Florida houses a substantial number of banks and credit unions, thereby posing a considerable challenge in determining the most favorable CD rates. Additionally, each CD account possesses its own set of advantages and disadvantages.
Certain accounts offer higher yields for short-term CDs, while others demonstrate superior performance in the long run. Some accounts boast attractive rates but limited terms, while others feature multiple terms suitable for CD laddering, albeit with lower rates. Furthermore, variations exist regarding minimum deposit requirements and early withdrawal fees.
This article presents a brief overview of some advantageous CD accounts accessible in Florida in terms of CD rates. Nonetheless, we have also encountered supplementary factors that contribute to the comprehensive evaluation, encompassing account terms, minimum deposit requirements, and options for early withdrawal.
Pen Fed Credit Union
APY Range
Minimum Deposit
Terms
Fees
PenFed Credit Union operates three branches in the state of Florida and provides a diverse range of certificate terms with competitive interest rates across most durations.
Apart from the standard rates, PenFed customers have the option to open an 84-month certificate with a fixed and competitive interest rate of 3.00%.
Term | APY | Penalty |
|---|---|---|
6 Months | 3.00% | 90 days of dividends |
12 Months | 4.00% | 365 days / 30% of dividends |
18 Months | 4.00% | 365 days / 30% of dividends |
24 Months | 4.00% | 365 days / 30% of dividends |
36 Months | 3.40% | 365 days / 30% of dividends |
48 Months | 3.20% | 365 days / 30% of dividends |
60 Months | 3.20% | 365 days / 30% of dividends |
84 Months | 3.00% | 365 days / 30% of dividends |
Originally, PenFed provided membership exclusively to individuals employed by organizations affiliated with national defense. However, PenFed has now extended its membership to include individuals from all backgrounds.
If you are a U.S. citizen or a permanent U.S. resident and possess valid government-issued photo identification, you can apply for PenFed membership.
Bread Financial
APY Range
Minimum Deposit
Terms
Fees
Bread Financial does not provide a wide range of diverse terms, which can pose challenges for Florida investors seeking CD laddering. However, the rates offered are highly competitive across all terms and are among the country's highest for each term.
The early withdrawal fees are consistent with those of other institutions, and the minimum deposit requirement of $1,500 is reasonable.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
12 Months | 4.90% | 180 days simple interest |
24 Months | 4.10% | 180 days simple interest |
36 Months | 3.90% | 180 days simple interest |
48 Months | 3.80% | 365 days simple interest |
60 Months | 3.80% | 365 days simple interest |
Upon maturity of your CD, there is a grace period of 10 days. Within this period, you have the option to withdraw funds or make changes; otherwise, the CD will automatically renew. Bread Financial, established in 2003, offers a comprehensive range of payment, lending, and saving products.
Capital One
APY Range
Minimum Deposit
Terms
Fees
Capital One 360 offers a variety of CDs with different terms, from 6 – 60 months. If you live in Florida, you can take advantage of the competitive interest rates offered for all durations, making Capital One a great choice for CD laddering.
You can also choose how often you want to receive your CD interest—monthly, yearly, or at the end of the term. Opening a Capital One CD can be done online or via the app.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 4.25% | 3 months interest |
9 Months | 4.25% | 3 months interest |
12 Months | 4.50% | 3 months interest |
18 Months | 4.25%
| 6 months interest |
24 Months | 4.00% | 6 months interest |
30 Months | 4.00% | 6 months interest |
36 Months | 3.75% | 6 months interest |
48 Months | 3.75% | 6 months interest |
60 Months | 3.75% | 6 months interest |
Capital One has a reasonable fee for withdrawing money from your CD early compared to other banks. For those who are looking for a reputable, well-known bank with a variety of options besides banking – Capital One offers a good opportunity.
Navy Federal Credit Union
APY Range
Minimum Deposit
Terms
Fees
Navy Federal Credit Union operates a network of more than 20 branches throughout Florida, offering a variety of certificate options with different terms and interest rates. This allows customers to choose the one that best aligns with their specific savings goals.
In general, the rates provided are comparatively higher than those offered by traditional banks and are competitive with other credit unions and online banks. The 15-month special Certificate of Deposit (CD) stands out with one of the most competitive rates available in the market.
Certificate Term | Navy Federal APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.75% – 2.80% | Dividends for 90 days |
6 Months | 0.45% – 0.50% | Dividends for 90 days |
12 Months | 4.80% – 4.85% | Dividends for 90 days |
18 Months | 4.50% – 4.55% | Dividends for 180 days |
24 Months | 4.20% – 4.25% | Dividends for 180 days |
36 Months | 4.00% – 4.05% | Dividends for 180 days |
60 Months | 3.80% – 3.85% | Dividends for 365 days |
84 Months | 3.80% – 3.85% | Dividends for 365 days |
15 Months (Special CD) | 4.85% | Dividends for 180 days |
However, the rates for shorter-term CDs, such as 3 months or 6 months, are relatively lower. It is recommended to commit your funds for a minimum of 12 months in order to secure a favorable rate.
Navy Federal Credit Union, a nonprofit organization headquartered in Virginia, is one of the largest credit unions in the United States. Its primary focus is on serving military personnel and their families, and it has an impressive nationwide membership base of 12 million individuals.
BMO Harris
APY Range
Minimum Deposit
Terms
Fees
BMO provides a range of CD options, with the competitive rates applying solely to their “special CD” offerings, which have distinct rates compared to traditional CDs. These CDs encompass long and medium-term options, all of which boast some of the most favorable rates available nationwide. The minimum deposit required is reasonable.
One notable limitation is the absence of short-term CDs for durations of 3 months, 6 months, and 9 months, without any compelling justification. The shortest term offering competitive rates begins at 13 months.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
13 Months | 4.50% | 180 days of interest |
25 Months | 4.00% | 180 days of interest |
35 Months | 4.00% | 180 days of interest |
45 Months | 4.00% | 180 days of interest |
59 Months | 4.00% | 180 days of interest |
BMO Harris serves as the United States subsidiary of Bank of Montreal, a multinational investment bank and financial services company.
Barclays Bank
APY Range
Minimum Deposit
Terms
Fees
Barclay's certificates of deposit consistently outperform many other options, making them a top choice in Florida and across the board. They offer great interest rates for long and medium terms, which you can find in the terms and conditions for Barclays Bank USA's CDs.
Remember that they don't offer short-term CDs for three months, six months, and nine months without a clear reason. The shortest term with competitive rates starts at 13 months.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
12 Months | 3.75% | 90 days of interest |
18 Months | 3.25%
| 90 days of interest |
24 Months | 3.00% | 180 days of interest |
36 Months | 3.00% | 180 days of interest |
48 Months | 3.00% | 180 days of interest |
60 Months | 3.25% | 180 days of interest |
When your CD reaches maturity, Barclays Bank USA gives you a generous 14-day grace period. During this time, you can choose to close your Barclays CD and withdraw the money, renew it for a different period, or do nothing and let it automatically renew.
Barclays Bank US is a major credit card issuer and is part of the UK-based bank, Barclays.
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Quontic High Yield Savings
- 4.50% APY on savings
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TD Bank
APY Range
Minimum Deposit
Terms
Fees
Although traditional banks typically do not offer the most favorable CD rates, we have included an option for Florida residents who prefer traditional banking.
Among the brick-and-mortar banks, TD Bank, which operates more than 30 branches in Florida, offers very competitive CD rates for specific terms, among the nation's highest.
However, it is important to note that you must hold a checking account with TD Bank to obtain a higher rate. The minimum deposit required is relatively low and can be easily met.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 1.00% – 3.00% | 3 months of interest
|
6 Months | 1.00% – 5.00% | 3 months of interest
|
12 Months | 1.00% – 4.50% | 6 months of interest
|
18 Months | 1.00% – 3.51% | 6 months of interest
|
24 Months | 1.00% – 3.51% | 9 months of interest
|
36 Months | 1.00% – 3.51% | 12 months of interest
|
48 Months | 0.05% | 18 months of interest
|
60 Months (Step Rate CD) | 1.00% – 2.50% | 24 months of interest
|
If you are seeking a long-term CD, it would be advisable to explore alternative options as the rates for such CDs are currently quite low.
Jumbo CDs In Florida
Jumbo CDs usually have a higher minimum deposit requirement compared to regular CDs. The exact minimum deposit amount can vary depending on the bank, but it's generally more than $100,000. Apart from that, the terms and conditions are pretty similar to regular CDs.
You have a few options if you're looking for a jumbo CD in Florida. The first one, which isn't the best, is to search online for better rates. Just type “best Jumbo CDs” and see what comes up.
However, this strategy isn't very efficient because only a few online banks offer slightly higher rates on jumbo CDs, usually around 0.05% to 0.25% higher. Plus, websites that compare the best jumbo CDs don't always offer all the options.
The next option is to check with your regular bank. Traditional banks are usually willing to offer higher rates for large deposits and are also open to negotiation. Since you already have a relationship with your banker, talk to them and see what they can do for you. You might be surprised by what they offer. Don't forget to mention the rates you found online as a benchmark for what you're expecting.
The last option is to visit 5-6 traditional banks in Florida. Before committing to your own bank, see what other banks offer. Traditional banks advertise their rates online, but you can often secure even better rates through a personal meeting or a phone call. Don't be lazy; it could be worth thousands of dollars.
Can I Find Better CD Rates In Florida
Yes, it's possible to find better rates for specific terms at other banks and credit unions in Florida. It's important to compare and check regularly because rates change often. Banks and credit unions adjust their rates and sometimes offer promotions for specific terms.
The list above considers the best CD rates in Florida and other factors like minimum deposit, early withdrawal fees, and ease of use.
These selected banks and credit unions are suitable for different types of customers in Florida, including individuals building emergency funds, families saving for a down payment, those who prefer traditional banks, those who prefer credit unions, and those who prefer online banking. We have competitive rates and favorable CD conditions for everyone.
How To Smartly Compare CDs?
When you're comparing and choosing a CD, there are a few important things to keep in mind:
Interest Rate: Look at the interest rates offered by different CDs. This rate determines how much money you'll make on your investment. Try to find CDs with competitive rates so you can earn more.
- Bank Reputation: It's important to feel comfortable with your chosen bank. Read reviews online, check the bank's financial stability, and consider their customer service. Make sure you trust the bank with your money.
- CD Type: Some CDs may offer extra features. For example, there are CDs with step-up rates, where the interest rate increases over time. Others may have add-on options, allowing you to make additional deposits. Think about whether these features align with your investment strategy.
Term: CDs have specific lengths of time, like 6 months, 1 year, 3 years, and so on. Think about your financial goals and needs to decide how long you want to invest your money. Longer-term CDs usually have higher interest rates, but they also mean you can't access your money for a longer time.
Early Withdrawal Penalty: Find out what happens if you need to take out your money before the CD matures. Some CDs have penalties for early withdrawal. If you think you might need your money before the end of the term, look for CDs with lower penalties or flexible withdrawal options.
Minimum Deposit Requirements: Some CDs require you to deposit a minimum amount of money to open the account. Make sure you can meet this requirement before opening the CD. Consider if you're comfortable with the minimum deposit and if it fits your investment goals.
Compounding Method: CDs can compound interest at different intervals, like daily, monthly, quarterly, or annually. The more frequently interest is compounded, the more money you'll earn overall. Keep this in mind when comparing CDs.
Considering these factors will help you decide when choosing a CD that suits your needs and goals.
Compare CD Accounts Side By Side
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Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Best CD Rates In Florida: Research Methodology
The Smart Investor team extensively researched to identify the best CD rates in Florida. We assessed them based on four main categories:
- Interest Rates and Terms (50%): We examined the interest rates offered by CD accounts in Florida and any accompanying terms, such as the duration of the CD term, early withdrawal fees and minimum deposit requirements. CD accounts with higher interest rates and more favorable terms received higher ratings in this category.
- Account Features (20%): This category evaluated additional features offered by CD accounts, such as the option for automatic renewal at maturity, flexibility in terms of interest payout frequency (e.g., monthly, quarterly, or at maturity), and any special promotions or bonuses. CD accounts with extra features and flexibility earned higher scores.
- Customer Experience (20%): We analyzed the ease of opening a CD account, communication with customer service representatives, the usability of online banking platforms (tested by our team), and the availability of support channels. CD accounts offered by banks with user-friendly interfaces, responsive customer support, and efficient digital banking tools received higher ratings.
- Bank Reputation (10%): Our team scrutinized each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and the bank's Better Business Bureau (BBB) profile. Banks with positive reputations and minimal customer complaints regarding CD account services received higher ratings.
We assigned weights to various features and qualities within each category to ensure a comprehensive evaluation of each CD account's offerings. Our ratings were based on a combination of these factors to assist consumers in selecting the best CD account in Florida to meet their financial needs.
