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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. But some regular CDs pay even higher rates than jumbo CDs right now, so shop around before making your choice.

Jumbo CDs aren’t common, and ones that pay high interest rates are even less common. Business Insider’s personal finance team reviewed many financial institutions to find the best banks for jumbo CDs.

If you’re also interested in other types of CDs, check out our overall best CD rates guide.

Best Jumbo CD Rates for October 2024

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.

Lafayette Federal Credit Union Fixed-Rate Jumbo Certificate

Lafayette Federal Credit Union is a credit union that anyone can join. There are several ways to become a member of Lafayette Federal Credit Union, but the easiest is to become a member of the Home Ownership Financial Literacy Council. All members of that council can become members of Lafayette, no matter where they live.

Lafayette’s early withdrawal penalties are on the high end. If you think there’s a chance you’ll need to withdraw your money before the end of the term length, you might want to go with another financial institution.

Term length options: 1 year to 5 years

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

Credit One Bank Jumbo CD

Credit One Bank’s 12-month rate for its jumbo CD is particularly strong, and its 6-month jumbo CD also offers a good rate,too. 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.

Quorum Federal Credit Union Term Savings

Like all credit unions, you’ll need to meet certain qualifications to join. Luckily, Quorum makes it easier than many. You can join the American Consumer Council for free during your application to Quorum to become a member. There are also other ways to join, such as being a family member of a preexisting member, being an employee with specific employers, and being a member of the Select Savers Club.

Quorum compounds your interest monthly instead of weekly or daily. Since this is a jumbo CD, that could make a big difference on how much you earn.

Term Length Options: 11 months to 5 years

Quorum Federal Credit Union Review

Veridian Credit Union Jumbo CD

Veridian Credit Union offers strong rates for its jumbo CDs. 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

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 U.S. 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

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

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

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 three years so you’re aware of any recent public controversies involving the bank.

We’ve also compared each company’s Better Business Bureau score. 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:

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

In 2024, Alliant settled a class-action lawsuit, agreeing to pay $86,750 to the lawsuit’s members. The lawsuit says that Alliant denied services to DACA recipients and other immigrants because of their citizenship status rather than their creditworthiness. By settling, Alliant does not admit wrongdoing.

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?

Are jumbo CDs worth it? It depends on how much you’d like to deposit into an account and your risk tolerance. 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.

When you’re considering opening a CD at a particular financial institution, make sure that you qualify. For example, credit unions have membership requirements. That said, there is still a wide range of banking opportunities available, so if you’re unbanked know that you still have options even if you don’t qualify at one specific place. 

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.

BI

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, CFP® professional 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, CFP® professional and vice president of coaching strategy at OfColor:

“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 compared 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.

See our bank account rating methodology to learn more about how we rate bank accounts.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider’s banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider’s 2024 series “My Financial Life,” which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia’s expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Kit Pulliam

Banking reporter

Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Life series with Business Insider.ExpertiseTheir expertise includes:

• Certificates of deposit
• Savings accounts
• Checking accounts
• CD rates
• Bank reviews

EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.

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Evelyn He

Compliance and Operations Associate