Frequently Asked Questions

• What Is the Advantage of a Jumbo CD?

  In theory, jumbo certificates of deposit offer a higher APY than standard CDs, in exchange for you depositing a larger s💖um with the bank or credit union. So when comparing a regular CD and a jumbo CD at the same institution, the jumbo certificates will usually offer higher yields.

  But often, the rate difference is quite small, su🤡ch as a 5 or 10 basis point rate premium for the jumbo 🎀CD. That may not make it worth stretching to a larger deposit than you like just to score the jumbo rate.

  What matters most of all to the savvy CD shopper is how much the best CDs in the country pay, regardless of institution or CD size. Even if you want to invest a jumbo-sized deposit, you can always put that amount in a standard CD. So it's smartest to choose one of the highest rates for the CD term that best fits your timeline.

• Are Jumbo CDs Safe?

  Investments in jumbo CDs are just as safe as deposits made into regular CDs, or any other account at the bank. That's because FDIC insurance (and 澳洲幸运5官方开奖结果体彩网:NCUA insurance for credit unions) doesn't distinguish the types of deposit products it covers. Its limits are strictly defined by a dollar threshold, which is $250,000 per person and per institution.

  That means coverage can be increased significantly by spreading deposits across accounts held by more than one ꦗperson (like two 💜spouses) or at more than one institution.

  Just be aware if you migh𓆏t approach the $250,000 threshold. If you open two $100,000 CDs at one bank, for instance, but also have another $100,000 in checking and money market accounts at that same institution, $50,000 of your deposits would be unprotected by the FDIC should the bank fail. Whether ꧃the funds are in regular or jumbo CDs will have no bearing on your protection.

• Who Has the Highest-Paying Jumbo CD Right Now?

  The best rate on a jumbo certificate changes regularly, and varies quite a bit by term. Sometimes shorter terms pay higher rates, sometimes you can earn the most in long terms. The key is to shop around for the best rates when you're ready to make a CD deposit. By visiting our rankings above, you can always see the most up-to-date information on who is paying the highest jumbo CD rate in each term. Remember, though, to also compare it to what you can earn with a standard CD, since you can often earn more without limiting yourself to a jumbo certificate.

• What If I Need to Withdraw 🐬Before ꦦMy Jumbo CD Reaches Maturity?

  Whenever you open a CD, the terms of your agreement will include the bank or credit union's policy on how they'll calculate a penalty should you request to withdraw your funds before the CD matures. Most typically, the early withdrawal penalty is defined as a certain number of months of earned interest that's forfeited when you cash out.

  Early withdrawal penalties are typically the same whether the CD is a standard or jumbo CD. However, the penalty cal♊culations across various institutions vary incredibly widely. So be sure to review the penalty policy before siꦡgning on the dotted line, and avoid any CD whose penalty can eat into your original principal.

• What Is♓ the Difference Between Regular♉, Jumbo, and IRA CDs?

  The main difference to consi💯der between regular and jumbo CDs is the rate you can earn. Though ins🐈titutions are, in theory, willing to pay higher yields on larger deposits than smaller ones, this is not always the case, so be sure to shop around.

  As for IRA CDs, these certificates behave in all the same ways as regular or jumbo CDs except that they are tax-sheltered according to the IRS' rules for 澳洲幸运5官方开奖结果体彩网:IRA accounts. They are simply another type of retirement account or vehicle, and they often are used for funds a saver wants to be invested more conservatively than a securities investment offers and with a focus on capital preservation since CD balances 澳洲幸运5官方开奖结果体彩网:generally do not lose principal.

  As tax-favored retirement products, IRA CDs involve an additional penalty policy for any withdrawals made before retirement age, 🐼along the same lines as an early withdrawal from any other kind of IRA account.

• Where Can I get 7% on a CD?

  Back in mid-2023, when interest rates were at their peak, it was possible to find a CD paying 7%, although it was rare even then. There are currently no nationally available CDs that pay 7%. That's because the battle against the record-setting inflation of the 2020s has eased, and the Federal Reserve has lowered its benchmark federal funds rate by a full percentage point. Since CD rates follow the fed funds rate, they have also fallen—but they are still paying historically high rates.
  

• Are Jumbo CDs Worth It?

  Putting money you won't need for a while into a CD is often an excellent way to boost your return. You'll generally earn more than on a savings or money market account, yet your funds are protected and can't lose money, like an investment in the stock market can.

  But, limitig yourself to just jumbo CDs may not be worth it. Many times you can earn a better rate on a standard certificate, and then just put a jumbo-sized deposit into it. If you find a jumbo certificate that pays a better rate, it certainly can be a good option. It just shouldn't be the only type of certificate you shop for.

• Financial Institutions We Review

  We research﷽ed and reviewed over 250 banks, credit unions, and financial institutions to find the best CD rates you see above on this list. While we write individual reviews for most, we do not always write reviews for those we would not recommend. Below are the banks, credit unions, and financial institutions we researched along with links to individual company reviews to help you learn more before making a decision:

  1st Source Bank, 5star Bank, ableBanking, Abound Credit Union, Achieva Credit Union, Affinity Federal Credit Union, Affinity Plus Federal Credit Union, Air Force Federal Credit Union, Alabama Credit Union, Allegacy Federal Credit Union, Alliant Credit Union, Ally Bank, Amerant Bank, American 1 Credit Union, American Express, American Heritage Credit Union, Andrews Federal Credit Union, Apple Federal Credit Union, Banco do Brasil Americas, Banesco USA, Bank of Baroda, Bank5 Connect, Bank7, Texas Capital Bank, bankESB (Easthampton Savings Bank), BankUnitedDirect, Barclays, BBVA Bank, Bellco Credit Union, Blue Federal Credit Union, BMO, BMO Alto, 澳洲幸运5官方开奖结果体彩网:BrioDirect, Cadets Federal Credit Union, California Coast Credit Union, 澳洲幸运5官方开奖结果体彩网:Capital One, Capitol Federal Savings Bank, CD Bank, CFG Bank, 澳洲幸运5官方开奖结果体彩网:Chase Bank, Chevron Federal Credit Union, CIBC (Agility Banking), CIT Bank, Citibank, Citizens Access, Citizens Trust Bank, Colorado Federal Savings Bank, 澳洲幸运5官方开奖结果体彩网:Bread Savings, Communitywide Federal Credit Union, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Corporate America Federal Credit Union (CAFCU), Credit Union of Denver, Credit Union of the Rockies, Digital, Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:Discover Bank, DollarSavingsDirect, Dover Federal Credit Union, Dow Credit Union, Evergreen Bank Group, RocklandTrust Bank, Elements Financial, EmigrantDirect.com, Liberty Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:Fidelity Investments, Financial Partners Credit Union, Financial Resources Federal Credit Union, First Financial Credit Union, First Financial Northwest Bank, First Internet Bank, First National Bank of America, First Technology Federal Credit Union, Fort Bragg Federal Credit Union, Garden Savings Federal Credit Union, Georgia Banking Company, Georgia's Own Credit Union, GreenState Credit Union, Greenwood Credit Union, Grow Financial Federal Credit Union, GTE Financial, Gulf Coast Bank & Trust Company, Hanscom Federal Credit Union, Heritage Bank, Hiway Federal Credit Union, Home Loan Investment Bank, Home Savings Bank, Hope Credit Union, HSBC Direct, Hughes Federal Credit Union, Hyperion Bank, Ideal Credit Union, iGObanking, Interior Federal Credit Union, Justice Federal Credit Union, Kinecta Federal Credit Union, KS State Bank, La Capitol Federal Credit Union, Lafayette Federal Credit Union, Lake Michigan Credit Union, Langley Federal Credit Union, Latino Community Credit Union, Limelight Bank, Live Oak Bank, Luther Burbank Savings, MYSB Direct, MAC Federal Credit Union, Main Street Bank, MainStreet Bank, MapleMark Bank, Marcus by Goldman Sachs, Market USA Federal Credit Union, Matadors Community Credit Union, MECU Credit Union, Merrick Bank, Michigan State University Federal Credit Union, Mills42 Federal Credit Union, Mountain America Credit Union, MTC Federal Credit Union, MutualOne Bank, My Banking Direct, My eBanc, My Savings Direct, NASA Federal Credit Union, Nationwide by 澳洲幸运5官方开奖结果体彩网:Axos Bank, 澳洲幸运5官方开奖结果体彩网:Navy Federal Credit Union, nbkc, NexBank, North Country Savings Bank, Northern Bank Direct, Northfield Bank, Northpointe Bank, Nuvision Federal Credit Union, Oklahoma Central Credit Union, One American Bank, OneUnited Bank, Pacific National Bank, Paramount Bank, PARDA Federal Credit Union, Partner Colorado Credit Union, Patelco Credit Union, Pen Air Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:PenFed Credit Union, People's Credit Union, First Service Credit Union, Pinnacle Federal Credit Union, 澳洲幸运5官方开奖结果体彩网:Popular Direct, Premier America Credit Union, Presidential Bank, FSB, Prime Alliance Bank, PSECU (Pennsylvania State Employees Credit Union), Quontic Bank, Quorum Federal Credit Union, Rising Bank, Merrimack Valley Credit Union, Salal Credit Union, 澳洲幸运5官方开奖结果体彩网:Sallie Mae Bank, Santa Clara County Federal Credit Union, Signature Federal Credit Union, Spectrum Credit Union, SRP Federal Credit Union, State Bank of India Chicago, State Bank of India New York, State Bank of Texas, State Department Federal Credit Union, Summit Credit Union, Sun East Federal Credit Union, Superior Choice Credit Union, 澳洲幸运5官方开奖结果体彩网:Synchrony Bank, TAB Bank, Teachers Federal Credit Union, Technology Credit Union, The Federal Savings Bank, 澳洲幸运5官方开奖结果体彩网:Third Federal Savings & Loan, EverBank, TotalBank, Transportation Federal Credit Union, TruStone Financial Credit Union, UNIFY Financial Credit Union, Expedition Credit Union, United States Senate Federal Credit Union, United Texas Bank, University Federal Credit Union, US Bank, USAlliance Financial, USPS Federal Credit Union, Velocity Credit Union, VeraBank, Vio Bank, Virtual Bank, WebBank, Webster Bank, 澳洲幸运5官方开奖结果体彩网:Wells Fargo, Western Vista Credit Union, Wings Financial Credit Union, XCEL Federal Credit Union, BankPurely, Umbrella Bank, giantbank.com, CapEd Credit Union, Zeal Credit Union, Finworth, Coastal1 Credit Union, Service Credit Union, National Cooperative Bank, Premier Members Credit Union, 澳洲幸运5官方开奖结果体彩网:Bank of America, Flagstar Bank, 1st MidAmerica Credit Union, INOVA Federal Credit Union, Genisys Credit Union, Ivy Bank, Heartland Credit Union, Luana Savings Bank, Spectra Credit Union, Workers Credit Union, Credit Human, EFCU Financial, Poppy Bank, Credit One Bank, Vibrant Credit Union, CFBank, Department of Commerce Federal Credit Union, Seattle Bank, Crescent Bank, Pima Federal Credit Union, Cross River Bank, USAA, Great River Federal Credit Union, Brilliant Bank, Merchants Bank of Indiana, 澳洲幸运5官方开奖结果体彩网:LendingClub, Chartway Credit Union, First Central Savings Bank, AgFed Credit Union, North American Savings Bank, Pelican State Credit Union, First Community Credit Union, Bask Bank, Skyla Credit Union, SkyOne Federal Credit Union, 3Rivers Federal Credit Union, Utah First Credit Union, Pasadena Federal Credit Union, Magnifi Financial, AloStar, Primis Bank, Farmers Insurance Federal Credit Union, Tampa Bay Federal Credit Union, Veridian Credit Union, Republic Bank, Salem Five Direct, All In Credit Union, Bethpage Federal Credit Union, Self-Help Federal Credit Union, Forbright Bank, Jovia Financial Credit Union, Sun Canyon Bank, Fortera Credit Union, Partners 1st Federal Credit Union, SouthEast Bank, American Bank, Newtek Bank, CBC Federal Credit Union, Vanguard, All America Bank, Amalgamated Bank, Citizens State Bank, AmBoy Direct, Republic Bank of Chicago, Oklahoma Community Credit Union, BluPeak Credit Union, Valley Direct, Bayer Heritage Federal Credit Union, First Harvest Credit Union, Orion Federal Credi🐬t Union, Wellby Financial, FedChoice Federal Credit Union, CoVantage Credit Union, Choice First Bank, Sandia Area Federal Credit Union, OMB Bank, Minnequa Work൲s Credit Union, Securityplus Federal Credit Union, Bank of South Texas, and T Bank.