Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
Advertiser Disclosure
By
Lena Borelli
Lena Borelli
Contributor
Lena is a freelance contributor to Newsweek’s small business team. A business owner herself, today she advises on business owners of all kinds on proper management, software, and tools to maximize productivity and improve their exposure. She is based in sunny Tampa Bay, Florida, and has been featured in leading publications such as TIME, Forbes, Bankrate, Digital Trends and Techopedia.
Read Lena Borelli's full bio
Reviewed By
Claire Dickey
Claire Dickey
Senior Editor
Claire is a senior editor at Newsweek focused on credit cards, loans and banking. Her top priority is providing unbiased, in-depth personal finance content to ensure readers are well-equipped with knowledge when making financial decisions.
Prior to Newsweek, Claire spent five years at Bankrate as a lead credit cards editor. You can find her jogging through Austin, TX, or playing tourist in her free time.
Read Claire Dickey's full bio
With the Federal Reserve keeping rates high, now may be the time to move on that certificate of deposit (CD) you’ve been considering. After all, a CD is one of the best ways to safely store your funds over the long term while earning interest on your balance. When you lock in a high annual percentage yield (APY), you can continue to benefit from the best Florida CD rates, even if interest rates drop later.
Now is the time to act while rates are still high. The best Florida certificates of deposit currently boast APYs of over 5%. It is just a matter of which bank offers the right terms for you, such as the minimum opening balance and early withdrawal penalty. Before you open a new account, consider these banks with the best CD rates in Florida.
Our Methodology
Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks
- NexBank
- CIBC Bank
- Alliant Credit Union
Best CDs in Florida 2024
Many banks offer CDs in Florida, but these banks stand apart from the rest for their competitive rates and multi-faceted services. They remain among the best CDs in Florida, serving various clients with varying minimum deposits and early withdrawal penalties.
NexBank
Vault Verified
APY
5.40%
Term Length
12 months
Min. Deposit Requirement
$25,000
Early Withdrawal Penalty
6 months of interest
Why We Chose It
A trusted institution since 1922, NexBank offers one of the most competitive CD rates in Florida on its 12-month Promotional Online CD. You can get a slightly lower APY (5.35%) on its standard 12-month CD for a lower $10,000 opening balance.
Pros
- Features higher promotional online rates
- Several term options
- U.S.-based customer service
Cons
- Online service only
- Promotional rates require opening balance of at least $25,000
- Early withdrawal penalty eats up half the interest earnings
CIBC Bank
Vault Verified
Term Length
12 months
Min. Deposit Requirement
$1,000
Early Withdrawal Penalty
30 days interest
Why We Chose It
The Canadian Imperial Bank of Commerce (CIBC) boasts a high interest rate on its 12-month CD with a low early withdrawal penalty, which is useful if you need to access your funds early.
Pros
- Competitive APY on 12- and 12-month CDs
- Offers physical branch locations
- 24/7 customer support
Cons
- Only one Florida branch
- Higher deposit option ($25,000) doesn’t earn higher APY
Alliant Credit Union
Vault Verified
APY
5.15%
Term Length
12 months
Min. Deposit Requirement
$1,000
Early Withdrawal Penalty
Number of days account is open, up to 90 days
Why We Chose It
With one of the best Florida CD rates, Alliant Credit Union makes it easy to open a new account with a low minimum deposit and a flexible early withdrawal penalty. Further, the credit union tops our list of the best jumbo CD rates.
Pros
- Low minimum deposit
- Plethora of term options
- Flexible early withdrawal penalty
Cons
- No physical branches
- Membership required
Vault’s Viewpoint: Overview of the Best Florida CDs
CD rates are based on the federal funds rate set by the Federal Reserve. Banks and credit unions typically alter their rates in response when that rate changes. In Florida, there are both traditional and online banks available for CD accounts, but rates can vary significantly.
There have been over ten rate increases since 2022 alone, leaving APYs extremely attractive for those looking to park their funds in a CD. Today, the best Florida CDs are available with impressive rates that can prove lucrative over the long term. Banks like NexBank, CIBC Bank, My eBanc and Bask Bank all rank among the best Florida certificates of deposit, with rates that top 5% for a term of 12 months.
However, rates will not remain high forever. The CME Group’s FedWatch Tool projects a growing likelihood of rate cuts as the year progresses, with rates predicted to drop by the end of the year. That means today’s rates could be the highest you will see for the rest of 2024.
This is a look at some of the best CD rates in Florida.
| Bank (or Credit Union) in Florida | CD Term | APY | Minimum Deposit |
| NexBank | 12 months (promotional rate) | 5.40% | $25,000 |
| CIBC Bank | 12 months | 5.36% | $1,000 |
| Alliant Credit Union | 12 months | 5.15% | $1,000 |
| My eBanc | 12 months | 5.30% | $5,000 |
| Bask Bank | 12 months | 5.30% | $1,000 |
| NewTek | 12 months | 5.15% | $2,500 |
| LendingClub | 12 months | 5.15% | $2,500 |
| Beal Bank | 12 months | 5.15% | $1,000 |
| Popular Direct | 12 months | 5.30% | $10,000 |
| First Foundation Bank | 12 months | 4.85% | $2,500 |
Short-Term CD Rates in Florida
Short-term CDs typically last anywhere from three to 12 months. In Florida, they are a great choice when you want a temporary vehicle to hold your funds. With APYs of 5% or more, you can leverage the best Florida CD rates to provide higher returns without the commitment of a longer term. Some of the best short-term CDs come from banks like Newtek Bank and Sallie Mae, which have among the best 6-month CD rates in Florida.
Long-Term CD Rates in Florida
There is also the option of a long-term CD, which can range from 12 to 60 months. This is available in Florida from not only traditional banks but online ones, too. For example, the best 5-year CD rates come from Florida banks like Popular Direct and Alliant Credit Union. Before choosing the best Florida CD, consider whether a promotional online CD is available that could provide a higher interest rate than your traditional CD.
Jumbo CD Rates in Florida
If you have a lot to invest, a jumbo CD could be the right option for you. These CDs generally require a much higher minimum deposit, usually around $100,000. However, they typically carry a higher interest rate than traditional CDs. The best jumbo CD rates come from banks like Alliant Credit Union, Navy Federal Credit Union and Credit One Bank.
How Much Can You Earn With the Best CD Rates in Florida?
One of the greatest benefits of a CD is that it holds very little risk, giving you guaranteed earnings when you lock in the right rate for your savings. Once you find a favorable rate, you can choose a term ranging anywhere from a few months to 10 years. During that time, you never have to worry about interest rates dropping because the interest rate remains the same for the entirety of the term.
However, your exact earnings depend on the rate you get. Rates can vary significantly based on the bank or credit union you choose. In Florida, you can receive rates of 5% or more, but it is not guaranteed. Some rates can dip below 1%, making it significantly harder to grow your savings. Instead, Newsweek Vault found that banks like NexBank, CIBC Bank and Alliant Credit Union are among the most competitive for the best Florida CD rates.
This is an example of the interest earned with a $25,000 deposit based on the best CD rates in Florida.
| Bank (or Credit Union) in Florida | CD Term | APY | Estimated Earnings |
| NexBank | 12 months | 5.40% | $1,350 |
| CIBC Bank | 12 months | 5.36% | $1,340 |
| Alliant Credit Union | 12 months | 5.15% | $1,287.50 |
How To Open a CD in Florida
It is a simple matter to open a CD in Florida.
- Choose a bank or credit union. Carefully research your options to find an FDIC-insured bank or credit union.
- Select a CD. There are several types of CDs to choose from, such as a jumbo CD that requires a larger deposit than other CDs. Consider how long you plan to invest your money, as terms can range from several weeks to many years.
- Apply. How you apply for a CD depends on your bank or credit union; some allow you to open a CD online, while others may require you to come to a local branch so you can apply in person. Check with your bank on how best to complete the application process.
- Provide personal details. When applying for a CD, you will likely need to provide two forms of identification and supply your personal details, such as your address and phone number.
- Arrange disbursem*nt. Most banks and credit unions allow you to choose from one-time or ongoing disbursem*nts. Ongoing payments generally occur monthly or annually, depending on your term, but you can also choose to receive your funds at the end of your CD term.
- Pay your deposit. To open your account, you will need to supply the minimum opening deposit. CDs generally only allow you to make one deposit, so be sure to provide all your funds with your initial deposit. From there, your account will begin accruing interest based on the interest rate available when you sign up.
Alternatives to a CD in Florida
A CD is not your only option. These are some alternatives to consider.
High-Yield Savings Account
A high-yield savings account is much like a traditional savings account, but it generally holds a much higher APY. Unlike a CD, you can usually make withdrawals from your account, although there may be limitations regarding how much and how often you can withdraw. This makes a high-yield savings account a fantastic choice to house short-term savings, such as emergency funds or savings for a new house.
While the average national savings account rate is 0.45% APY, it is possible to find rates above 5% in 2024. Banks like My Banking Direct, Brio Direct and EverBank (formerly TIAA) boast some of the highest rates available today. Like CDs, many of the best high-yield savings accounts come from online banks that pass their lower operating costs on to their customers in the form of higher interest rates.
Money Market Account
A money market account (MMA) combines the best of both worlds by acting like a hybrid checking and savings account. It includes check-writing privileges and often comes with a debit card, resembling a checking account. However, it generates interest—more than the traditional savings account—and typically features a variable interest rate rather than a fixed one. You will likely be required to maintain a minimum balance, and a minimum opening deposit generally applies.
An MMA is ideal for short-term savings, like vacation funds or savings for a new car. The best money market accounts come from banks like Quontic Bank, Ally Bank and First Foundation Bank. Rates remain competitive, topping 5% with the best banks and credit unions.
Laddering Your CDs
One strategy is to keep your CD but add to your portfolio with more CDs of different term lengths, also known as a CD ladder. By combining CDs of different lengths, you keep earning interest while interest rates are high. As the terms expire, you can choose to reinvest the money or keep it.
Having different maturity dates means you maintain access to your money at different times without incurring the penalties of early withdrawals. Meanwhile, you can leverage the high interest rates currently available, even if rates dip in the future. It provides long-term security while also enabling access to your funds in the short term.
Frequently Asked Questions
Who Has the Highest CD Rates in Florida?
NexBank’s CD rates are among the best in Florida, offering 5.40% APY on your investment. Other banks and credit unions offer rates above 5%, including CIBC Bank, My eBanc, Bask Bank and NewTek.
Can You Get 6% on a CD in Florida?
Not many CDs top 5%, let alone 6% for new accounts. You may be able to find a 6% CD rate, but it will most likely come from a credit union. Before you open an account, confirm that the institution is FDIC-insured and has a great track record with its customers.
What Is the Best CD Rate for $100,000 in Florida?
Many banks and credit unions offer competitive rates above 5% for CD accounts. However, NexBank maintains one of the best CD rates in Florida for a $100,000 deposit. Other banks worth consideration include CIBC Bank, my eBanc and Bask Bank.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
Lena Borelli
Contributor
Lena is a freelance contributor to Newsweek’s small business team. A business owner herself, today she advises on business owners of all kinds on proper management, software, and tools to maximize productivity and improve their exposure. She is based in sunny Tampa Bay, Florida, and has been featured in leading publications such as TIME, Forbes, Bankrate, Digital Trends and Techopedia.
Read more articles by Lena Borelli
