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5 Best Jumbo CD Rates for 2020

Spencer TierneyFebruary 3, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Summary of Best Jumbo CD Rates for 2020

Bank1-year APY3-year APY5-year APYMinimum DepositLearn More
First Tech Federal Credit Union CD

First Tech Federal Credit Union CD

0.85%

0.95%

1.00%

$50,000

Read review
Navy Federal Credit Union CD

Navy Federal Credit Union CD

1.65%

1.76%

1.80%

$100,000

Read review
Consumers Credit Union CD

Consumers Credit Union CD

0.95%

1.10%

1.25%

$100,000

Read review
State Farm Bank CD

State Farm Bank CD

0.80%

0.95%

0.95%

$100,000

Read review
CIT Bank CD

CIT Bank CD

N/A

1.40%

1.75%

$100,000

Read review

First Tech Federal Credit Union CD

First Tech Federal Credit Union CD

1-year APY

0.85%

With $50000 minimum balance

3-year APY

0.95%

With $50000 minimum balance

5-year APY

1.00%

With $50000 minimum balance

Minimum Balance

$50,000

Member, NCUA


3-year APY

0.95%

With $50000 minimum balance

5-year APY

1.00%

With $50000 minimum balance

Why we like it

Overview: First Tech Federal focuses on serving technology companies and their workers, but it offers membership to anyone nationwide who joins the nonprofit Financial Fitness Association for an $8 fee. Its jumbo rates on share certificates, or credit union CDs, are about 0.10% better than its standard certificate yields, and the minimum opening balance is $50,000.

 

Fees: No monthly or opening fees. Penalties for withdrawing early include six months of interest for one- and two-year certificates and nine months of interest for longer terms.

 

Other products: First Tech has bump-up share certificates, which let you change your rate once from the initial rate to a new one, such as if a higher rate becomes available. It also has checking and savings options.

 

Full list of First Tech jumbo CD rates:

  • 6-month CD: 0.85% APY
  • 1-year CD: 0.85% APY
  • 2-year CD: 0.85% APY
  • 3-year CD: 0.95% APY
  • 5-year CD: 1.00% APY

Read Full Review

Navy Federal Credit Union CD

Navy Federal Credit Union CD

1-year APY

1.65%

With $100000 minimum balance

3-year APY

1.76%

With $100000 minimum balance

5-year APY

1.80%

With $100000 minimum balance

Minimum Balance

$100,000

Member, NCUA


3-year APY

1.76%

With $100000 minimum balance

5-year APY

1.80%

With $100000 minimum balance

Why we like it

Overview: Navy Federal is the largest credit union in the U.S.; to join, you must be affiliated with the military or have family that is. Its jumbo share certificates require $100,000 to open, and their rates are about 0.10% higher than rates on certificates with the lowest minimum required, $1,000.

 

Fees: No monthly or opening fees. The cost of early withdrawals varies by term. For example, you'd pay up to six months in interest for one- to five-year certificates.

 

Other products: Navy Fed has a full suite of accounts: checking, savings, loans and credit cards.

 

List of Navy Fed jumbo CD rates:

  • 3-month CD: 1.15% APY
  • 6-month CD: 1.40% APY
  • 1-year CD: 1.65% APY
  • 18-month CD: 1.65% APY
  • 2-year CD: 1.70% APY
  • 3-year CD: 1.76% APY
  • 4-year CD: 1.80% APY
  • 5-year CD: 1.80% APY
  • 6-year CD: 1.80% APY
  • 7-year CD: 1.80% APY

Read Full Review

Consumers Credit Union CD

Consumers Credit Union CD

1-year APY

0.95%

With $100000 minimum balance

3-year APY

1.10%

With $100000 minimum balance

5-year APY

1.25%

With $100000 minimum balance

Minimum Balance

$100,000

Member, NCUA


3-year APY

1.10%

With $100000 minimum balance

5-year APY

1.25%

With $100000 minimum balance

Why we like it

Overview: Consumers Credit Union, based in Illinois, provides online jumbo certificates with a minimum of $100,000. Its rates are around 0.10% higher than its standard certificates, which only require $250 to open. Anyone can apply to be a member by paying a one-time fee of $5 to the credit union's nonprofit association.

 

Fees: No monthly or opening fees. Early withdrawals have a penalty of two months of interest for one-year certificates and shorter terms; four months of interest for certificates longer than one year.

 

Other products: The credit union offers a rewards checking and savings account.

 

List of Consumers Credit Union jumbo CD rates:

  • 3-month CD: 0.50% APY
  • 6-month CD: 0.85% APY
  • 1-year CD: 0.95% APY
  • 18-month CD: 1.00% APY
  • 2-year CD: 1.10% APY
  • 3-year CD: 1.10% APY
  • 4-year CD: 1.10% APY
  • 5-year CD: 1.25% APY

Read Full Review

State Farm Bank CD

State Farm Bank CD

1-year APY

0.80%

With $100000 minimum balance

3-year APY

0.95%

With $100000 minimum balance

5-year APY

0.95%

With $100000 minimum balance

Minimum Balance

$100,000

Member, FDIC


3-year APY

0.95%

With $100000 minimum balance

5-year APY

0.95%

With $100000 minimum balance

Why we like it

Overview: Known better by its insurance brand, State Farm Bank is an online bank with jumbo CDs. The minimum is $100,000, and the rates for standard and jumbo CDs are the same.

 

Fees: No monthly or opening fees. Early withdrawal penalties vary from three to 18 months of interest, depending on the term.

 

Other products: State Farm also offers checking and savings accounts.

 

List of State Farm Bank jumbo CD rates:

  • 1-year CD: 0.80% APY
  • 2-year CD: 0.80% APY
  • 30-month CD: 0.95% APY
  • 3-year CD: 0.95% APY
  • 4-year CD: 0.95% APY
  • 5-year CD: 0.95% APY

Read Full Review

CIT Bank CD

CIT Bank CD

1-year APY

N/A

3-year APY

1.40%

With $100000 minimum balance

5-year APY

1.75%

With $100000 minimum balance

Minimum Balance

$100,000

Member, FDIC


3-year APY

1.40%

With $100000 minimum balance

5-year APY

1.75%

With $100000 minimum balance

Why we like it

Overview: Online-based CIT Bank offers four jumbo CDs with a minimum of $100,000 to open. Its jumbo rates are 0.05% to 0.10% higher than its regular rates, which only require $1,000 to open. Unlike other banks, CIT doesn't have a 1-year jumbo CD.

 

Fees: No monthly or opening fees. Withdrawing early costs six to 12 months of interest, depending on the term. CIT also has an 11-month no-penalty CD. (Learn more about no-penalty CDs.)

 

Other products: Its savings account has an impressive rate. CIT doesn't offer checking accounts.

 

Full list of CIT Bank jumbo CD rates:

  • 2-year CD: 1.45% APY
  • 3-year CD: 1.40% APY
  • 4-year CD: 1.60% APY
  • 5-year CD: 1.75% APY

Read Full Review

Last updated on February 3, 2020

Methodology

We featured easy-to-join financial institutions that we've reviewed with the highest CD rates available and that require an opening minimum from $50,000 to $100,000. Higher rates might be available elsewhere.

To recap our selections...

NerdWallet's Best Jumbo CD Rates for 2020

Frequently asked questions

A jumbo CD is a certificate of deposit that traditionally requires a minimum deposit of $100,000. Some banks and credit unions offer jumbo CDs with lower minimums, such as $50,000. But for most people, regular CDs tend to be a better option: There’s no steep deposit requirement, and rates can be as good as or higher than jumbo CD rates.

Apart from minimums, regular and jumbo CDs are similar. They both keep money locked up for a fixed period, usually from three months to five years. In return for sacrificing access to your funds, you earn an interest rate that is usually higher than that of a regular savings account.

» See this month's best jumbo CD rates

Typically, not by much. Current rates on jumbo CDs tend to be around 0.05% to 0.10% higher than regular CDs, while the difference between their minimum deposit requirements is huge. Jumbo CDs usually require $100,000, while regular CDs can have higher rates and a minimum deposit requirement of $500 or $5,000. Or even no minimum, especially at some online banks such as Barclays and Capital One 360.

CDs give some of the highest returns for deposit accounts, and they tend to work best for specific short-term goals, such as saving for a wedding or down payment for a home a few years down the road. (To help save for goals, look at the best five-year CD rates this month.)

But the federal deposit insurance limit for a bank account is $250,000. If you want the assurance that you will get all your money back if your bank or credit union fails, it’s best to keep your deposit, and the expected interest amount you’ll earn, at or below that limit. To make sure your money is protected, you can also open a joint account, which insures $250,000 per co-owner, or consider multiple CDs from different banks.

If you have enough savings for a jumbo CD, compare rates across both jumbo and regular CDs. In general, bigger CD minimums don’t mean higher rates.