The 9 Best Jumbo CD Rates of 2020

Have a lump sum of cash? Put it in a CD for a greater return

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Do you have a hefty amount of cash saved and you want to get some extra return with low risk?

You may want to consider placing your money in a Jumbo CD. These certificates of deposits are available at many banks, and in exchange for a sizable deposit, banks will offer a higher-than-usual interest rate Typically, banks will offer higher rates on Jumbo CDs if you are able to deposit more than $100,000. However, there are some banks that offer CDs with low minimums and rates that exceed even the most generous Jumbo CDs. (This is especially true for online banks.)

Keep in mind that if you do plan to deposit a large sum, only $250,000 is FDIC-insured. In fact, many banks have restrictions on holding more cash than that in a CD.

Remember that with certificates of deposits, you will be charged a penalty for withdrawing money before the end of the selected term. So if you place $100,000 in a five-year CD, be sure it’s not cash that you anticipate needing during that time period.

There are some pros and cons when it comes to opening a CD with a large sum. It’s great to take advantage of higher interest rates if they are offered, and CDs can provide safe and guaranteed returns. But locking up $100,000 or more in a CD prevents you from using that money or placing it in a vehicle (such as the bond or stock markets) that may offer a more generous return. That’s something to consider especially since interest rates are still historically on the low side.

With that said, here’s a look at the banks with the best Jumbo CD rates, plus a handful of other banks with relatively high rates on regular CDs.

Highest Overall CD Rates: Connexus Credit Union

Connexus offers rates that are nearly double the national average, particularly for longer-term CDs. A one-year CD from the Wausau, Wisconsin-based bank offers a 2.20 percent APY, and rates rise to as high as 2.60 percent for a 60-month term.

That’s more than $20,000 in interest earnings over five years if you deposit $100,000. And you don’t have to deposit large amounts to get these high yields because a $5,000 minimum deposit is all that’s required.

Connexus is a bank that offers checking and savings accounts, but there is no requirement to connect one of those accounts to open a CD.

Membership in Connexus is automatic for anyone living in certain communities of Minnesota, Wisconsin and Ohio, but anyone can join for a $5 donation to the Connexus Association, which offers educational scholarships, financial education resources, and grants to promote financial literacy. 

Most Jumbo CD Term Options: M.Y. Safra Bank

This family-owned New York bank offers Jumbo CD rates with terms as short as 30 days and as long as 84 months. Few banks have as many different term options as M.Y. Safra.

A $100,000 minimum deposit can earn you an APY of one percent on the short end and 3.00 percent on the long end. The APY assumes monthly compounding. Jumbo rates are generally about 0.05 percent higher than the M.Y. Safra classic CDs. That may not seem like much, but it’s as much as $350 in extra passive income.

Best Jumbo Bonuses: First Financial Northwest Bank

With First Financial Northwest, the more you deposit, the higher interest rate you get. On six-month CDs, APY begins at 0.40 percent for deposits of $1,000 to $5,000, but rise to 0.90 percent for deposits of $100,000. For 60-month CDs, a $1,000 to $5,000 deposit earns 1.50 percent, while a $100,000 deposit earns 2.00 percent. There are similar spreads on nine-month, 12-month, 24-month, 36-month, and 48-month CDs.

First Financial offers daily compounding for terms under 12 months, and quarterly compounding for longer terms. CDs with an 18-month term are eligible for an “add-on” feature allowing for additional money to be deposited.

CD funds will roll over upon maturity, but you have 10 days to withdraw funds without penalty. Any other early withdrawals are subject to penalties. Those penalties include 90 days’ simple interest for terms of a year or less, 180 days for terms of one to four years, and 365 days interest for terms longer than four years.

First Financial Northwest also has an IRA option for CDs with a $15 annual account fee per plan. 

Best Set of Perks: My eBanc

With My eBanc, rates on Jumbo CDs are generally 0.1 percent higher than with smaller ones, and if you open an eRelationship savings account with My eBanc, you can get an additional 0.05 percent on CDs.

This division of BAC Florida Bank refers to CDs as “Time Deposits.” It has competitive Jumbo CD rates with terms ranging from six months to three years. A minimum opening balance of $5,000 will let you access rates of 2.25 percent for six months; 2.35 percent for 12 months, 2.30 percent for 18 months; 2.35 percent for 24 months; and 2.35 percent for 36 months. 

Interest is compounded daily, so you can maximize your earnings, and there are no maintenance fees. It’s possible to check balances online and through a mobile app for free.

Best CD Rates From a Small Bank: KS State Bank

The former Kansas State Bank of Manhattan has a series of Internet-only specials for Jumbo CDs, including a 2.17 percent APY for a one-year term, 2.20 for a two-year CD, 2.23 percent for a three-year CD, a four-year CD at 2.35 percent, and a five-year CD for 2.4 percent. You don’t need to be a Kansas resident to ​bank at KS State Bank. ​​​

If rates go up when your money is tied up in a CD, KS State Bank offers a “Jump Up” option to allow you to take advantage of the new rate. (Jump Up can only be requested once during a term.)

These CDs must be opened online and aren’t available for individual retirement accounts.

Best CD Rates From a Large Bank: Citizens Access

Citizens, an online division of Citizens Bank, has made a name for itself as having higher-than-average interest rates, and it indeed has some of the best CD rates of any kind around. The bank offers a 2.70 percent APY on a five-year CD with just a $5,000 minimum deposit. That means a $100,000 deposit will earn you $16,774 over five years. Not bad.

Even shorter term CDs of six months offer a very competitive APY of 2.00 percent. Citizens allows customers to direct interest payments to the principal of the CD or to a linked account.

CDs with Citizens will automatically renew at the existing rate unless you direct the bank otherwise.

For more information, check out our full review of Citizens Bank.

Best Rates With Just $500 Deposit: Georgia Banking Company

GBC doesn’t currently offer separate Jumbo CD rates, but its traditional CD rates are some of the best in the country. For ​a minimum deposit of $100, a 90-day certificate starts at 1.00 percent APY, and rates rise as high as 2.75 percent with a five-year certificate.

GBC charges no setup or maintenance fees and allows CDs in Individual Retirement Accountslonger-term money can grow in a tax-advantaged way. However, there is a three-month interest penalty if you withdraw funds early on any CD with a term shorter than a year. Early withdrawals from longer-term CDs carry a six-month interest penalty. So it’s worth thinking twice before pulling money out early.

Best Rate With $1,000 Deposit: ableBanking

This online division of Northeast Bank does not offer Jumbo CDs, but its regular CD rates are among the most competitive in the nation.

You can get 2.10 percent APY from a six-month CD. A one-year CD has an APY of 2.30 percent, a two-year CD comes in at 2.35 percent, and the APY on a three-year CD is 2.45 percent. Rates top out with an APR of 2.60 percent from a four-year CD. There is a $1,000 minimum deposit required but a limit of $240,000 in account balances. CDs are not available as Individual Retirement Accounts.

AbleBanking will make a donation to the charity of your choice if you become a customer. 

Best Online Bank: CIT Bank

If you can deposit $1,000 to start, CIT offers a 1.45 percent APY for a two-year CD, and up to 1.75 percent for a five-year term. That’s an extra 0.05 percent above a CD with a lower minimum deposit.

CIT Bank does not penalize customers for early withdrawals. You may take out the total balance and interest earned without penalty as soon as seven days after you open the CDs. Few banks offer as much flexibility in this regard.

For more information, check out our full review of CIT Bank.