Investing big: a guide to the best jumbo CDs on the market
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Katherine Haan is a former financial advisor turned small business coach. Katherine holds an MBA, and is a former staff writer for Fit Small Business. She is a regular contributor to Forbes and maintains a popular lifestyle and travel blog.
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Cassie is the business and banking editor at Fortune Recommends. She obtained her degree from Northern Kentucky University and is a certified SCRUM master. Prior to joining the team at Fortune Recommends, Cassie was a deputy editor at Forbes Advisor and a Central Operations Project Manager at Fit Small Business.
For high-net-worth savers, jumbo CDs offer better CD rates in exchange for bigger balances. They typically offer higher annual percentage yields (APYs) for those who are ready to commit a minimum deposit of $100,000 or more. Like other certificates of deposit, they are insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA).
Fortune RecommendsTM has partnered with Curinos to examine over 20,000 data points and bring you the jumbo CD rates with the highest APYs available on the market today.
The best jumbo CD rates of July 2024*
*Rates are updated daily, but are subject to change.
Best jumbo CDs: Editors’ picks
Newtek Bank
APY: | 5.58% |
Term length: | 2 years |
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Why we picked it
Good for depositors who are comfortable tying their money up for two years for the potential of a higher variable return will appreciate Newtek Bank’s CD at 5.58% APY. It earns 10% more than the treasury rate.
The minimum deposit required on Newtek’s jumbo CDs is $50,000, and the maximum is $220,000.
Learn more: Read our Newtek Bank review
My eBank
APY: | Up to 5.51% |
Term length: | 6–36 months |
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Why we picked it
My eBanc’s Jumbo CDs offer generous APYs with no monthly service fees. Interest is compounded daily, and it may be received in the form of a check or transfer or can be redeposited upon renewal. My eBanc’s CDs renew automatically at maturity, so be sure to set a reminder if you have a specific plan for your money once it reaches maturity. There’s a minimum of $50,000 to open a jumbo CD with My eBanc.
CIBC
APY: | 5.36% |
Term length: | 12 months |
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Why we picked it
Good for those who enjoy the flexibility of digital banking, CIBC's 12-month jumbo CD is exclusive to its online customers. In return, you'll get a competitive 5.36% APY with the convenience of internet banking with a large, global bank with a century-and-a-half of history.
Learn more: Read our CIBC Agility review
Alliant Credit Union
APY: | Up to 5.10% |
Term length: | 3–60 months |
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Why we picked it
While many jumbo CDs require a $100,000 minimum to open, Alliant Credit Union lets you start with $75,000. Alliant also offers a wide array of term lengths, all with APYs over 4%. They also allow a “dividend withdrawals” option if you want to get an interest payment each month instead of leaving the earnings in the account for the length of the CD (though this would reduce your earnings, as the interest wouldn’t compound).
Learn more: Read our Alliant Credit Union review
Chase Bank
APY: | Up to 4.75% |
Term length: | 2 months–10 years |
![](https://cdn.statically.io/img/fortune.com/img-assets/wp-content/uploads/2024/04/Fortune_Recommends_Chase_Logo.png?w=1440&q=75)
Why we picked it
Chase Bank’s tiered CD rates give the best APYs to those able to deposit $100,000 or more, but they also have solid rates at the $50k and $25k levels for those not quite ready for a jumbo CD.
Learn more: Read our Chase Bank review
What is a jumbo CD?
A jumbo CD is a type of CD that typically requires a larger initial investment, often $100,000 or more. The main attraction of jumbo CDs is their potential for higher interest rates compared to standard CDs, making them a preferred choice for investors with substantial funds to deposit.
Jumbo CDs vs. standard CDs
When comparing jumbo CDs to standard CDs, the key differences lie in the minimum deposit requirements and the interest rates offered. Standard CDs usually have lower minimum deposit thresholds, accessible to a wider range of savers, but with correspondingly lower interest rates. In contrast, jumbo CDs, with their higher deposit requirements, often reward investors with more favorable interest rates, thus potentially leading to greater earnings over the term of the CD.
How to choose a jumbo CD
When choosing a jumbo CD, consider the following aspects:
- Interest rates: Compare the rates offered by different financial institutions. Higher rates can significantly impact your return on investment.
- Term lengths: Jumbo CDs come in various term lengths. Align the term with your financial goals and liquidity needs.
- Penalties: Understand the penalties for early withdrawal. These can vary and may impact your decision if early access to funds is a possibility.
- Minimum deposit requirements: Ensure that you can meet the higher minimum deposit requirements typical of jumbo CDs.
- Institutional stability: Consider the stability and reputation of the financial institution. This is important, especially for large investments.
Top Jumbo CDs by state
Below, we focus on the top jumbo CDs available in some of the largest states across the country. It's important to note that this is not an exhaustive list but a curated selection from major states.
As you explore the options, consider how each aligns with your investment goals and financial strategy. Keep in mind that rates and terms can vary significantly between institutions, so it's worth exploring each option in detail. Rates for each state are updated weekly on Wednesdays.
California
Florida
New Jersey
New York
Texas
Our methodology
Our methodology for selecting the top jumbo CDs involved leveraging data from Curinos, which provided a comprehensive analysis using over 20,000 data points from hundreds of financial institutions. It's important to note that our list isn't exhaustive but focuses on jumbo CDs with the best-ranked APYs based on this extensive data.
Editors’ picks were chosen based on a more holistic approach, taking into account the number of CD products the bank offers, the minimum deposit amount, the minimum required to earn the APY, and the early withdrawal penalty.
Dig deeper: learn more about our banking methodology.
Frequently asked questions
What are the benefits of a jumbo CD compared to a standard CD?
Jumbo CDs typically offer higher interest rates because of their larger deposit requirements, making them more suitable for investors with substantial funds seeking greater returns.
How does the term length of a jumbo CD affect its interest rate?
Longer-term lengths on jumbo CDs usually come with higher interest rates, rewarding investors for committing their funds for an extended period.
Can I withdraw money early from a jumbo CD without a penalty?
Early withdrawal from a jumbo CD often incurs penalties, which can vary by institution.
What should I consider before investing in a jumbo CD?
Consider factors like the financial institution's stability, CD term length, interest rate, penalty for early withdrawal, and how the investment fits into your broader financial plan.
How does FDIC or NCUA insurance apply to jumbo CDs?
FDIC and NCUA insurance typically covers up to $250,000 per depositor, per institution, ensuring that jumbo CD investments are protected up to this limit.
About the contributors
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.