Best Jumbo CD Rates July 2024: Premium Returns for Large Balances (2024)

Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.

A jumbo CD is a type of CD with a high minimum deposit that pays a higher interest rate than a regular CD. A jumbo CD may be worthwhile if you have a substantial amount of money to deposit upfront.

Jumbo CDs aren't common, and ones that pay high interest rates are even less common. If you're also interested in other types of CDs, check out our overall best CD rates guide.

Best Jumbo CD Rates

• State Bank of Texas 1 Year CD Special: 5.40% APY
• Credit One Bank Jumbo CD: 4.00% to 5.25% APY
• Consumers Credit Union Jumbo CD: 0.50% to 5.20% APY
• Alliant Credit Union Jumbo CD: 4.05% to 5.20% APY
• Veridian Credit Union Jumbo CD: 0.40% to 5.10% APY
• Connexus Jumbo Certificates: 3.46% to 4.96% APY
• USAA Jumbo CD: 0.05% to 4.90% APY
• Navy Federal Credit Union Standard Certificate: 2.75% to 4.85% APY

Compare the Top Jumbo CDs

Below are our top picks for the best banks for jumbo CDs. The best jumbo CDs have either competitive interest rates or a variety of terms.

We've selected options from both banks and credit unions, so you have a variety of options to choose from. Credit unions have membership eligibility requirements, but most of our top picks have more open eligibility criteria than regional or local institutions.

State Bank of Texas 1 Year CD Special

State Bank of Texas has an online 12-month CD special paying 5.40% APY with a $50,000 minimum deposit.

You can open the account regardless of where you live in the United States. You also might like this account if you're interested in low CD early withdrawal penalties.

Something to keep in mind is that the State Bank of Texas doesn't compound interest on its CDs. You'll earn simple interest instead. This makes a difference in how much interest you'll earn. For example, you'd earn $2,800 in interest on a $50,000 deposit. If CD interest compounded daily, you'd earn $2,880.

Term length options:State Bank of Texas only offers a 1-year online CD. You might prefer another bank if you're looking for a variety of term lengths.

Credit One Bank Jumbo CD

Credit One Bank's 12-month rate for its jumbo CD is particularly strong, although its 6-month jumbo CD also offers a good rate. In addition, Credit One Bank offers a Bump-Up Jumbo CD that lets you raise your CD rate once during its term length if Credit One's CD rates go up. You might like Credit One's jumbo CD if you're interested in a bump-up jumbo CD, and you have at least $100,000 to open an account.

Credit One Bank is largely an online bank, so it only has one physical branch location in Las Vegas. If you'd prefer to bank in-person and you don't live in Las Vegas, Credit One Bank might not be the bank for you.

Term length options: Credit One Bank offers jumbo certificates ranging from 6 months to 5 years. It also offers bump-up jumbo certificates for 2-year and 3-year term lengths.

Consumers Credit Union Jumbo CD

Consumers Credit Union pays competitive rates on jumbo CDs, especially if you're willing to put in the extra money for one of its super jumbo CDs. Consumers makes it easier to become a member than most credit unions do — you just have pay $5 to join the Consumers Cooperative Association, then deposit $5 in a Consumers savings account. Unlike most credit unions, Consumers compounds interest daily, meaning you can earn more money in the long run.

Consumers Credit Union doesn't have any major downfalls, but you might earn a higher rate at another institution, depending on the term length.

Term length options: 91 days to 5 years

Consumers Credit Union Review

Alliant Credit Union Jumbo CD

Alliant Credit Union has a 12-month certificate with a high jumbo CD rate available right now. It also has terms ranging from 3 months to 60 months with good rates. You might like an Alliant Jumbo certificate if you have at least $75,000 to open an account.

Keep in mind credit unions require you to become a member to open an account. Alliant allows you to open a bank account regardless of where you live in the United States. The easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.

Term length options:Alliant offers jumbo certificates ranging from three months to 60 months.

Alliant Credit Union Review

Veridian Credit Union Jumbo CD

Veridian Credit Union offers strong rates for its jumbo CDs, especially for its 6-month CD. It also offers bump-up jumbo CDs, which allow you to raise your rate after opening the CD if the credit union's rates go up. Most jumbo CDs are fixed-rate CDs, so if you're looking for a specialty jumbo CD, Veridian might be a good choice for you.

Since Veridian is a credit union, it has to put limits on who can join. Fortunately, Veridian is easier to join than most credit unions. Anyone can join if they make at least a $5 donation to Habitat for Humanity of Iowa as part of their membership application. If you live or work in specific parts of Iowa, Minnesota, or Nebraska, or if an immediate family member lives or works in those, areas, you can join without donating.

Term length options: Veridian offers jumbo certificates ranging from six months to 41 months. It also offers bump-up jumbo CDs in addition to fixed-rate jumbo CDs.

Veridian Credit Union Review

Connexus Jumbo Certificates

Connexus Credit Union may be a great option if you prioritize banking with a credit union. Connexus offers particularly high CD rates on 1-year and 2-year terms.

Connexus Jumbo Certificates have steep early withdrawal penalties, though. Connexus Credit Union also requires membership. The easiest way to become a member regardless of where you live in the U.S. is to join the Connexus Association by making an initial $5 donation.

Term length options: Jumbo Certificates range from 1 year to 5 years.

Connexus Credit Union Review

USAA Jumbo CD

USAA has a wider range of term lengths than most banks, which makes it easy to find a jumbo CD that fits your needs. USAA CD rates are also good on longer terms.

The other institutions on our list compound interest daily, but USAA only compounds interest monthly. This limits how much you'll earn over the months or years.

Term length options: 30 days to 7 years

USAA Bank Review

Navy Federal Credit Union Standard Certificate

You'll earn the highest rates with a $100,000 minimum. However, Navy Federal CD rates are still high regardless of your account balance. Navy Federal compounds your interest daily like most banks would, unlike many credit unions that compound monthly. Navy Federal also offers terms for up to 7 years, while many banks cap out at 5 years.

You or a family member must have ties to the military for you to become a member of Navy Federal. Or you can join by living with a Navy Federal member, or by being a Department of Defense civilian personnel or contractor.

Term length options: 3 months to 7 years

Navy Federal Credit Union Review

Jumbo CD Company Trustworthiness and BBB Ratings

We review the ethics of each company, so you can see if a specific financial institution aligns with your values.

We include the settlement history of the last 3 years so you're aware of any recent public controversies involving the bank.

We've also compared each company's Better Business Bureauscore. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company's score:

State Bank of Texas received anNR ("No Rating") gradefrom the BBB because there isn't sufficient information to rate the business yet.

Consumers has an NR ratingbecause complaints are being handled by another BBB.

Navy Federal Credit Union has an NR ("No Rating) grade from the BBB because it is responding to previously closed complaints.

None of these banks have been involved in any recent scandals.

What Drives the Best Jumbo CD Rates

Market and Economic Conditions

Ultimately, every bank and credit union has to respond to market fluctuations when setting rates.

The best way to predict market changes is to watch for when the next Fed meeting is. The Fed is the central banking system of the U.S., and it meets several times throughout the year to decide on rate changes. Generally, when the Fed announces a rate change, other banks and credit unions follow suit.

Large Deposit Amounts

Large deposit amounts, like those you need for jumbo CDs, let banks pay out slightly higher interest rates than they would otherwise. The best banks for jumbo CDs might even offer super jumbo CDs, which require an even higher minimum opening deposit, but pay out a higher interest rate in exchange.

Competition Between Financial Institutions

Banks and credit unions will generally pay attention to what other banks and credit unions are doing when setting their rates. If the best 5-year jumbo CD rates rise, then it's likely that other financial institutions will raise their rates as well to stay competitive. And if 1-year CD rates fall, then financial institutions can safely lower their rates while still getting customers.

Should You Invest in a Jumbo CD?

Jumbo CDs might be a good choice for you if you have a lot of money you'd like to put in a CD, especially if you have more than $250,000 and you choose a CD that offers extended insurance past the standard FDIC or NCUA maximums. However, it's important to keep in mind that you can find good CD rates with regular CDs, too. For example, there are CDs in our best 3-month CD rates guide that have higher rates than the jumbo CDs we have listed here.

Jumbo CD FAQs

Why You Should Trust Us: Experts' Advice on Choosing the Best Jumbo CD

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts to use for your money.

Here's what they had to say about CDs. (Some text may be lightly edited for clarity.)

What makes a jumbo CD good or not good?

Sophia Acevedo, banking editor, Business Insider:

"The main benefit of a jumbo CD is that it can sometimes offer a higher interest rate than a regular one because you're making a substantial initial deposit. However, if a bank pays the same interest rate regardless of how much money you deposit upfront, I would probably consider another financial institution or put my money in another type of account."

How should someone choose a CD term length?

Roger Ma, certified financial planner withlifelaidout®and author of"Work Your Money, Not Your Life":

"I would think about when you need the money and then compare that with what the prevailing CD rates are, and then what makes sense from a financial perspective, but also from your own personal timing perspective."

Mykail James, CFEI:

"I believe in having a plan for whatever the funds are. If it's supposed to be a house fund, and you want to wait for another two years to buy a house, that's what you should be thinking of when you want to have this money."

How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?

Tania Brown, certified financial planner and vice president of coaching strategy atOfColor:

"So I guess we'll start off with how much money you want to put in and the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."

Sophia Acevedo, Business Insider:

"Generally, I think a high-yield savings account or money market account could be good options for an emergency fund or short-term savings goals. A high-yield savings account offers a higher interest rate than traditional savings accounts at brick-and-mortar banks. Meanwhile, money market accounts might be worth considering if you want more account accessibility — several offer paper checks, ATM cards, or debit cards. CDs could be worthwhile if you don't need access to some of your money, since they have a fixed interest rate for a specific term."

Our Methodology: How We Chose the Best Jumbo CDs

At Business Insider, we aim to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY (Annual Percentage Yield), for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various CDs so you don't have to.

We reviewed financial institutions to find banks that offered no-penalty CDs. For each account, we use our CD methodology to compare the minimum opening deposits, early withdrawal penalties, and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, and ethics.