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Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

If you’re looking for a safe place to park significant savings, a jumbo CD can be a good choice. Most jumbo CDs require a minimum deposit of at least $100,000 and offer high rates in return for depositing a big chunk of cash.

It’s worth noting, however, that nowadays you can find a similarly high CD rate with a much lower minimum deposit ask, or none at all. As rates change soon, keep an eye out for how jumbo CD rates compare to standard CD accounts.

CNBC Select compared dozens of accounts to determine which jumbo CDs are best. Our top picks offer competitive APYs and all are FDIC- or NCUA-insured. (See our methodology for more information on how we chose the best jumbo CD accounts.)

Compare CD rates

Best for a three-month jumbo CD

Luana Savings Bank CDs

Luana Savings Bank is a Member FDIC.

  • Annual Percentage Yield (APY)

  • Terms

  • Minimum balance

    $500 minimum deposit for Kid’s CD; $2,000 minimum deposit for other CDs; $100,000 minimum deposit for jumbo CDs

  • Monthly fee

  • Early withdrawal penalty fee

    The early withdrawal penalty equals the interest of half of the CD term (i.e., a 48-month CD will have an early withdrawal penalty of 24 months of interest)

Pros

  • Above-average APYs
  • A higher deposit can increase savings APY
  • Range of CD terms
  • No monthly fee
  • Offers jumbo CDs, Kid’s CD

Cons

  • $500, $2,000 or $100,000 minimum deposit
  • You can’t access your money before your CD term ends
  • Early withdrawal penalty fee will apply
  • Only physical branch locations in Northeast and Central Iowa

Best for a six-month jumbo CD

My eBanc™ CDs

My eBanc™ is a division of Bradesco Bank ® , a Member FDIC.

  • Annual Percentage Yield (APY)

  • Terms

    From 6 months to 36 months

  • Minimum balance

    $5,000 minimum deposit for online CDs; $10,000 minimum deposit for flex CDs; $50,000 minimum deposit for jumbo CDs

  • Monthly fee

  • Early withdrawal penalty fee

    Penalty is applicable for early withdrawal; flex CDs allow two withdrawals without penalty

Pros

  • Above-average APYs
  • A higher deposit can increase savings APY
  • Range of CD terms
  • No monthly fee
  • Offers jumbo CDs, flex CDs

Cons

  • $5,000, $10,000 or $50,000 minimum deposit
  • You can’t access your money before your CD term ends
  • Early withdrawal penalty fee will apply (except for two withdrawals on flex CDs)
  • No physical branch locations since online-only bank

Best for a one-year jumbo CD

Credit One Bank CDs

Credit One Bank is a Member FDIC.

  • Annual Percentage Yield (APY)

  • Terms

    From 6 months to 60 months

  • Minimum balance

  • Monthly fee

  • Early withdrawal penalty fee

    A penalty may be imposed for early withdrawal

Pros

  • Above-average APYs
  • A higher deposit can increase savings APY
  • Range of CD terms
  • No monthly fee
  • Offers jumbo CDs, bump-up CD
  • 10-day rate guarantee
  • 0.05% Loyalty Rate increase when you renew your CD

Cons

  • $100,000 minimum deposit
  • You can’t access your money before your CD term ends
  • Early withdrawal penalty fee may apply
  • No physical branch locations since online-only bank

Best for an 18-month jumbo CD

My eBanc™ CDs

My eBanc™ is a division of Bradesco Bank ® , a Member FDIC.

  • Annual Percentage Yield (APY)

  • Terms

    From 6 months to 36 months

  • Minimum balance

    $5,000 minimum deposit for online CDs; $10,000 minimum deposit for flex CDs; $50,000 minimum deposit for jumbo CDs

  • Monthly fee

  • Early withdrawal penalty fee

    Penalty is applicable for early withdrawal; flex CDs allow two withdrawals without penalty

Pros

  • Above-average APYs
  • A higher deposit can increase savings APY
  • Range of CD terms
  • No monthly fee
  • Offers jumbo CDs, flex CDs

Cons

  • $5,000, $10,000 or $50,000 minimum deposit
  • You can’t access your money before your CD term ends
  • Early withdrawal penalty fee will apply (except for two withdrawals on flex CDs)
  • No physical branch locations since online-only bank

Best for a five-year jumbo CD

Grow Financial Federal Credit Union CDs

  • Annual Percentage Yield (APY)

  • Terms

    From 6 to 11 months to 60 months

  • Minimum balance

    $500 minimum deposit; $100,000-plus minimum deposit for higher APYs

  • Monthly fee

  • Early withdrawal penalty fee

    A penalty will be imposed for early withdrawals

Pros

  • Above-average APYs
  • A higher deposit can increase savings APY
  • Range of CD terms
  • No monthly fee
  • Membership is available to anyone by opening a Grow Financial Federal Credit Union Basic Savings Account

Cons

  • $500 minimum deposit ($100,000-plus minimum deposit for highest APYs)
  • You can’t access your money before your CD term ends
  • Early withdrawal penalty fee will apply
  • Only physical branch locations throughout West Central Florida and the Columbia/Charleston areas of South Carolina

More on our top jumbo CDs

Luana Savings Bank

Luana Savings Bank is an Iowa-based bank offering a 4.42% APY on its three-month jumbo CD. The minimum deposit requirement is $100,000.

CD terms offered

3 months, 6 months, 12 months, 18 months, 24 months, 30 months, 36 months, 42 months, 48 months, 5 years, 6 years, 7 years, 8 years

Monthly fee

None

Early withdrawal penalty fee

The early withdrawal penalty equals the interest of half of the CD term (i.e., a 48-month CD will have an early withdrawal penalty of 24 months of interest)

[ Return to account summary ]

My eBanc

My eBanc offers 5.30% APY on its six-month jumbo CD and 4.60% APY on its 18-month jumbo CD. The minimum deposit requirement for all jumbo CDs at eBanc is $50,000.

CD terms offered

6 months, 11 months, 12 months, 18 months, 24 months, 36 months

Monthly fee

None

Early withdrawal penalty fee

Penalty is applicable for early withdrawal; flex CDs allow two withdrawals without penalty

[ Return to six-month account summary ]

[ Return to 18-month account summary ]

Credit One Bank

Credit One Bank is a financial services company and credit card issuer. It offers 5.15% APY on its one-year jumbo CD. The minimum deposit requirement is $100,000.

CD terms offered

6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

A penalty may be imposed for early withdrawal

[ Return to account summary ]

Grow Financial Federal Credit Union

Grow Financial Federal Credit Union offers 4.86% APY on its five-year jumbo CD. The minimum deposit requirement is $100,000. Credit union membership is available to anyone by opening a Grow Financial Federal Credit Union Basic Savings Account.

CD terms offered

6 to 11 months, 12 to 17 months, 18 to 23 months, 24 to 29 months, 30 to 35 months, 36 to 47 months, 48 to 59 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

A penalty will be imposed for early withdrawals

[ Return to account summary ]

What’s a jumbo CD?

A certificate of deposit (CD) is a type of deposit account that earns interest. With a CD, you earn a fixed interest rate for a fixed period. CDs come with different terms, such as six months, one year or five years, and you can’t touch your funds in your CD for the entirety of that specified term length unless you pay an early withdrawal penalty fee plus possibly lose out on accrued interest.

The only difference with jumbo CDs is that jumbo CDs require a larger initial investment, typically at least $100,000.

How jumbo CDs work

When you put your money in a CD, you earn a fixed interest rate for a specific amount of time on the money you deposit when you open an account. Term lengths typically range from three months to five years.

While a CD is similar to a savings account, the traditional CD model differs in a couple of important ways:

  1. You can only deposit money into the CD once at the beginning of the term. You can’t make additional contributions over the CD’s term. Jumbo CDs usually have a minimum deposit requirement of at least $100,000.
  2. You can’t access your money before your term ends or you’ll get hit with an early withdrawal penalty. The penalty fees can vary depending on your bank and your CD’s term length, but it’s usually the interest earned or the interest you would have earned, over a certain number of days or months. Generally, the longer the CD term length, the costlier the withdrawal penalty.

Once the CD matures (when the term is over), savers can get their money back, in addition to the interest earned over time, or move the money into a new CD. CD terms usually auto-renew at the rate offered at maturity if you don’t do anything.

One of the reasons you might want to consider a CD over a high-yield savings account is because savings accounts have variable APYs, and with a CD you lock in the rate the day you open the account. This can be good if you open an account when interest rates are high. It’s not so great if you open an account after the Federal Reserve slashes interest rates.

CDs typically don’t come with monthly fees and are federally insured so your money is protected, which makes them one of the safest savings vehicles.

How to choose a jumbo CD

When choosing a jumbo CD, first focus on how long you want to keep your money locked up. Pick a CD based on that length of time and the rate will follow. For example, if you want to save for a down payment on a home in a few years, consider a longer-term CD like a three- or five-year option and then look at what banks offer rate-wise for those specific CD terms. Shorter CD terms, such as three- to six-month CDs, are a good choice for beginners who want to save (and grow) their money for a short-term goal.

How to compare jumbo CDs

When comparing jumbo CDs, make sure you’re looking at CDs with the same term across different banks; this way, you’re comparing “apples-to-apples.” Once you know the CD term you want, you can compare the different interest rates, as well as the minimum deposit requirements and any fees like early withdrawal penalties.

Pros and cons of CDs

Some of the pros and cons of CDs are quite the same, and whether you see something as good or bad depends on other factors. We list what we think below.

Pros of CDs

Cons of CDs

  • Fixed interest rates (a bad thing when rates are low or if rates go up while you’re in the middle of a CD term)
  • Can’t touch CD funds until the term is up (a bad thing if you need that money)
  • Early withdrawal penalty fees may apply
  • Can generally only deposit money into a CD once at the beginning of the term and can’t make additional contributions
  • Usually a minimum deposit requirement, typically $500 and up

FAQs

What qualifies as a jumbo CD?

To qualify as a jumbo CD, the CD must typically require a minimum deposit of around $100,000, in exchange for a higher rate of return.

What is the current jumbo CD rate?

Jumbo CD rates currently fluctuate around 4% to 5% APY.

Is a jumbo CD worth it?

A jumbo CD can be worth it if you have a large amount of savings you want to keep safe (while growing it) for a certain goal, whether that be paying a future tax bill or tuition for college.

What is the best CD rate for $100,000?

Can I put $100,000 in a CD?

You can put $100,000 in what’s typically called a “jumbo CD,” offered by banks and many credit unions.

Why trust CNBC Select?

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every CD review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of savings and banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best jumbo CDs.

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Our methodology

To determine the best jumbo CDs, CNBC Select compared dozens of options offered by online banks and credit unions. We found that many of the best jumbo CD rates are offered by credit unions, but we only considered those credit unions that had membership eligibility open to anyone.

When ranking the top jumbo CDs, we prioritized the ones offering the highest APYs. We then compared jumbo CDs by looking at their minimum deposit requirements, penalties for early withdrawals, ease of use and industry rankings. We ranked our top picks by best for three-month jumbo CD, best for six-month jumbo CD, best for one-year jumbo CD, best for 18-month jumbo CD and best for five-year jumbo CD.

All of the CDs included on this list are FDIC- or NCUA-insured up to $250,000 per person. The rates and fee structures banks advertise for their CD accounts are not guaranteed forever. They are subject to change without notice and they often fluctuate in accordance with the Fed rate. If you open a CD account, however, you’re often locked into that APY offered at account opening for the entire term length.

Your earnings depend on the CD term length, the amount you deposit, the APY offered when you opened the account and any associated fees. Generally, a larger deposit and a higher interest rate will earn you the most money. Any early withdrawals may result in penalty fees that lower your principal balance/earnings.

To open a CD account for the first time at a bank, most banks and institutions require a deposit of new money, meaning you can’t transfer money you already had in an account at that bank.

Catch up on CNBC Select’s in-depth coverage of credit cardsbanking and money, and follow us on TikTokFacebookInstagram and Twitter to stay up to date.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.





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