Best Jumbo CD Rates for October 2024
Written by
Dawn Allcot
Edited by
Melanie Grafil
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A certificate of deposit, or CD, often offers higher interest rates than most savings accounts. If you are willing to keep your money tied up for a while — anywhere from three months to five years or more — you can earn more interest than a conventional savings account with none of the risks associated with stocks, cryptocurrency or other investments.
Whether you are looking for a shorter term or just want to take steps to achieve your savings goals in the long run, this type of deposit account is worth considering.
What Are Current Jumbo CD Rates?
Some jumbo CDs — CDs that require higher opening deposits, often $100,000 — offer interest rates at or over 4.50%.
With annual percentage yields, or APYs, like this, it’s easy to sit back and watch your money grow. Keep in mind, unlike savings or checking accounts or money market accounts, a CD doesn’t allow you to access your funds before the CD matures otherwise, you could risk paying an early withdrawal penalty if you try to take out money before the maturity date.
| Bank | Terms | Minimum Deposit | APY |
|---|---|---|---|
| Alliant Credit Union | 3-60 months | $75,000 | for a 12-month term |
| Soarion Credit Union | 6 months-7 years | $100,000 | for a 12-month term |
| Navy Federal Credit Union | 3 months-7 years | $100,000 | for a 12-month term |
| Credit One Bank | 6-60 months | $100,000 | for a 12-month term |
| Luana Savings Bank | 3 months-8 years | $100,000 | for a 12-month term |
| All In Credit Union | 3-60 months | $100,000 | for a 12-month term |
Alliant Credit Union | APY: | Minimum Deposit: $75,000
Alliant Credit Union has a selection of jumbo CDs with terms from three to 60 months. The 12-month jumbo certificate has a 4.35% APY and requires a $75,000 minimum deposit. The 18-month jumbo certificate offers an APY of 4.05%. The remaining jumbo CDs fall below these great rates.
Alliant is one of the largest credit unions in the U.S. and is entirely digital with no brick-and-mortar branches.
Soarion Credit Union | APY: | Minimum Deposit: $100,000
Soarion Credit Union (formerly Air Force Federal Credit Union) currently offers a 12-month jumbo CD with an APY of 4.00%. Savers can earn 3.80% APY with an 18-month jumbo certificate. A 24-month jumbo certificate at Soarion Credit Union right now pays 3.75% APY. The longer terms offer rates of 4.15% and lower. The minimum deposit for these jumbo certificates is $100,000.
In spite of the name of the credit union, it’s surprisingly easy to become a member — it’s not exclusive to military personnel. Membership is open to those in the San Antonio and Del Rio, Texas, as well as in the Mississippi counties of Clay, Lowndes and Okitebbeha if you either live, work, go to school or worship in any of these regions.
Thanks!
Navy Federal Credit Union | APY: | Minimum Deposit: $100,000
Navy Federal Credit Union has share certificates with APYs as high as 4.35%, which is the rate for a 12-month jumbo certificate. You can also get a short-term jumbo certificate for just three months with a 2.20% APY or 18 months with an APY of 4.10%. A 24-month certificate offers a 4.05% APY.
All of the Navy Federal Credit Union CD rates mentioned require a minimum $100,000 deposit.
Credit One Bank | APY: | Minimum Deposit: $100,000
Credit One Bank is one of the nation’s fastest-growing issuers of credit cards, plus it offers CDs — but it’s not a full-service bank.
Credit One Bank’s 12-month jumbo CD offers an APY of . The 18-month jumbo CD offers a APY, and even the minimum term of six months offers a competitive rate of . The lowest rate offered is , which is tied to a term length of 60 months.
Luana Savings Bank | APY: | Minimum Deposit: $100,000
Luana Savings Bank offers jumbo CDs with interest rates as high as 4.60% for 12 months. The 30-month CDs have an APY of up to 4.14%.
Luana Savings Bank is the 11th-largest bank in Iowa, with more than $2 billion in assets. Providing personalized, localized service at six branches in northeast and central Iowa, the bank also accepts online account applications.
All In Credit Union | APY: | Minimum Deposit: $100,000
All In Credit Union’s jumbo CD requires a minimum deposit of $100,000. The APYs range from APY for a 60-month CD to for a 12-month CD.
The credit union is backed by the National Credit Union Administration. This seal of security means that your funds are insured for up to $250,000.
There are multiple ways to join this credit union. You can be an active duty military, civilian or retiree attached to Fort Novosel or the U.S. Coast Guard Aviation Training Center in Mobile. You can also join the credit union if you are a member of the Fort Novosel-Wiregrass Chapter of the Association of the United States Army.
It’s also available to those who live, work, worship or attend school in select areas of Alabama, Florida, Georgia and Mississippi.
All relatives of current All In Credit Union members can join. And employees of over 800 different businesses and organizations qualify to join. If you aren’t sure if you qualify, give the credit union a call.
What Is the Highest 12-Month Jumbo CD Rate?
Navy Federal Credit Union and Credit One Bank offer some of the highest rates for 12-month jumbo CDs. But the reality is that jumbo CD rates fluctuate on a regular basis. If it’s time for you to open a CD, shopping around for a few minutes can help you tap into the best available rate for your situation.
What Are Jumbo CDs?
A jumbo CD is a high-yield savings vehicle, typically for amounts greater than $100,000, although some jumbo CDs accept deposits of $50,000.
CDs are backed by the Federal Deposit Insurance Corp., while certificates in credit unions are backed by the National Credit Union Administration.
Depending on your needs and goals, a CD may be a better place to keep your money than a regular checking or savings account. For one thing, with early withdrawal penalties on many CDs, you won’t be as tempted to dip into your savings. That makes CDs perfect for saving for events like weddings, vacations or home improvements, with a specific end date in mind.
High earners may prefer CDs as a low-risk investment. If you have $100,000 or more to invest, you’ll want to look at a jumbo CD.
Final Take To GO
A jumbo CD is one of the best types of bank accounts that offers a safe place to park your money for mid- to long-term savings. If you are saving for a down payment on a house, major home renovations or another large purchase, a jumbo CD can help you reach your goals.
FAQ About Jumbo CDs
Here are the answers to some of the most frequently asked questions about jumbo CDs.- What is the best CD rate for $100,000?
- One of the best rates in September 2024 for a $100,000 CD is from Credit One Bank. It offers an APY of 4.85% on 12-month jumbo CDs.
- What is the highest interest rate on a jumbo CD?
- Credit unions right now offer higher interest rates on jumbo certificates than you will find on jumbo CDs at banks. Some of the highest interest rates on jumbo CDs in September 2024 are offered by Alliant Credit Union at 4.85% APY for a 12-month term and All In Credit Union with a 4.80% APY for a 12-month account.
- What is the highest 12-month jumbo CD rate?
- One of the highest rates on a 12-month jumbo CD is 4.85% APY at Credit One Bank.
- Are jumbo CDs worth it?
- Jumbo CDs can be well worth it if you have a substantial amount of cash, such as $100,000, to deposit for at least 12 months. Before opening a CD, it's a good idea to calculate how much interest you would earn from keeping your money in the account.
Compare CD Rates
- Best 3-Month CD Rates
- Best 6-Month CD Rates
- Best 1-Year CD Rates
- Best 5-Year CD Rates
- Best No-Penalty CD Rates
- Best Jumbo CD Rates
- Best No-Penalty CD Rates
- Best CDs With No Minimum Deposit Requirement
- Best CD Accounts
Caitlyn Moorhead, Sarah Sharkey and Cynthia Measom contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 26, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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