early withdrawal penalty: 90 to 365 days of simple interest 
  • About the bank: Credit One Bank is a Las Vegas-based financial services firm. It offers a full suite of credit card products and FDIC-insured, high-yield certificate of deposit accounts. Online accounts are available to customers nationwide.
  • APY: 2.43% to 3.20%
  • Minimum deposit: $100,000
  • Early withdrawal penalty: Six months of interest
  • About the bank: Luana Savings Bank is the tenth largest bank in Iowa, catering to agricultural customers in Northern Iowa. You can open an account in-person at one of the six branches or on the banks' website and app.
  • APY: 2.30% to 3.15%
  • Minimum deposit: $100,000
  • Early withdrawal penalty: 90 to 365 days of dividends earned based on term, withdrawal date and the amount withdrawn
  • Membership eligibility: Membership is restricted to active duty military, retired, veterans, their family members or Department of Defense civilian employees. Visit the Navy Federal Credit Union website for a complete list of eligibility.
  • APY: 0.60% to 3.00%
  • Minimum deposit: $50,000
  • Early withdrawal penalty: At least 180 days of dividends on the amount withdrawn
  • Membership eligibility: Membership is restricted to residents of California, people who work in California or members of select employee groups. Visit the Golden 1 Credit Union website for details on membership eligibility.
  • APY: 1.60% to 2.85%
  • Minimum deposit: $100,000
  • Early withdrawal penalty: 90 to 180 days of dividends on principal amount withdrawn
  • Membership eligibility: Membership is limited to current or retired school employees, immediate family members or employees of select businesses. For complete details, visit the SchoolsFirst FCU website.


Why should I get a jumbo CD?

Use a jumbo CD when you have a large sum of money and are looking for a safe, fixed-rate savings option. This may be a worthwhile option if you have money that you won't need for an extended period. Though Jumbo CDs sometimes offer higher APYs than conventional CDs, they also require much higher initial deposits – usually around  $100,000. Terms generally vary between three months to five years. Within the same bank, a jumbo CD generally offers the highest APY. However, comparing jumbo CDs to traditional CDs across banks and credit unions is important to find the best fit.

Can a jumbo CD lose value?

Technically, no. Jumbo CDs purchased through a bank or credit union are insured by either the FDIC or NCUA for up to $250,000 (including compounded interest). If you're looking to make a larger deposit, you may need to purchase CDs at multiple institutions to ensure your total investment is insured. The major risk with a jumbo CD in the current low rate environment -- and especially one with a longer term -- is that inflation will erode your return. 

How are jumbo CDs different from traditional CDs?

Jumbo CDs are similar to traditional CDs -- they both require that you deposit a lump sum for a period of time in exchange for a fixed rate of growth. Both charge a penalty if you withdraw money before the maturity date. The only difference is the minimum deposit, with Jumbo CDs typically requiring  $100,000 or more.

Pros and cons of jumbo CDs

Jumbo CDs offer a fixed interest rate.You can lose a significant amount of the interest you've earned if you withdraw before the maturity date.
The average 1-year jumbo CD offers a much higher interest rate than the average savings rate -- 0.69% APY compared to 0.13%.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.
Jumbo CDs purchased through banks and credit unions are insured by up to $250,000, minimizing risk of loss of the original principal.The CD term restricts access to cash that you may need. If you withdraw early, a penalty will diminish your return.

What are alternatives to a jumbo CD?

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.

What is the difference between simple interest and dividend early withdrawal penalties?

Simple interest does not take into account compounding over time. Many banks will determine the penalty based on the interest rate in effect on the CD at the time funds are withdrawn. Dividends are profits earned and are determined monthly or quarterly.


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: 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, 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.