Best Jumbo CD Rates for April 2024
Written by
Dawn Allcot
Edited by
Melanie Grafil
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Certificates of deposit, often called “share certificates” at credit unions, offer 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.
What Are Current Jumbo CD Rates?
With interest rates rising, some jumbo CDs — CDs that require very high opening deposits, often $100,000 — offer interest rates at over 5%. Here are some of the highest-yield jumbo CDs available now.
| Bank | Terms | APY |
|---|---|---|
| Alliant Credit Union | 3-60 months | for a 12-month term |
| Air Force Federal Credit Union | 6 months-7 years | for a 12-month term |
| Navy Federal Credit Union | 3 months-7 years | for a 12-month term |
| Credit One Bank | 6-60 months | for a 12-month term |
| Discover® Bank, Member FDIC | 3 months-10 years | for a 12-month term |
| Luana Savings Bank | 3 months-8 years | for an 18-month term |
| All In Credit Union | 3-60 months | for a 12-month term |
Alliant Credit Union
Alliant Credit Union has a selection of jumbo CDs with terms from three to 60 months. The 12-month jumbo certificate has a APY and requires a $75,000 minimum deposit. The 18-month jumbo certificate offers an APY of . The remaining jumbo CDs fall below 5.00% APY.
Alliant is one of the largest credit unions in the U.S. and is entirely digital with no brick-and-mortar branches.
Air Force Federal Credit Union
Air Force Federal Credit Union currently offers a 12-month jumbo CD with an APY of . Savers can earn APY with an 18-month jumbo certificate. A 24-month jumbo certificate at AFFCU right now pays APY. The longer terms offer rates of 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 is not exclusive to Air Force personnel. If you don’t meet qualifications based on where you live or work or as a United States service member or veteran, you can make a one-time donation to the Dream Educational Foundation or the Airman Heritage Foundation to become an AFFCU member.
Navy Federal Credit Union
Navy Federal Credit Union has share certificates with APYs as high as , 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 APY or 18 months with an APY of . A 24-month certificate offers a APY.
All of the Navy Federal Credit Union CD rates mentioned require a minimum $100,000 deposit.
Credit One Bank
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.
Discover
Discover doesn’t advertise “jumbo CD” products, but if you use its CD calculator and enter $100,000 for an 18-month CD, you will find out it offers a APY. A 12-month CD with a $100,000 deposit is available with a APY. The lowest rate available is for the three-month term, at APY.
Discover may be best known for top-rated rewards credit cards, but the financial services company also offers checking, savings and retirement accounts, including CDs with minimum deposits starting at $2,500.
Luana Savings Bank
Luana Savings Bank offers jumbo CDs with interest rates as high as for 18 months. The 30-month CDs have an APY of up to . Interest rates on other jumbo CDs, with a minimum deposit of $100,000, start at APY for an eight-year CD.
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
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.
How To Join All In Credit Union
You’ll have 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?
Alliant Credit Union offers one of the highest rates for a 12-month jumbo CD. But the reality is that jumbo CD rates fluctuate on a regular basis. If it is 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
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 March 2024 for a $100,000 CD is from Alliant Credit Union. It offers an APY of 5.20% on 12-month jumbo CDs, which require a minimum deposit of $75,000.
- 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 February 2024 are offered by Alliant Credit Union at 5.20% APY for a 12-month term and All In Credit Union with a 4.80% APY for six months.
- Where can I get 5% interest on my money?
- If you have more than $100,000 to invest, you can earn 5% interest or more by opening a jumbo CD or certificate at a bank or credit union. Alliant, All In Credit Union and Credit One Bank offer rates of 5% or more for jumbo CDs.
- What is the highest 12-month jumbo CD rate?
- One of the highest rates on a 12-month jumbo CD is 5.20% APY at Alliant Credit Union. Credit One Bank comes close to this rate with a 5.35% APY.
- 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
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 Mar. 28, 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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