This article covers the best CD rates (certificate of deposit) in the state of Florida for the month of November 2022.
A certificate of deposit, or CD, is a product offered by banks and credit unions that provides an interest rate premium on a lump-sum cash deposit that will go untouched by the customer for a predetermined length of time.
CD rates vary by state and institution. In this article, we will only be covering the top CD rates available to residents based in Florida, USA.
Banks and credit unions both offer FDIC and NCUA-insured CDs with varying maturities. Most CDs range from a few months to 5 to 10 years in duration. Generally speaking, if you decide to lock up your funds for a longer duration, you will receive a higher APY.
Interest rates on CDs have increased over the past few months, as they are generally correlated to the Federal Funds rate. After the Fed’s 0.75% rate increase in November, the Fed Funds rate is sitting around 3.75-4%. The Fed is expecting to continue increasing rates into the end of the year.
Note: This article only shows CD rates for brick-and-mortar institutions based in Florida. All rates are available to Floridians.
In this article we will cover:
- Best 6 Month CD Rates
- Best 12 Month CD Rates
- Best 2 Year CD Rates
- Best 3 Year CD Rates
- Best 5 Year CD Rates
Best 6 Month CD Rates
Below are the top three 6 month CD rates available to Florida residents. 6 month CDs are considered short term CDs and the yield is comparable to savings accounts and money market rates.
To put these rates in perspective, The national average rate of a 6 month CD is sitting around 0.28%.
Best 12 Month CD Rates
Below are the top three 12 month CD rates available to Florida residents. One-year CDs tend to be the most popular, as they don’t require you to lock up your money for an extended period of time but still yield good returns.
|North American Savings Bank||$5,000||4.03%|
The national average for one-year CDs is hovering around 0.42%.
Best 2 Year CD Rates
Below are the top three 2 year CD rates for Florida. Two-year CDs generally offer higher rates than one-year CDs, but require a longer commitment.
|M.Y. Safra Bank||$500||3.60%|
|Hingham Institution For Savings||$1,000||2.85%|
The national average for 2 year CDs is about 0.55%.
Best 3 Year CD Rates
Below are the top three 3 year CD rates available to Florida residents. Three-year CDs are a good intermediate-term that offer a decent tradeoff between commitment time and yield.
|M.Y. Safra Bank||$500||4.10%|
The 3 year CD rate national average is hovering around 0.64%.
Best 5 Year CD Rates
Below are the top three 5 year CD rates for Florida residents. 5 year CDs are generally the longest duration that banks will offer. They tend to have the highest yield, but also require you to lock up your funds for longer.
|M.Y. Safra Bank||$500||4.06%|
The national average 5 year CD rate is 0.80%.