Best CD Rates in Miami, Florida

Looking to make the most out of your savings in Miami, Florida? Finding the best CD rates is essential for maximizing your returns while keeping your funds secure.

Miami offers a range of options to suit your needs. From traditional banks to online financial institutions, exploring the best CD rates ensures that your money works harder for you.

Let’s delve into some of the top options available in Miami. The following guide will help you to make informed decisions to achieve your financial goals.

Overall Best CD rates in Miami, Florida 

No.	Name of the Bank	APY %	Term Length	Address
1	Banco Popular North America	5.25%	13-month	301 71st St Miami Beach, FL 33141
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	Brickell Bank	5.10%	6-month	1395 Brickell Ave Miami, FL 33131
5	Miami Firefighters Federal Credit Union	5.10%	6-month	1111 NW 7th St Miami, FL 33136
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	Intercredit Bank, NA	4.65%	6-month	3730 NW 79th Ave Miami, FL 33166
11	Connect Credit Union	4.60%	6-month	1000 NW 111th Ave Miami, FL 33172
12	Pacific National Bank	4.51%	6-month	1390 Brickell Ave Miami, FL 33131
13	Wells Fargo Bank	4.50%	6-month	333 SE 2nd Av Miami, FL 33131
14	Intercredit Bank	4.50%	5-years	100 SE 2nd Street, Suite 4100, Miami, FL 33131
15	Valley National Bank	4.25%	18-month	1691 Michigan Avenue, Miami Beach, FL 33139
16	Biscayne Bank	4.00%	24-month	2601 S Bayshore Drive, Suite 1500, Miami, FL 33133
17	TransCapital Bank	4.00%	24-monh	2100 Coral Way, Suite 102, Miami, FL 33145
18	Grove Bank & Trust	3.96%	18-month	2701 S Bayshore Drive, Suite 100, Coconut Grove, FL 33133
19	Marquis Bank	3.95%	18-month	355 Alhambra Circle, Suite 1250, Coral Gables, FL 33134
20	JPMorgan Chase Bank	3.95%	15-month	1395 Brickell Avenue, Miami, FL 33131
21	Continental National Bank	3.93%	6-month	1801 SW 1st St Miami, FL 33135
22	Bank of America, National  Association	3.93%	3-month	360 W 41st St Miami Beach, FL 33140
23	Banco Do Brasil Americas	3.88%	6-month	800 Brickell Ave Miami, FL 33131
24	Banesco USA	3.75%	3-month	3891 NW 107th Avenue, Doral, FL 33178
25	New York Community Bank	3.69%	3-month	447 Arthur Godfrey Rd Miami Beach, FL 33140
26	Coconut  Grove Bank	3.22%	6-month	14695 S Dixie Hwy Miami, FL 33176
27	Iberiabank	3.02%	17-month	1221 Brickell Avenue, Suite 2000, Miami, FL 33131
28	PenFed Credit Union	3.00%	6-month	Online
29	BrightStar Credit Union	3.00%	3-month	Online
30	City National Bank of  Florida	3.00%	12-month	1450 Brickell Avenue, Miami, FL 33131
31	SunTrust Bank	3.00%	24-month	777 Brickell Avenue, Miami, FL 33131
32	U.S. Bank	3.00%	36-month	U.S. Bank Tower, 1450 Brickell Avenue, Miami, FL 33131
33	Mercantil Bank	3.00%	24-month	220 Alhambra Circle, Coral Gables, FL 33134
34	Seacoast National Bank	2.00%	6-month	2020 Ponce de Leon Boulevard, Coral Gables, FL 33134
35	Community Bank of  Florida, Inc.	1.90%	6-month	18765 S Dixie Hwy Miami, FL 33157
36	Interaudi Bank	1.75%	6-month	78 SW 7th St Miami, FL 33130
37	Citibank	1.08%	12-month	150 SE 2nd Avenue, Miami, FL 33131
38	Stonegate Bank	1.06%	18-month	1430 S Dixie Highway, Suite 307, Coral Gables, FL 33146

Current CD Rates of Miami, Florida

In Miami, Florida, current CD rates play a significant role in helping individuals and businesses so that they can make informed decisions about where to invest their savings.

These rates determine the return on investment over a specified period, providing a stable and predictable source of income. Whether you are looking to grow your savings for a short-term goal or secure long-term financial stability, keeping a predefined information of the latest CD rates will ensure that you can maximize your earnings while minimizing risk.

Best 6 Month CD Rates

Short-term investors in Miami can capitalize rates competitively. It is offered by select financial institutions that provide a balance between liquidity and returns over a six-month period.

1. Superior Choice Credit Union

Minimum Amount: $500

APY / Rate: 5.65% on 7-month

Pros:

• High interest rates: SCCU offers some of the highest interest rates on CDs in the industry. As of July 2023, the highest APY (annual percentage yield) for a 7-month CD is 5.65%.
• High-interest rates on savings accounts and CDs: Superior Choice Credit Union offers some of the highest interest rates on savings accounts and CDs in the industry.
• Flexible terms: SCCU offers CDs with terms ranging from 3 months to 7 years, so you can choose a term that fits your needs.
• Superior Choice Credit Union is insured by the National Credit Union Administration (NCUA). This means that your deposits are protected up to $250,000 per depositor.
• Convenient online banking: Superior Choice Credit Union offers convenient online banking, which allows you to manage your accounts from anywhere. This includes the ability to view your balances, transfer funds, pay bills, and more.
• Easy to open: You can open a CD online or at any SCCU branch.

Rules:

• Minimum deposit: The minimum deposit for a CD account with SCCU is $500.
• The interest rate you earn will depend on the term of the CD.
• Term length: CD terms at Superior Choice Credit Union range from 3 months to 7 Years.
• Early withdrawal penalty: If you withdraw money from your CD account before the term matures, you may be subject to an early withdrawal penalty. The penalty amount is based on the length of time remaining on the term and the amount of money withdrawn.
• Compounding: Interest on Superior Choice Credit Union CDs compounds monthly.

2. Bellco Credit Union

Minimum Amount: $500

APY / Rate: 5.50% APY

Pros:

• Competitive interest rates: Bellco Credit Union offers competitive interest rates on its CDs. As of July 2023, the APY (annual percentage yield) for a 1-year CD is 3.90%, and the APY for a 5-year CD is 4.00%.
• Bellco Credit Union members have access to a variety of discounts and services, such as discounts on car rentals, hotels, and other travel expenses.
• Bellco Credit Union offers free financial counseling to its members. This can help members develop a budget, save money, and achieve their financial goals.
• Bellco Credit Union is owned by its members. This means that the profits from the credit union are returned to the members in the form of lower interest rates, higher dividends, and other benefits.
• Bellco Credit Union deposits are insured by the National Credit Union Administration (NCUA). The NCUA is a federal agency that insures credit union deposits up to $250,000.
• Online banking and mobile apps. There was a time when banks were able to offer services that credit unions could not. But, today Bellco FCU members enjoy fast, free, and easy to use online banking and bill pay services.

Rules:

• Minimum deposit: The minimum deposit to open a CD at Bellco Credit Union varies depending on the term of the CD. For example, the minimum deposit for a 1-year CD is $500, while the minimum deposit for a 5-year CD is $1,000.
• You must be a member of Bellco Credit Union to open a CD account. You can become a member by meeting one of the eligibility requirements listed on the Bellco Credit Union website.
• Early withdrawal penalty: There is an early withdrawal penalty if you withdraw money from your CD before the maturity date. The penalty is typically a percentage of the interest you would have earned if you had left the money in the CD until maturity.
• Flexible terms: Bellco Credit Union offers CDs with terms ranging from 3 months to 5 years. This allows you to choose a term that fits your financial needs.
• Some CD accounts have special requirements, such as a minimum deposit amount or a requirement to make monthly deposits. Be sure to read the terms and conditions carefully before opening a CD account.
• You must meet certain requirements to earn the advertised APY. For example, you must make 15 debit card purchase transactions that post and clear in the statement month to earn the advertised APY on the 12-month CD.

3. Mountain America Credit Union

Minimum Amount: $500

APY / Rate: 5.50% APY

Pros:

• National Credit Union Administration (NCUA) insured
• For a 6-month term deposit, Mountain America Credit Union offers a competitive APY of 5.50%.
• Compared to other high-yield savings choices, the $500 minimum deposit needed to create an account is very low.
• Anyone can become a member of Mountain America Credit Union by becoming a $5 member of the nonprofit American Consumer Council and keeping a minimum of $5 in a savings account.

Rules:

• Minimum deposit: The minimum deposit for a CD at MACU is $500.
• Only a 6-month term deposit qualifies for the claimed APY of 5.50%.
• Penalties for withdrawing funds before the end of the designated term may apply.
• Rate bump option: MACU offers a rate bump option, which allows you to increase the interest rate on your CD once during the term.

Best 1 Year CD Rates

For those seeking stability and moderate growth, Miami presents enticing options with its best 1-year CD rates. It allows the investors to lock in favorable returns over a one-year term.

1. BMO Harris

Minimum Amount: $1000

APY / Rate: 5.10% on 13-month

Pros:

• High interest rates: BOW offers competitive interest rates on CDs.
• FDIC insured: All CDs at BOW are insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 per depositor.
• Wide range of terms: BOW offers a wide range of terms for CDs, so you can find one that fits your needs.
• Easy to open an account: You can open a CD account online or at any BOW branch.
• Access to the account via mobile, online, and telephone

Rules:

• Early withdrawal penalty: There is an early withdrawal penalty for CDs at BOW. The penalty is 6 months’ interest if the CD is withdrawn before maturity.
• Term: The term of a CD at BOW can range from 7 months to 60 months.
• Relationship requirements: Some BMO Harris CDs offer higher interest rates if you have a relationship with the bank, such as having a checking or savings account.

2. Bethpage Federal Credit Union

Minimum Amount: $50

APY / Rate: 5.00% APY

Pros:

• High interest rates: Bethpage FCU offers some of the highest interest rates on certificates of deposit (CDs) among credit unions. For example, the 1-year CD currently earns 5.00% APY, while the 5-year CD earns 4.00% APY.
• Bethpage Federal Credit Union is insured by the National Credit Union Administration (NCUA). This means that your deposits are protected up to $250,000 per depositor, for each account ownership category, in the event of a credit union failure.
• Bethpage Federal Credit Union CDs offer an automatic renewal option. This means that your CD will automatically renew for another term at the same interest rate when the current term ends.

Rules:

• Minimum deposit: The minimum deposit to open a CD at Bethpage FCU is $50.
• Term length: CD terms at Bethpage FCU range from 3 months to 60 months.
• Early withdrawal penalty: There is an early withdrawal penalty if you withdraw money from your CD before the term ends.

3. PenFed Credit Union

Minimum Amount: $1000

APY / Rate: 4.85%

Pros:

• High-interest rates: PenFed Credit Union offers some of the highest interest rates on savings accounts and CDs in the industry.
• PenFed are federally insured by the NCUA (National Credit Union Administration)
• No monthly fees – no minimum balances
• Wide range of products and services: PenFed Credit Union offers a wide range of products and services, including checking accounts, savings accounts, CDs, loans, and credit cards.

Rules:

• The early withdrawal penalty fee is 180 days of interest if withdrawn before maturity.
• ATM fees: PenFed Credit Union does not have a nationwide ATM network, so you may incur ATM fees when using other ATMs.
• Fees for some services: There are fees for some services at PenFed Credit Union, such as overdraft protection and wire transfers.

Best 2 Year CD Rates

Investors looking for slightly longer commitments can explore institutions that work with the  attractive rates on 2-year CDs in Miami. It balances the perspective of security and yield for optimal growth.

1. First Republic Bank

Minimum Amount: $10000

APY / Rate: 5.25% APY

Pros:

• FDIC insured: First Republic Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured up to $250,000.
• High interest rates: First Republic Bank offers some of the highest CD rates in the market.
• No monthly maintenance fees
• Convenient online banking: First Republic Bank offers a convenient online banking platform that allows you to manage your CDs from anywhere.
• Personalized service: First Republic Bank is known for its personalized service. You will be assigned a personal banker who will help you find the right CD for your needs.

Rules:

• Term lengths: CDs are available in term lengths ranging from one month to five years.
• Early withdrawal penalties: He early withdrawal penalty is 90 days of interest if withdrawn before maturity

2. Citibank

Minimum Amount: $1000

APY / Rate: 5.20% APY

Pros:

• High interest rates: Citibank offers some of the highest interest rates on CDs, especially for longer terms. For example, the 5-year CD currently earns 3.25% APY for balances under $100,000 and 4.00% APY for balances of $100,000 or more.
• Flexible terms: Terms range from 3 months to 5 years, and there is also a No Penalty CD option.
• No fees: There are no fees to open or maintain a CD with Citibank.
• Convenient access: You can open a CD online or at any Citibank branch. You can also manage your CD account online or through the Citibank mobile app.

Rules:

• Minimum deposit: The minimum deposit for a Citibank CD varies depending on the term. For example, the minimum deposit for a 3-month CD is $1,000, while the minimum deposit for a 5-year CD is $2,500.
• Early withdrawal penalty: There is an early withdrawal penalty if you withdraw your money from a CD before the term matures. The penalty is typically 6 months of interest.
• IRA CDs: Citibank offers IRA CDs, which allow you to save for retirement in a tax-advantaged way. There are no early withdrawal penalties on IRA CDs.

3. Quontic Bank

Minimum Amount: $500

APY / Rate: 4.50% APY

Pros:

• High interest rates: Quontic Bank’s CDs offer some of the highest interest rates on the market. As of July 2023, Quontic Bank’s 1-year CD offers an APY of 5.30%, which is significantly higher than the national average of 1.59%.
• Flexible terms: Quontic Bank offers CDs with a variety of terms, so you can choose one that fits your needs. You can choose from terms of 6 months, 1 year, 2 years, 3 years, or 5 years.
• FDIC insured: Quontic Bank is FDIC insured, so your deposits are protected up to $250,000.
• Easy to open online: You can open a CD with Quontic Bank online in just a few minutes. This makes it a convenient option for people who want to open a CD without having to go to a bank branch.

Rules:

• Minimum deposit: The minimum deposit to open a CD with Quontic Bank is $500.
• Term length: CD terms range from 6 months to 5 years.
• No minimum balance requirement: Quontic Bank’s CDs have no minimum balance requirement, so you can start saving with as little as $500.
• Early withdrawal penalties: There is an early withdrawal penalty if you withdraw money from your CD before the maturity date. The penalty is equal to 3 months’ interest on the amount withdrawn.
• Quontic Bank offers online CD openings.

Best 3 Year CD Rates

With a focus on stability and sustained growth, Miami’s best 3-year CD rates provide investors with opportunities to secure favorable returns over a medium-term horizon.

1. Bank OZK

Minimum Amount: $1000

APY / Rate: 5.50%

Pros:

• FDIC insured:  Bank OZK  is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured up to $250,000.
• High interest rates on CDs: Bank OZK offers some of the highest interest rates on CDs in the market. For example, its 1-year CD currently has an APY of 5.50%.
• Wide range of account options: Bank OZK offers a variety of deposit accounts to meet the needs of different customers. This includes savings accounts, checking accounts, and CDs with terms ranging from 7 days to 5 years.
• Convenient online banking: Bank OZK offers a convenient online banking platform that allows customers to view their account balances, make transfers, and pay bills online.
• Good customer service: Bank OZK has a good reputation for customer service. Customers have praised the bank’s helpful and responsive staff.

Rules:

• Minimum deposit: The minimum deposit requirement for a Bank OZK CD varies depending on the term of the CD. For example, the minimum deposit for a 1-year CD is $1,000.
• Early withdrawal penalty: There is an early withdrawal penalty for CDs that are withdrawn before the maturity date.
• APY: The APY for a Bank OZK CD is variable and may change at any time.
• Fees: Bank OZK charges some fees for its deposit accounts, such as monthly service fees and overdraft fees. These fees can vary depending on the account type.

2. First Horizon Bank

Minimum Amount: $1000

APY / Rate: 5.40%

Pros:

• FDIC insured:  First Horizon Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured up to $250,000.
• Competitive interest rates. First Horizon Bank’s CD rates are competitive with other banks in the market.
• Easy to open and manage. You can open a CD online or at any First Horizon Bank branch. Once your CD is open, you can manage it online or through the First Horizon Bank mobile app.

Rules:

• Minimum balance requirements. There are minimum balance requirements for all First Horizon Bank CDs. The minimum balance requirement varies depending on the term of the CD.
• Early withdrawal penalties. There are early withdrawal penalties for all First Horizon Bank CDs. The penalty amount is typically a percentage of the interest earned on the CD.
• No-penalty CDs. First Horizon Bank offers a few no-penalty CDs. These CDs do not have an early withdrawal penalty, but they typically offer lower interest rates than other CDs.

3. BMO Harris

Minimum Amount: $1000

APY / Rate: 4.50%

Pros:

• High interest rates: BOW offers competitive interest rates on CDs.
• FDIC insured: All CDs at BOW are insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 per depositor.
• Wide range of terms: BOW offers a wide range of terms for CDs, so you can find one that fits your needs.
• Easy to open an account: You can open a CD account online or at any BOW branch.

Rules:

• Term: The term of a CD at BOW can range from 7 months to 60 months.
• Early withdrawal penalty: There is an early withdrawal penalty for CDs at BOW. The penalty is 6 months’ interest if the CD is withdrawn before maturity.
• Relationship requirements: Some BMO Harris CDs offer higher interest rates if you have a relationship with the bank, such as having a checking or savings account.

Best 5 Year CD Rates

Long-term investors in Miami can take advantage of the best 5-year CD rates. These rates offer a secure avenue for maximizing returns over an extended period, by aligning with more extended investment goals.

1. First Republic Bank

Minimum Amount: $10000

APY / Rate: 5.15%

Pros:

• FDIC insured: First Republic Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured up to $250,000.
• High interest rates: First Republic Bank offers some of the highest CD rates in the market.
• No monthly maintenance fees
• Convenient online banking: First Republic Bank offers a convenient online banking platform that allows you to manage your CDs from anywhere.
• Personalized service: First Republic Bank is known for its personalized service. You will be assigned a personal banker who will help you find the right CD for your needs.

Rules:

• Term lengths: CDs are available in term lengths ranging from one month to five years.
• Early withdrawal penalties: He early withdrawal penalty is 90 days of interest if withdrawn before maturity

2. Citibank

Minimum Amount: $1000

APY / Rate: 5.10% APY

Pros:

• High interest rates: Citibank offers some of the highest interest rates on CDs, especially for longer terms. For example, the 5-year CD currently earns 3.25% APY for balances under $100,000 and 4.00% APY for balances of $100,000 or more.
• Flexible terms: Terms range from 3 months to 5 years, and there is also a No Penalty CD option.
• No fees: There are no fees to open or maintain a CD with Citibank.
• Convenient access: You can open a CD online or at any Citibank branch. You can also manage your CD account online or through the Citibank mobile app.

Rules:

• Minimum deposit: The minimum deposit for a Citibank CD varies depending on the term. For example, the minimum deposit for a 3-month CD is $1,000, while the minimum deposit for a 5-year CD is $2,500.
• Early withdrawal penalty: There is an early withdrawal penalty if you withdraw your money from a CD before the term matures. The penalty is typically 6 months of interest.
• IRA CDs: Citibank offers IRA CDs, which allow you to save for retirement in a tax-advantaged way. There are no early withdrawal penalties on IRA CDs.

3. Navy Federal Credit Union

Minimum Amount: $1000

APY / Rate: 4.00% APY

Pros:

• Federally Insured by: NCUA (National Credit Union Administration)
• High interest rates: Navy Federal Credit Union offers some of the highest CD interest rates.
• A large network of fee-free ATMs.
• No monthly fees: There are no monthly fees for Navy Federal Credit Union CDs.
• Early withdrawal penalties: The early withdrawal penalties for Navy Federal Credit Union CDs are relatively low. For example, the penalty for withdrawing from a 1-year CD before maturity is 6 months of interest.
• Easy to open: You can open a Navy Federal Credit Union CD online or at any of their branch locations.
• The service portfolio of the credit union includes Business Services, Car Loans, Checking, Credit Cards, Home Equity, Investments, Mortgages, Personal Loans, Prepaid Cards, Savings & CDs, Student Loans, and more.

Rules:

• Membership is confined to persons with military cooperation.
• Term length: The interest rate you earn on a Navy Federal Credit Union CD will vary depending on the term length. Longer term CDs typically offer higher interest rates.
• You cannot make withdrawals from your CD before maturity without incurring an early withdrawal penalty. The penalty will vary depending on the term of the CD.
• CDs are FDIC insured up to $250,000. This means that your money is safe in case the credit union fails.

Miami, Florida Economic Statistics

Miami, Florida boasts a vibrant economy with diverse opportunities for investors and savers alike. As of recent information and statistics;

• The average household income in Miami stands at around $61,252 per year, reflecting the city’s dynamic workforce and economic activity.
• In terms of real estate, the average home value in Miami hovers around $380,000, indicating a robust housing market that presents opportunities for both homeowners and real estate investors.
• With a population of approximately 470,000 residents, Miami offers a sizable market for financial institutions to offer competitive CD rates and other investment products.

Economic Statistic	Average Value
Average Household Income	$61,252. per year
Average Home Value	$380,000
Population	Approximately 470,000 residents

Investors and savers in Miami can leverage these economic indicators to make informed decisions about allocating their funds, whether through short-term CDs for liquidity needs or longer-term investments in real estate or other assets.

By considering these statistics alongside the current CD rates available in Miami, individuals can strategically plan their financial portfolios to maximize returns while mitigating risks.

How to Get Best CD Rates in Miami, Florida?

To secure the best CD rates in Miami, Florida, the investors should;

1.      Research Financial Institutions – Start by researching local banks, credit unions, and online financial institutions that offer CD products.

2.      Compare Rates – Compare CD rates offered by different institutions. Utilize online comparison tools or visit the websites of various banks and credit unions to review their current offerings.

3.      Evaluate Terms and Conditions – Pay attention to the terms and conditions of each CD. It includes the duration of the term, minimum deposit requirements, and any penalties for early withdrawal.

In some cases, particularly with larger deposits, you may be able to negotiate a better CD rate with your bank or credit union. So do not hesitate to inquire about potential rate enhancements based on your relationship or deposit amount.

Stay informed about changes in interest rates and market conditions, because timing your CD investment when rates are favorable can help you secure better returns.

CD Rates Methodology

The methodology for reviewing CD rates typically involves assessing a broad range of financial institutions to compile a comprehensive list of offerings.

In this case, we reviewed 72 banks. Out of these, 38 banks met the criteria to be included in the final list based on factors such as competitiveness of rates, terms, reputation, and customer reviews.

The review process likely involved thorough research, including gathering data from banks’ websites, and utilizing financial comparison tools.

Additionally, factors such as minimum deposit requirements, penalties for early withdrawal, and customer service quality may have been considered in the evaluation process to ensure that the final list reflects the best CD rates available in Miami, Florida.

Conclusion

In conclusion, the thorough methodology for this guide ensures that the investors and savers in Miami have access to a diverse range of options. So that they can maximize their savings and achieve their financial goals.

FAQs