Best CD Rates in Florida
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Who has the highest CD rates in Florida? Get one of the best CDs in the Sunshine State and grow your savings.
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Here are some banks and credit unions with the best CD rates in Florida:
- Ponce Bank:
3-Month High-Yield CD - 4.52% APY - Always.bank:
24-Month Callable CD - 4.45% APY - mph.bank:
60-Month Callable CD - 4.42% APY - SkyOne Federal Credit Union:
12-Month Callable CD - 4.40% APY - Western Alliance Bank:
5-Month High-Yield CD - 4.40% APY - Western Alliance Bank:
6-Month High-Yield CD - 4.40% APY - mph.bank:
36-Month Callable CD - 4.38% APY - Western Alliance Bank:
9-Month High-Yield CD - 4.35% APY - Generations Bank:
10-Month High-Yield CD - 4.26% APY - SkyOne Federal Credit Union:
48-Month Callable CD - 4.25% APY - Florida Credit Union:
7-Month CD - 4.88% APY - EagleBank:
18-Month CD - 4.71% APY - Popular Direct:
3-Month CD - 4.65% APY - All In Credit Union:
6-Month CD - 4.59% APY - GTE Financial:
12-Month CD - 4.59% APY - Fifth Third Bank:
3-Month CD - 4.52% APY - Banesco USA:
3-Month CD - 4.50% APY - FirstBank (FL):
4-Month CD - 4.50% APY - Suncoast Credit Union:
12-Month CD - 4.50% APY - Flagstar Bank:
7-Month CD - 4.50% APY
Need a CD for passive income in Florida? No worries! Your options are as plentiful as the sand on its sunny beaches.
Whether you need a CD for the short term or retirement, you can get a solid APY that's fixed for months or years. Here are some of the best CD rates in Florida today.
Best National Bank CD rates in Florida
If you're looking for a reputable large national bank, some offer decent CD rates from time to time. Check out these special rates for Florida residents.
- Charles Schwab Bank:
3-Month CD - Up to 4.58% APY - Fifth Third Bank:
3-Month CD - 4.52% APY - Citizens Bank:
7-Month CD - 4.50% APY - Huntington:
5-Month CD - 4.34% APY - BMO Alto 6-Month CD:
4.30% APY - Wintrust Bank:
7-Month CD - 4.25% APY - Valley National Bank:
3-Month Fixed Rate CD - 4.25% APY - Hancock Whitney Bank:
3-Month CD - 4.25% APY - PNC Bank:
4-Month CD - 4.25% APY - Wells Fargo:
4-Month CD - 4.25% APY
Best Local Bank CD rates in Florida
If you prefer getting a CD with a local Florida bank, here are some of the highest CD rates you can consider.
- EagleBank:
18-Month CD - 4.71% APY - Popular Direct:
3-Month CD - 4.65% APY - GTE Financial:
12-Month CD - 4.59% APY - Fifth Third Bank:
3-Month CD - 4.52% APY - Banesco USA:
3-Month CD - 4.50% APY - FirstBank (FL):
4-Month CD - 4.50% APY - Flagstar Bank:
7-Month CD - 4.50% APY - Amerant Bank:
6-Month CD - 4.50% APY - BankUnited:
6-Month CD - 4.35% APY - Valley National Bank:
3-Month Fixed Rate CD - 4.25% APY
Best Credit Union CD rates in Florida
Credit unions can offer very competitive rates and other perks to their members. Check out these credit unions in Florida with impressive CD rates.
- Florida Credit Union:
7-Month CD - 4.88% APY - All In Credit Union:
6-Month CD - 4.59% APY - Suncoast Credit Union:
12-Month CD - 4.50% APY - MIDFLORIDA Credit Union:
6-Month CD Special - 4.50% APY - Achieva Credit Union:
7-Month CD - 4.40% APY - Together Credit Union:
9-Month CD - 4.30% APY - Tropical Financial Credit Union:
3-Month CD - 4.30% APY - Launch Credit Union:
3-Month CD - 4.25% APY - Space Coast Credit Union:
3-Month CD - 4.25% APY - Grow Financial Federal Credit Union:
24-Month CD - 4.07% APY
Best Online CD rates in Florida
Online banks are typically available to residents nationwide regardless of where you live. Here are the top online CDs available.
- Limelight Bank:
6-Month CD - 4.65% APY - Bask Bank:
3-Month CD - 4.65% APY - Popular Direct:
3-Month CD - 4.65% APY - Walpole Co-operative Bank:
7-Month CD - 4.50% APY - My eBanc:
6-Month CD - 4.50% APY - mph.bank:
60-Month Callable CD - 4.42% APY - Bread Savings:
1-Year CD - 4.30% APY - Synchrony Bank:
9-Month CD - 4.30% APY - Greenwood Credit Union:
6-Month CD - 4.25% APY - Marcus:
12-Month High-Yield CD - 4.25% APY
Yes. As long as the bank is FDIC insured (or NCUA insured if it's a credit union), it is safe. Just like traditional banks, your deposits at online banks are protected by the federal government up to $250,000.
Best CD Rates in Florida by Term
Looking to open a CD with a specific term? Here are some of the highest CD rates in Florida by CD term.
Best 3-month CDs in Florida:
- Popular Direct:
3-Month CD - 4.65% APY - Fifth Third Bank:
3-Month CD - 4.52% APY - Banesco USA:
3-Month CD - 4.50% APY - Tropical Financial Credit Union:
3-Month CD - 4.30% APY - Launch Credit Union:
3-Month CD - 4.25% APY
Best 6-month CDs in Florida:
- Popular Direct:
6-Month CD - 4.61% APY - All In Credit Union:
6-Month CD - 4.59% APY - MIDFLORIDA Credit Union:
6-Month CD Special - 4.50% APY - EagleBank:
6-Month CD - 4.50% APY - Amerant Bank:
6-Month CD - 4.50% APY
Best 1-year CDs in Florida:
- GTE Financial:
12-Month CD - 4.59% APY - All In Credit Union:
12-Month CD - 4.54% APY - Popular Direct:
12-Month CD - 4.50% APY - Suncoast Credit Union:
12-Month CD - 4.50% APY - EagleBank:
12-Month CD - 4.50% APY
Best 5-year CDs in Florida:
- Popular Direct:
60-Month CD - 4.25% APY - All In Credit Union:
60-Month CD - 3.92% APY - Grow Financial Federal Credit Union:
60-Month CD - 3.92% APY - Community First Credit Union:
60-Month CD - 3.67% APY - Amerant Bank:
60-Month CD - 3.50% APY
Best IRA CD Rates in Florida
Thinking of retiring in Florida? Make the most of your nest egg with an IRA CD. Here are some of the best IRA CD rates in the state.
- Suncoast Credit Union:
IRA CDs - Up to 4.75% APY - GTE Financial:
IRA Share Certificate - Up to 4.59% APY - All In Credit Union:
IRA Certificate - Up to 4.59% APY - Tropical Financial Credit Union:
IRA Certificate - Up to 4.30% APY - Space Coast Credit Union:
IRA CD - Up to 4.25% APY - Amerant Bank:
IRA CD - Up to 4.15% APY - Grow Financial Federal Credit Union:
IRA Certificates - Up to 4.07% APY - Beal Bank:
IRA CDs - Up to 4.05% APY - Lake Michigan Credit Union:
IRA CD - Up to 4.05% APY - VyStar Credit Union:
IRA CD - Up to 3.90% APY
What Is a CD?
A certificate of deposit (CD) is a type of savings account where you deposit a set amount of money for a specific period, like several months or years. In return, you earn a fixed interest APY for the entire term.
CDs usually offer higher interest rates than regular savings accounts. However, you can't withdraw your money until the CD matures. This lock-in period allows banks to offer higher rates because you trade off easy access to your money.
If you withdraw early, be ready to pay early withdrawal penalties. It can range anywhere from 3 months to 1 year's interest, depending on the term.
Usually, no. CDs are risk-free investments. Your deposits are federally insured up to $250,000 for banks or credit unions that are FDIC or NCUA members.[1][2] But, you can lose some of your money to penalties if you withdraw early enough.
How Much Interest Does a CD Earn?
If you put $10,000 into a 1-year CD with a 5% APY, you'd earn $500 after one year. Your earnings from a CD depend on three factors: the term length, the APY, and the amount you deposit.
In general, the longer the term, the higher the APY, and the larger the initial deposit, the more interest you will earn.
Here's a simple CD calculator to see how much your CD can earn.
No, you don't have to pay state taxes on your CD interest earnings in Texas. But, you still might need to pay federal income taxes on your CD.
Florida is often popular as a retirement state because of its low taxes.[3][4]
Where to Find the Best CDs in Florida?
If you're looking for CD options in Florida, check out offers from community banks and credit unions. They often have promotional CDs with great rates, available for a limited time and sometimes with specific conditions.
National banks might also have CD specials that vary by location, often with certain requirements to qualify.
Online banks typically give high CD rates too. Plus, the region is not restricted so you can easily open a CD with them.
One of the highest CD rates in Florida is Florida Credit Union:
Pros and Cons of a CD
Pros
- Fixed rate for a fixed term
- Usually offers higher APY than regular savings
- Keep earning at the same APY even if interest rate drops
- Federally insured up to $250,000 by the FDIC or the NCUA
Cons
- Can't withdraw until CD matures
- Early withdrawal penalties can be costly
- Some restrictions like membership and minimum deposit
- Miss out on better APY and investments due to the fixed term
If you can park your money for months or years, a CD is a good option to lock in high rates. But if you need easy access to your money, liquid accounts like a savings account might be a better choice.
Should I Get a CD?
Deciding to get a CD depends on your goals. CDs are a safe way to save money for the short term and lock in a good interest rate.
The main thing to consider is whether you can go without accessing your money for months or years. Remember that you usually can't withdraw your CD until it matures.
If you need easy access to your money, you can opt for a more flexible account. High-yield savings accounts, for example, often offer competitive APYs and can be a good alternative.
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - CIT Bank Platinum Savings:
4.35% APY - Mission Valley Bank:
High Yield Savings Account - 4.50% APY - DR Bank:
High-Yield Savings Account - 4.40% APY
How to Choose the Best CD Rates in Florida?
When you're hunting for a CD in Florida, ask these questions:
How long is the term?
You want a CD term that fits your financial goals. Some banks or credit unions may offer more term options in-branch. If you can, inquire with a branch near you.
What is the APY?
Get the highest APY to maximize your earnings on a CD. Ask your local bank or credit union if they have CD specials in Florida.
Are there any requirements or restrictions?
Some CDs may only be available for residents in a certain county. Or some offers may be available to new customers only. Be sure to ask before you open an account.
What is the minimum deposit required?
The CD may have a minimum deposit. If you can't commit to or meet the requirement, look for CDs with little to no deposit requirements.
Most CDs will have early withdrawal penalties. So if you need to close your CD before it matures, be prepared to pay the penalties. Or if you're not sure if you can commit, find no penalty CDs to avoid paying any fees.
What Are the Types of CDs Available?
Here's a list of different types of CDs that may be available in Florida:
- Term CD: Standard CDs with a fixed rate for a fixed term
- No-Penalty CD: Allows you to withdraw money early without any withdrawal penalties
- Jumbo CD: Requires large deposits of usually $100,000+
- IRA CD: Offers tax advantages for retirement savings
- Bump-Up CD: Has an option to increase your rate during the term of the CD
- Add-on CD: Has an option to add more deposits during the term of the CD
Bottom Line
You won't lack for choices if you're looking for CDs in Florida. There are some impressive rates and a variety of terms for you to choose.
But, some CDs might have specific requirements before you can open one. Credit unions for example require that you be a member.
To avoid the hassle with more requirements, try high-yield CDs from online banks. These banks have little to no restrictions and you can open an account anywhere.
References
- ^ FDIC. Your Insured Deposits, Retrieved 07/02/2024
- ^ NCUA. How Your Accounts are Federally Insured, Retrieved 07/02/2024
- ^ Tax Foundation. State Individual Income Tax Rates and Brackets, 2024, Retrieved 05/15/2024
- ^ IRS. Topic no. 403, Interest received, Retrieved 05/15/2024
Rue Atanacio is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Rue Atanacio at rue.atanacio@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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