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Credit One Bank: 2024 Banking Review

If you’re looking for jumbo CDs with some flexible options, Credit One is worthy of your consideration.

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Credit One Bank

Credit One Bank is based in Las Vegas, and it’s best known for offering a range of credit cards -- many of which are designed for borrowers with less-than-perfect credit. However, credit cards aren’t the only product you’ll find here. The bank has a range of CDs that pay some of the best yields on the market.

Opening a certificate of deposit at Credit One Bank isn’t for everyone: You’ll need to meet jumbo deposit requirements of at least $100,000 to cash in on those high-yielding CD rates. And while Credit One can be a great place to grow your savings, it’s worth noting that some of the best CD rates are available with a much smaller sum of money.

What we like

  • Some of the highest APYs available
  • Bump-up CD options offer additional flexibility
  • Loyalty rate increase for depositors who renew their CDs at maturity

What we don’t like

  • Bump-up CDs require a very high minimum deposit requirement of $100,000
  • No physical branches
  • Exceptionally low reviews from past customers on Better Business Bureau and Trustpilot

Who is Credit One Bank best suited for?

If you’re looking to deposit at least $100,000 in a CD, Credit One Bank can be a great fit. The bank focuses solely on high-yield jumbo CDs and bump-up jumbo CDs.

However, if you’re looking to keep the majority of your deposits under one roof, it’s important to note that Credit One Bank doesn’t offer any other standard banking products like savings or checking accounts. The only other products are credit cards, and many of them charge excessively high APRs.

Credit One Bank products


High-yield jumbo CDs

Credit One Bank’s jumbo CDs are simple: Deposit at least $100,000, and you’ll be rewarded with some of the most competitive interest rates available. You’ll open the account online and fund it via your existing bank account. One key point of differentiation is a 0.05% loyalty rate bump if you renew your CD. So, for example, if you have a 12-month CD and it matures when Credit One is offering a 5.30% APY on 12-month CDs, you can score 5.35%. You’ll have a bit of time to determine whether you want to renew: All Credit One CDs have a 10-day grace period.


If you’re hoping to use the interest earnings from your CD to cover some of your expenses, you can arrange a monthly deposit into another bank account. Otherwise, the interest is automatically credited to your CD account to create a compounding benefit.


Account features

Minimum balance to open $100,000
Early withdrawal penalty CDs between 1-12 months: 90 days’ worth of simple interest

CDs between 13-60 months: 180 days’ worth of simple interest


CD term APY
6 months 4.50%
12 months 5.15%
18 months 4.90%
24 months 4.40%
36 months 4.35%
48 months 4.25%
60 months 4.30%

Rates as of May 5, 2023.



Bump-up jumbo CDs

If you’re willing to bet that the Federal Reserve’s rate hikes will continue, Credit One Bank’s bump-up CD offerings might appeal to you. These are available in two terms: 24 months and 36 months. If rates climb higher during your term, you have the ability to lock in a higher rate. You’ll have to time it wisely, though: There’s only one rate bump per term. 


These bump-up CDs come with an APY that’s 0.20% lower than the bank’s traditional offerings for each term. So, if rates don’t ever increase, you sacrificed some earnings for nothing.


Account features

Minimum balance to open $100,000
Early withdrawal penalty 180 days’ worth of simple interest


CD term APY
24 months 4.20%
36 months 4.15%

Rates as of May 5, 2023.

Other financial products

You’ll find a range of credit cards at Credit One including the Wander card, the NASCAR Amex card, the Platinum X5 Visa and more. However, if you have excellent credit, you’ll likely find more rewarding offers elsewhere. The majority of Credit One’s credit cards are geared toward individuals with average credit.

Banking experience

Credit One doesn’t have any physical branches, so opening and maintaining a CD happens online or via the bank’s mobile deposits app. The bank has poor reviews from past customers on the Better Business Bureau and Trustpilot, although it’s important to note that the majority of that feedback is related to its credit cards.

Customer service

Because there are no physical branches, you’ll only be able to call for assistance. Credit One Bank’s number for CDs is 877-628-1610, and it’s staffed Monday through Friday from 7 a.m. to 5 p.m. PT.

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.
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