Best CD Rates in Florida

Looking to make your money work harder for you in the Sunshine State? Florida residents can maximize their savings through certificates of deposits. It is a reliable investment option.

With their fixed interest rates and guaranteed returns, CDs offer a secure way to grow your funds over time. But with numerous financial institutions vying for your attention. So, finding the best CD rates in Florida requires careful consideration and comparison.

Or your help here we are narrating a comprehensive analysis that will enable you to make an informed decision.

Overall Best CD rates in Florida 

No.	Name of the Bank	APY %	TermLength	Address
1	American Airlines Federal Credit Union	5.50%	6-month	Miami Intl Airport Concourse H Lower Level, Room # H1146 Miami, FL 33126
2	Tropical Financial Credit Union	5.20%	6-month	13520 SW 120th St Miami, FL 33186
3	EdFed  Credit Union	5.13%	6-month	2310 SW 27th Ave Miami, FL 33145
4	Miami  Firefighters Federal Credit Union	5.10%	6-month	1111 NW 7th St Miami, FL 33136
5	Brickell Bank	5.10%	6-month	1395 Brickell Ave Miami, FL 33131
6	Space  Coast Credit Union	5.06%	6-month	15885 SW 88th St Miami, FL 33196
7	BrightStar  Credit Union	5.05%	6-month	Online
8	JetStream Federal Credit Union	5.00%	6-month	7500 NW 58th St Miami, FL 33166
9	Valley National Bank	4.75%	6-month	1001 Brickell Bay Dr Miami, FL 33131
10	First Internet Bank	4.75%	36-month	51 W. 3rd Street Tempe, AZ 85281
11	Discover Bank	4.75%	18-month	Salt Lake City, UT 84130
12	Intercredit Bank, NA	4.65%	6-month	3730 NW 79th Ave Miami, FL 33166
13	Connect Credit Union	4.60%	6-month	1000 NW 111th Ave Miami, FL 33172
14	Prime Alliance Bank	4.60%	36-month	300 W Adams St, Jacksonville, FL 32202
15	BMO Alto, a division of Bank of Montreal Harris	4.60%	36-month	1301 8th Ave W, FL 34221, USA
16	IncredibleBank	4.58%	36-month	2512 Skyline Blvd, FL 33914, USA
17	Popular Direct	4.55%	36-month	Miami Lakes, FL 33014
18	Pacific  National Bank	4.51%	6-month	1390 Brickell Ave Miami, FL 33131
19	Intercredit Bank	4.50%	60-month	100 SE 2nd Street, Suite 4100, Miami, FL 33131
20	Wells Fargo Bank	4.50%	6-month	333 SE 2nd Av Miami, FL 33131
21	Department Of Commerce Federal Credit Union	4.50%	36-month	White House Branch 1724 F St.
22	Wells Fargo Bank, National Association	4.50%	60-month	4715 Town Center Pkwy Jacksonville, FL 32246
23	KS StateBank	4.27%	48-month	Online Bank
24	Community First Credit Union of Florida	4.20%	48-month	9690 Applecross Rd Jacksonville, FL 32222
25	Jacksonville Postal & Professional Credit  Union	4.17%	48-month	1820 Rogero Rd Jacksonville, FL 32211
26	First Florida Credit Union	4.17%	48-month	12929 Atlantic Blvd Jacksonville, FL 32225
27	Alive Credit Union	4.05%	21-Month	9790 Touchton Rd, Jacksonville, FL 32246, United States
28	Jax Federal Credit Union	4.03%	3-month	801 Atlantic Blvd Atlantic Beach, FL 32233
29	Jax Federal Credit Union	4.03%	48-month	11406 San Jose Blvd Jacksonville, FL 32223
30	First Florida Credit Union	4.01%	17-month	500 West First Street, Jacksonville, FL 32202
31	Florida  Credit Union	4.00%	24-month	2831 NW 43rd Street, Gainesville, FL 32606
32	Power Financial Credit Union	4.00%	18-month	2020 NW 150th Avenue, Pembroke Pines, FL 33028
33	TransCapital Bank	4.00%	24-monh	2100 Coral Way, Suite 102, Miami, FL 33145
34	Biscayne Bank	4.00%	24-month	2601 S Bayshore Drive, Suite 1500, Miami, FL 33133
35	Grove Bank & Trust	3.96%	18-month	2701 S Bayshore Drive, Suite 100, Coconut Grove, FL 33133
36	Insight Credit Union	3.93%	24-month	1515 West Broadway Street, Oviedo, FL 32765
37	Miami Federal Credit Union	3.93%	36-month	51 SW 1st Avenue, Suite CU3, Miami, FL 33130
38	Continental National  Bank	3.93%	6-month	1801 SW 1st St Miami, FL 33135
39	Bank of America, National Association	3.93%	36-month	9000 Southside Blvd Jacksonville, FL 32256
40	Banco Do Brasil Americas	3.88%	6-month	800 Brickell Ave Miami, FL 33131
41	Banesco USA	3.75%	3-month	3891 NW 107th Avenue, Doral, FL 33178
42	Coconut  Grove Bank	3.22%	6-month	14695 S  Dixie Hwy Miami, FL 33176
43	City  County Employees Credit Union	3.06%	24-month	401 West Kennedy Boulevard, Tampa, FL 33606
44	Achieva Credit Union	3.03%	18-month	1659 Virginia Street, Dunedin, FL 34698
45	IBM Southeast Employees Credit Union	3.00%	12-month	790 Park of Commerce Boulevard, Suite 200, Boca Raton, FL 33487
46	Publix  Employees Federal Credit Union	3.00%	6-month	3005 New Tampa Highway, Lakeland, FL 33815
47	PenFed Credit Union	3.00%	6-month	Online
48	Woodforest National Bank	3.00%	24-month	4250 Phillips Hwy Jacksonville, FL 32207
49	Coastline Federal Credit Union	2.96%	24-month	10991 San Jose Blvd Jacksonville, FL 32223
50	VyStar  Credit Union	2.86%	18-month	214 N Hogan St Jacksonville, FL 32202
51	Navy Federal Credit Union	2.75%	18-month	150 Riverside Ave Jacksonville, FL 32202
52	Campus  USA Credit Union	2.68%	12-month	1200 SW 5th Avenue, Gainesville, FL 32601
53	HSBC Bank USA	2.35%	24-month	–
54	TD Bank	2.20%	12-month	9715 Gate Parkway N, Jacksonville, FL 32246​
55	Synovus Bank	2.15%	12-month	5992 Saint Augustine Rd, Jacksonville, Duval, FL, 32207-8036
56	MIDFLORIDA Credit Union	2.08%	24-month	129 South Kentucky Avenue, Lakeland, FL 33801
57	Citibank	2.00%	18-month	14000 Citicards Way, Jacksonville, Florida, 32258
58	Community Bank of Florida, Inc.	1.90%	6-month	18765 S Dixie Hwy Miami, FL 33157
59	FirstAtlantic Bank	1.85%	12-month	3293 Hodges Blvd Jacksonville, FL 32224
60	CenterState Bank of Florida, National Association	1.85%	12-month	7077 Bonneval Rd Jacksonville, FL 322161
61	Interaudi Bank	1.75%	6-month	78 SW 7th St Miami, FL 33130
62	Chase  Bank	1.75%	12 month	112 W Adams St, Ste 101, Jacksonville, FL 32202
63	Citibank	1.08%	12-month	150 SE 2nd Avenue, Miami, FL 33131

Current CD Rates of Florida

the current CD rates, offered by various banks and credit unions, determine the return on investment for individuals who want to get secure and predictable growth for their.

Moreover, with fluctuating economic conditions and interest rate environments of florida, staying informed about the prevailing CD rates empower investors to capitalize on the best opportunities to optimize their financial portfolios. In this way, they can achieve their savings goals effectively.

Best 6 Month CD Rates

Short-term savers in Florida seeking quick returns may find enchanting options with competitive rates from institutions for a six-month investment horizon.

1.  Bask Bank

Minimum Amount: $1000.00

APY / Rate: 4.45% APY

Pros:

• FDIC approved bank
• Terms available from 6-24 months
• Top-tier APY rate with secured return guaranteed
• Customer-friendly terms

Rules:

• New customers have to open an account with the bank before investing in Bask Bank’s CDs.
• CDs can be opened at the bank as well as online
• The minimum deposit amount of $1000 must be deposited to the account within 10 days of account opening
• Early withdrawal is subject to a penalty.
• Investors can withdraw the interest credited to the account without any penalty.
• There is a 10 days grace period after maturity to make additional deposits to the CD.

2. Banesco USA

Minimum Amount: $1,500

APY / Rate: 4.30% APY

Pros:

• Hispanic American-owned bank that supports local communities
• High APY for BanesGrow savings account
• Competitive CD rate
• Access your account 24/7 from desktop or mobile.
• All deposits are FDIC insured.

Rules:

• The account requires a $100 minimum deposit and carries a $15 monthly fee for balances below the $100 threshold.
• Interest earned may vary
• Consumers are limited to six withdrawals per month with a BanesGrow account.

3.  Capital One

Minimum Amount: $0

APY / Rate: 5.00%

Pros:

• No minimum balance required
• Interest is paid end of the term, monthly,, or annually
• 5-minutes easy account opening process
• FDIC insured investment options

Rules:

• A CD account can be opened online by accessing the website if you are already a member of Capital One bank.
• Interest is accrued daily but paid and compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

Best 1 Year CD Rates

For those aiming to balance stability with modest growth, Florida residents can explore offerings and favorable rates for one-year CD terms.

1. Quontic

Minimum Amount: $500.00

APY / Rate: 4.45% APY

Pros:

• An APY that’s over 3x higher than the national average2
• Guaranteed returns – Once your CD is opened, the rate is locked in for the full year
• Interest compounded daily
• No monthly service fee
• FDIC insured to the maximum legal limits

Rules:

• Minimum balance: Some Quontic Bank accounts may require you to maintain a certain minimum balance to earn the advertised interest rate. If your balance falls below the minimum, you may earn a lower interest rate or be subject to monthly fees.
• Direct deposit: Some Quontic Bank accounts may require you to set up direct deposit to qualify for the best interest rates.
• Transactions: Some Quontic Bank accounts may have transaction requirements. For example, you may need to make a certain number of transactions each month to earn the advertised interest rate.
• Fees: Some Quontic Bank accounts may charge fees, such as monthly maintenance fees or transaction fees. You’ll want to review the account terms to understand any fees that may apply.

2.  Synchrony Bank

Minimum Amount: $0.00

APY / Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High-yield savings options
• No penalty on premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn interest.
• Also no penalty on premature withdrawals.

3.  BMO Harris

Minimum Amount: $1000

APY / Rate: 4.50%

Pros:

• Top-tier interest rates in CDs
• A decent minimum balance amount
• Secure banking over the telephone, online, or at the branch
• FDIC insured bank

Rules:

• CDs can be closed or funds can be withdrawn by contacting the branch.
• The amount is transferred to a BMO account or paid via check.
• There are no monthly maintenance fees, only a penalty charged on early withdrawal of the amount.
• A notice is sent to the CD holder when it matures and there is a grace period of 10 days to add more funds or withdraw the CD before it gets auto-renewed.

Best 2 Year CD Rates

Investors looking to lock in slightly higher returns over a two-year period can consider options that boast some of the most competitive rates in Florida’s CD market.

1. America’s First Credit Union

Minimum Amount: $500.00

APY / Rate: 4.75% APY

Pros:

• Low minimum deposits and high yields
• Automatic renewals
• NCUA insured up to $250,000
• Terms from three months to five years

Rules:

• To open a CD with AFCU, you must deposit a minimum amount of money, which varies depending on the term length of the CD. For example, as of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
• AFCU offers CDs with terms ranging from 6 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
• Interest rates: AFCU offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid monthly, and the rate is fixed for the term of the CD.

2.  Quorum Federal Credit Union

Minimum Amount: $1000

APY / Rate: 4.60% APY

Pros:

• Extremely safe investment insured by NCUA
• Low maintenance fee
• High-interest rate than regular saving accounts.

Rules:

• Account deposits of $100,000 earn an additional 0.10% APY.
• The penalty will be imposed if funds are withdrawn before maturity.

3. Armed Forces Bank, N.A.

Minimum Amount: $500

APY / Rate: 4.580% APY

Pros:

• Military Early Pay.
• Free e.Statements or $5 paper statements.
• Free incoming wire transfers.
• Online Banking with Bill Pay.
• Mobile Banking with account alerts, including the mobile app, mobile browser, and Text Banking.
• Free Visa® debit card with EMV chip technology.
• No fee money orders for existing clients

Rules:

• A fixed rate of interest is earned on the entire balance.
• A minimum opening balance of $500 is required to obtain the disclosed annual percentage yield.There are penalties for withdrawing funds before the set term.
• The amount depends on the length of the account term.
• You must deposit $1,000 to open this account.
• A total of six (6) withdrawals are allowed per month or statement cycle.
• Fees charged to the account could reduce the earnings on the account.

Best 5 Year CD Rates

Long-term savers seeking maximum growth potential over a five-year horizon. It features competitive rates and favorable terms for extended CD investments.

1. GTE Financial Credit Union

Minimum Amount: $500

APY / Rate: 4.54% APY

Pros:

• Open with as little as $500
• Some of the best rates in the nation
• Variety of term options
• Open online in minutes
• Federally insured by NCUA

Rules:

• No early withdrawals may be made during the first 60 days from opening the Share Certificate.
• Early withdrawals will be penalized anywhere from 90 to 180 days of earned dividends. Please review your Certificate disclosure for more details.
• There are no penalties for monthly dividend withdrawals. Early withdrawal penalties will apply if the certificate is closed before the maturity date.
• You can withdraw up to 10% of the principal plus dividends one time per year (20% of the current balance if over 59 1/2 years old) with no early withdrawal penalty on IRA certificates.
• Any monthly withdrawals or transfers reduce earnings.

2. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.50% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
•  The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

3. BMO Harris

Minimum Amount: $1000

APY / Rate: 4.50%

Pros:

• Reasonable minimum balance obligation
• FDIC insured banking options
• Excellent customer support
• Online and at-branch banking options are available

Rules:

• CDs can be opened online or by contacting the branch in person or telephonically
• Interest is compounded monthly and credited to the account every month
• On maturity, during the 10 days grace period, an investor can alter the CD term to renew
• CD gets auto-renewed after 10 days post maturity
• The final amount is transferred to a BMO Harris account or paid via check

Florida Economic Statistics

In considering the best CD rates in Florida, it’s essential to contextualize these offerings within the state’s economic landscape.

As of recent information that is collected, Florida boasts an average household income of approximately $57,350, with a median home value of around $259,993.

With a population of over 21.5 million residents, the state’s diverse economy encompasses sectors such as tourism, agriculture, and technology, contributing to its robust financial market.

Economic Statistics	Average
Average Household Income	$57,985
Median Home Value	$259,993
Population	Over 21.5 million

For investors or all those who are evaluating CD options, the above economic statistics provides valuable insight into the purchasing power and financial stability of Florida residents. While seeking the best CD rates, individuals can assess their investment strategies against the backdrop of Florida’s average income and home values.

How to Get Best CD Rates in Florida?

To secure the best CD rates in Florida, considering the following steps will be more helpful for the beginners;

1.Research Financial Institutions – Research different banks, credit unions, and online financial institutions in Florida. Look for those offering competitive CD rates for various terms.

2.Compare Rates – Once you visit several institutions, compare their CD rates for different terms, such as 6-month, 1-year, and 5-year CDs. Use online comparison tools or visit the institutions’ websites directly.

3.Consider Online Banks – Online banks often offer higher CD rates compared to traditional brick-and-mortar banks due to lower overhead costs. Explore offerings from reputable online banks to potentially find better rates.

4.Check Promotional Offers – Keep an eye out for promotional offers or special deals on CDs. Some financial institutions may periodically offer higher rates or bonuses for opening a CD account with them.

5.Evaluate Terms and Conditions – Review the terms and conditions of each CD, including minimum deposit requirements, penalties for early withdrawal, and renewal options. Ensure that the terms align with your financial goals and preferences.

Apart from all this, if you have an existing relationship with a bank, consider negotiating CD rates with them. Sometimes, banks may offer preferential rates to loyal customers or those with larger deposit amounts. It might have proved helpful for personal gains.

CD Rates Methodology

The CD rates methodology of the guide stated above involved reviewing offerings from 102 banks in Florida. After careful evaluation, 63 banks were selected and made it onto the list of institutions offering the most competitive CD rates in the state.

These selections were based on factors such as;

• Competitiveness of the rates offered
• Institution’s reputation
• Terms and conditions of their CD products

This comprehensive review ensures that investors have access to a curated list of options that can help them maximize their returns on CD investments in Florida.

Conclusion

In conclusion, securing the best CD rates in Florida requires thorough research. Whether you are opting for traditional banks, credit unions, or online institutions, you can leverage this information to optimize their CD investments and achieve greater financial stability and growth.

FAQs