The best jumbo CD rates for September 2024.

The APYs listed in this article are accurate as of the time of publication. They may change as the Fed rate fluctuates. CNBC Select will update as new information becomes available.

A jumbo CD can be a suitable option for those seeking a secure location to store substantial savings. These CDs typically require a minimum deposit of $100,000 and provide high interest rates in exchange for depositing a large sum of money.

Jumbo CD rates are typically higher than standard CD rates, but nowadays you can find similar rates with a lower minimum deposit or no deposit at all. Keep an eye on how rates change soon and compare jumbo CD rates to standard CD accounts.

Jumbo CDs are best for competitive APYs and FDIC- or NCUA-insured accounts, as determined by CNBC Select after comparing dozens of accounts. (See our methodology for more information on how we chose the top jumbo CD accounts.)

Compare CD rates

Best for a three-month jumbo CD

Best for a six-month jumbo CD

Best for a one-year jumbo CD

Best for an 18-month jumbo CD

Best for a five-year jumbo CD

Luana Savings Bank

An Iowa-based bank, Luana Savings Bank, provides a 4.42% APY on its three-month jumbo CD with a minimum deposit requirement of $100,000.

CD terms offered

8 years, 7 years, 6 years, 5 years, 4 years, 3 years, 2 years, 1 year, 6 months, 5 months, 4 months, 3 months

Monthly fee

None

Early withdrawal penalty fee

The penalty for early withdrawal from a CD is equivalent to half of the interest earned over the entire term of the CD (e.g., a 48-month CD will result in a penalty of 24 months' worth of interest).

My eBanc

eBanc's six-month jumbo CD has an APY of 5.30%, while its 18-month jumbo CD offers 4.60% APY. The minimum deposit requirement for all jumbo CDs at eBanc is $50,000.

CD terms offered

Six months, eleven months, twelve months, eighteen months, twenty-four months, thirty-six months.

Monthly fee

None

Early withdrawal penalty fee

Penalty is applicable for early withdrawal; flex CDs allow two withdrawals without penalty

Credit One Bank

A financial services company and credit card issuer, Credit One Bank provides a one-year jumbo CD with an APY of 5.15%. The minimum deposit needed is $100,000.

CD terms offered

Six months, twelve months, eighteen months, twenty-four months, thirty-six months, forty-eight months, sixty months.

Monthly fee

None

Early withdrawal penalty fee

A penalty may be imposed for early withdrawal

Grow Financial Federal Credit Union

Anyone can become a member of Grow Financial Federal Credit Union by opening a Basic Savings Account with a minimum deposit of $100,000 and earns 4.86% APY on its five-year jumbo CD.

CD terms offered

12 to 17 months, 18 to 23 months, 24 to 29 months, 30 to 35 months, 36 to 47 months, 48 to 59 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

A penalty will be imposed for early withdrawals

What's a jumbo CD?

A CD is a type of deposit account that provides a fixed interest rate for a set period, with terms ranging from six months to five years. You cannot withdraw your funds during the entire term length without paying an early withdrawal penalty fee and potentially losing out on accrued interest.

Jumbo CDs differ from regular CDs in that they require a substantial initial investment, usually starting at $100,000.

How jumbo CDs work

Opening a CD account involves depositing money and earning a fixed interest rate for a specified period, with term lengths usually ranging from three months to five years.

A CD and a savings account are similar, but the traditional CD model has some key differences.

At the start of the CD's term, you can only deposit money once. Additional contributions are not allowed during the CD's duration. Jumbo CDs typically require a minimum deposit of at least $100,000.
Withdrawing your money before the end of your CD term can result in an early withdrawal penalty, which may be calculated based on the interest earned or the interest you would have earned over a specific period. The penalty fees can vary depending on your bank and the length of your CD term, but generally, longer CDs result in more costly penalties.

When the CD term ends, savers can receive their initial investment plus the interest earned, or they can transfer the funds to a new CD without any action required. CDs automatically renew at the interest rate offered at maturity unless specified otherwise.

An advantage of choosing a CD over a high-yield savings account is that CDs offer a fixed APY, which means you can secure the rate the day you open the account. This can be beneficial if you open an account during a time when interest rates are high. However, if interest rates decrease after you open the account, a CD may not be as advantageous.

CDs are typically not subject to monthly fees and are federally insured, making them a safe savings option.

How to choose a jumbo CD

When selecting a jumbo CD, prioritize the length of time you want to keep your money tied up. Choose a CD based on that time frame, and the interest rate will follow. For instance, if you are saving for a down payment on a home in a few years, opt for a longer-term CD such as a three- or five-year option. Then, compare the interest rates offered by banks for those specific CD terms. On the other hand, shorter CD terms, such as three- to six-month CDs, are suitable for beginners who want to save (and grow) their money for a short-term goal.

How to compare jumbo CDs

To accurately compare jumbo CDs, ensure that you are examining CDs with the same term across various banks. This way, you are comparing "apples-to-apples." After determining the desired CD term, compare the interest rates, minimum deposit requirements, and any associated fees, such as early withdrawal penalties.

Pros and cons of CDs

The advantages and disadvantages of CDs are similar, and your perception of them depends on various factors. Our opinions are presented below.

Pros of CDs

Fixed interest rates (a good thing when rates are high)
You cannot access CD funds until the term expires, which helps prevent overspending.
Different CD types offer various options, including bump-up CDs, no-penalty CDs, add-on CDs, jumbo CDs, and IRA CDs.

Cons of CDs

Low fixed interest rates can be detrimental if they occur during the duration of a CD term.
If you need the money from CD funds, it's a bad thing because you can't touch them until the term is up.
Early withdrawal penalty fees may apply
It is generally not possible to make additional deposits into a CD after the initial deposit has been made at the start of the term.
Usually a minimum deposit requirement, typically $500 and up

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their money. Each CD review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of savings and banking products. At CNBC Select, we maintain the highest journalistic standards and ethics, and we earn a commission from affiliate partners on many offers and links. However, our content is created independently, without any input from our commercial team or external third parties. To learn more about our methodology for selecting the best jumbo CDs, please refer to our website.

Our methodology

We compared numerous jumbo CD options from online banks and credit unions and discovered that many of the top rates are offered by credit unions. However, we only examined credit unions that allow anyone to join.

We ranked our top jumbo CD picks based on the highest APYs, minimum deposit requirements, penalties for early withdrawals, ease of use, and industry rankings. Our top picks are best for three-month, six-month, one-year, 18-month, and five-year jumbo CDs.

All CDs on this list are FDIC- or NCUA-insured up to $250,000 per person. The rates and fee structures advertised by banks for their CD accounts are not guaranteed and may change without notice. They often fluctuate based on the Fed rate. When you open a CD account, you are typically locked into the APY offered at account opening for the entire term length.

The amount of money you earn from a CD depends on several factors, including the term length, the initial deposit, the annual percentage rate (APY) offered when you opened the account, and any associated fees. Typically, a larger deposit and a higher interest rate will result in higher earnings. However, if you withdraw your funds early, you may be subject to penalty fees that reduce your principal balance and earnings.

Most banks and institutions mandate a deposit of new funds when opening a CD account for the first time, preventing the transfer of existing funds from an account at that bank.

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