Best Jumbo CD Rates for October 2022
A certificate of deposit, or CD, is a specialized savings account that offers a fixed-rate annual percentage yield (APY). According to Bankrate, the average APY for a 1-year CD is 0.65% — considerably higher than the 0.13% average interest rate for savings accounts nationwide. Unlike a traditional savings or money market account, which lets you access your funds at any point, CDs restrict access until a set date — the maturity date.
And if you withdraw early, you’ll be penalized for some portion of the interest you’d earned.
As the name implies, a jumbo CD requires a larger minimum deposit — generally £100,000 or more, though some have lower thresholds. They are less common than traditional CDs, and only about 50 US banks and credit unions offer them. Though there are jumbo CDs that offer a competitive APY, there are plenty of traditional CDs insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) up to £250,0000 that offer a higher APY than those marketed as jumbo CDs.
The major benefit here is a fixed rate of interest — but there is risk, too: when interest rates are increasing, a CD puts you at risk of tying up your money in an account that doesn’t keep pace with inflation. That noted, CDs are considered a safe, conservative investment when purchased through a bank or credit union because they’re insured. Check out CNET’s list of the best jumbo CDs – which includes some conventional CDs that have no maximum deposit limit.
CNET’s picks for the best jumbo CD rates
| EFCU | Credit One Bank | Luana Savings Bank | Navy Federal Credit Union | Golden 1 Credit Union | SchoolsFirst Federal Credit Union |
| 2.85% | 2.80% | 3.00% | 2.30% | 0.60% | 1.60% |
| N/A | N/A | N/A | N/A | 3.00% | N/A |
| 3.35% | 3.20% | 3.20% | 2.75% | 0.85% | 2.35% |
| 3.85% | 3.55% | 2.84% | 2.85% | 1.15% | 2.85% |
| N/A | N/A | 2.43% | 3.15% | N/A | N/A |
| £100,000 | £100,000 | £100,000 | £100,000 | £50,000 | £100,000 |
When comparing jumbo CDs to a 1-year CD or 5-year CD, you’ll see that APYs vary by bank and credit union.
The following table shows CNET’s top picks for traditional CDs, some of which offer competitive rates and no maximum deposit limit.
Compare to CNET’s picks for the top traditional CD rates
| Marcus by Goldman Sachs | Barclays | Bread Savings | Pentagon Federal Credit Union | Synchrony Bank |
| 2.70% | 2.50% | 3.00% | 2.30% | 2.75% |
| 3.10% | 3.00% | 3.55% | 3.25% | 3.10% |
| 3.25% | 3.25% | 3.65% | 3.20% | 3.50% |
| £500 | £0 | £1,500 | £1,000 | £0 |
| £1 million | None | None | £1 million | £3 million |
Annual percentage yields (APYs) shown are as of September 8, 2022. APYs may have changed since they were last updated and may vary by region for some products.
