editorial staff

Charles Schwab CD Rates – Now up to 5.65% APY!

Fact Checked : Dan Nelson
Updated September 15, 2023

Charles Schwab is a multinational financial services company founded in 1971 and headquartered in San Francisco, California.

Charles Schwab has an array of products and services that it offers to both retail and institutional clients encompassing commercial banking, stock brokerage, and wealth management advisory services.

As of March 2023, they have 34 million active brokerage accounts, 1.7 million bank accounts and roughly $7.38 trillion (yes, with a T) in total client assets.

For the purposes of this review, we will focus on the brokered CD (certificate of deposit) rates offered through Charles Schwab.

To see if their CDs are right for you, continue reading our review below.

Charles Schwab Brokered CD Rates + Account Details

It is important to keep in mind that Charles Schwab does not issue CDs themselves, but rather brokers (or re-sells) bank CDs issued by FDIC-insured banks and financial institutions.

Charles Schwab CDs require a minimum deposit of $1,000 and you may increase your investment size by increments of $1,000.

CD Rates

Term	APY
1-3 Month	5.51%
4-6 Month	5.58%
7-9 Month	5.64%
10-18 Month	5.65%

APY = Annual Percentage Yield

The CD rates displayed above were surveyed on September 15, 2023.

To put these offers in perspective, the current national average on a 12 month CD and a 60 month CD sit at just 1.76% and 1.41% APY, respectively, according to recent FDIC data.

That said, top yields from online banks and nationally available credit unions are now hovering around 5.50% and 4.50% APY for the same respective terms.

How do Charles Schwab’s CD Rates Compare?

If you want to see how Charles Schwab’s CD rates stack up against other major brokerages then take a look at the table below comparing top yields from some of the largest brokerage firms in the country.

Brokerage	Best APY	CD Term
Charles Schwab	5.65%	10 – 18 months
Edward Jones	5.40%	3, 9 months
Fidelity	5.50%	3, 6, 12 months
Morgan Stanley	5.37%	6 months
Vanguard	5.75%	13-18 months

CD Rates surveyed September 15, 2023

How Much Can You Earn with a Charles Schwab CD?

If you’re curious about how much money you can make with a Charles Schwab CD take a look at the table below. This shows how much money you’d earn in total interest payments with a few of Charles Schwab’s CD offers. It assumes a deposit size of $100,000.

CD Term	APY	Total Earnings
3 months	5.51%	$1,349.92
6 months	5.58%	$2,752.13
9 months	5.64%	$4,200.86
12 months	5.65%	$5,650.00

Total Earnings = The sum of all interest payments through maturity.

Brokerage Fees

For all new issue CDs, a selling concession is already included in the overall price for both online and broker assisted trades.

For all CDs purchased on the secondary market through Schwab CD OneSource, a $1 transaction fee per $1,000 is applied. This comes with a $10 minimum and a $250 maximum.

If you need a broker’s assistance for the trade you will also be charged an additional $25 as a trade service charge.

FDIC-Insurance

All of the brokered CDs offered through Schwab OneSource are federally insured by the FDIC through the partner bank. Thus the same coverage extends to you and can even exceed the $250,000 maximum if you choose to open more than one CD with more than one bank.

For example, if you open two CDs from two different banks through Schwab OneSource, you will get FDIC coverage of $250,000 from one bank and then $250,000 from the second bank. Assuming you have no other deposits at those banks, you’re covered for $500,000.

Compounding Interest

Interest on brokered CDs is not compounded as it would be with a bank or credit union as it requires immediate distribution. If you want compounding interest on a brokered CD you will need to reinvest your interest payments into a different account.

Grace Period

The exact grace period for your Charles Schwab CD can be found by contacting the issuing banking institution. Your broker can help you access this information.

In general, banks and credit unions typically offer a 7 – 10 calendar-day grace period in which the deposit holder may add or withdraw funds penalty-free before the CD automatically renews into a new CD with the same term and the going APY at that time.

Early Withdrawal Fees

Early withdrawal fees do not exist with brokered CDs. If you need funds prior to maturity, your Charles Schwab broker will help you sell it on the secondary market.

You may lose money on this sale depending on where interest rates are at that time. Learn more in the section below.

Drawbacks and Risks

The main risk in purchasing a brokered CD through Charles Schwab (or any brokerage firm for that matter) is if you need your funds prior to maturity.

As mentioned above, in this case you will need to sell your CD on the secondary market. Depending on the interest rate environment at that time it is possible to sell your CD for either less or more than you purchased it for.

Consider the following: You purchase a 2 year CD and need to cash out unexpectedly after the first year. During this time CD rates have also risen substantially. At this point you will likely need to sell your CD at a lower price than you purchased it for because much more attractive rates are being offered on new issue CDs.

Callable CDs

In some cases your brokered CD through Charles Schwab may be callable. This means the CD issuer may redeem the CD at a specified date or at the sole discretion of the issuing bank or credit union.

If your CD is redeemed by the issuer, you will be paid the outstanding principal amount and interest accrued up to, but not including, the call date. No interest will be earned after the call date as the CD will be closed out. To learn more visit Charles Schwab’s CD disclosure statements (PDF here).

Charles Schwab CD FAQs

Still have questions about the certificates of deposit available through Charles Schwab? Take a look at what other consumers are asking around the web along with our responses below?

Are Charles Schwab CD Rates FDIC Insured?

Yes. The certificates of deposit offered through Charles Schwab are FDIC insured up to the applicable limits through the underlying issuer. Underlying issuers are FDIC-insured banks that have partnered with Charles Schwab.

How to Buy a CD on Charles Schwab?

Login to your Charles Schwab Account and click the “Trade” drop down, then select “CDs.” If you have multiple Schwab accounts, select the account you’d like to purchase a CD from in the drop down. Then you’ll have access to the Schwab CD OneSource portal where you can browse the market for new issue CDs (coupons) by term length, rate (or APY annual percentage yield) and underlying issuer. You can select the underlying issuer to see their FDIC number and other important information about the coupons offered.

Once you find the coupon you’d like to purchase you can enter the dollar amount. This number will already default to the thousands since you can only invest in increments of $1,000.

How are Charles Schwab’s CD Rates so High?

Like many brokerages Charles Schwab purchases CDs in bulk from FDIC-insured banks which they then resell to their clients. This allows them to offer slightly higher rates on their brokered CDs than what you might find being directly offered by many banks and credit unions.

Does Charles Schwab Offer a Money Market Account?

No. Charles Schwab does not offer any FDIC-insured money market account. They do, however, offer Schwab Money Funds which are made up of short-term money market securities issued by the U.S. government, foreign entities, corporations and other financial institutions. Schwab Prime Money Funds come with a yield of 5.24% per the time of this writing or 5.39% on deposits of $1m or more.

What Other Money Market Funds Does Charles Schwab Offer?

Along with Prime Money Funds, Charles Schwab also offers:

Government and Treasury Money Funds
Municipal Money Funds
Variable Share Price Money Funds (generally for institutional investors)

Charles Schwab Money Market Fund Rates

Fund	Min. Deposit	7 Day Yield
Value Advantage Money Fund	$0	5.24%
Value Advantage Money Fund	$1m	5.39%
Gov. Money Fund	$0	5.06%
Gov. Money Fund	$1m	5.21%
Treasury Obligations Money Fund	$0	5.06%
Treasury Obligations Money Fund	$1m	5.21%
U.S. Treasury Money Fund	$0	5.06%
U.S. Treasury Money Fund	$1m	5.21%

7 day yield surveyed on September 15, 2023. [source]

Chase Bank CD Rates – Now up to 5.00% APY!

Written by: editorial staff

Fact Checked : Dan Nelson
Updated September 15, 2023

Chase Bank, headquartered in downtown Manhattan (New York City), is the largest bank in the United States with nearly $3.4 trillion in assets and 4,700 branch locations throughout the country.

Their CD (certificate of deposit) rates are in line with the other large national banks (Bank of America, Citibank, U.S. Bank and Wells Fargo, but are slightly behind some of the best offers from online banks and credit unions with nationwide acceptance.

Chase Bank’s best CD rates are now only available as “Relationship Rates” meaning you must have a linked personal checking account to receive the advertised APY (annual percentage yield). If you do not have a checking account with Chase, you’ll earn just 0.01% APY on all CD terms per the time of this writing. You can download their rate sheet (PDF here) for more details.

Chase Bank CDs come with terms ranging from 1 months to 10 years and can be opened online if you’re an existing Chase customer with a personal checking account or within a local branch regardless of whether you bank with Chase currently.

To see if Chase Bank CDs are right for you, continue reading our review below.

Chase Bank CD Rates + Account Details

Chase Bank is member FDIC and all consumer deposits are federally insured up to $250,000 per depositor or $500,000 for joint accounts.

All Chase Bank CDs require a minimum deposit of $1,000 to open, however their CDs are tiered based on deposit size with higher deposits earnings better yields in some cases.

The deposit tiers are as follows:

$1,000 to $9,999.99,
$10k to $24,999.99,
$25k to $49,999.99,
$50k – $99,999.99,
$100k to $249,999.99 and
$250k plus.

CD Rates

The CD rates listed below were surveyed on September 15 , 2023. The rates apply to those with a linked personal checking account with Chase Bank. As noted, Chase CDs for non-Chase customers only provide a yield of 0.01% APY across all terms.

CD Term	APY ($0 – $9,999)	APY ($10k – $99,999)	APY ($100K +)
1 month	0.02%	0.02%	0.02%
2 month	0.02%	0.02%	0.02%
3 month	3.00%	3.00%	3.00%
6 month	4.00%	4.00%	5.00%
9 month	0.02%	0.05%	0.05%
12 month	3.00%	3.00%	3.75%
15 month	0.02%	0.05%	0.05%
18 month	0.02%	0.05%	0.05%
21 month	0.02%	0.05%	0.05%
24 month	2.00%	2.00%	2.00%
30 month	1.50%	1.50%	1.50%
36 month	2.00%	2.00%	2.00%
42 month	1.50%	1.50%	1.50%
48 month	1.50%	1.50%	1.50%
60 month	1.50%	1.50%	1.50%
84 month	1.50%	1.50%	1.50%
120 month	1.50%	1.50%	1.50%

APY = Annual Percentage Yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 1.76% and 1.41% APY, respectively, according to FDIC data.

That said, the best CD rates offered from online banks and nationally available credit unions are now hovering around 5.50% and 4.50% APY for the same respective terms.

How Do Chase Bank’s CD Rates Compare?

Although Chase was quick to bump up their CD rates back in 2022 when the Fed began to lift prime rates in a major way, other large brick and mortar banks have caught up and even surpassed them. See the table below to compare Chase’s CD rates with other top CD rates from big banks.

Bank	CD Term	APY
Chase Bank	6 months	5.00%
Citibank	9 months	4.90%
Capital One	18 months	5.25%
Wells Fargo	11 months	5.26%
Bank of America	7, 13 months	5.00%

CD rates surveyed September 15, 2023.

To get a better idea of how Chase Bank’s CD rates compare with some of the largest nationally available credit unions and their best CD rates, take a look at this second table below.

Bank/Credit Union	CD Term	APY
Chase Bank	6 months	5.00%
Alliant Credit Union	12 months	5.15%
MACU (Mountain America Credit Union)	6 months	5.50%
Navy Federal Credit Union	12 months	4.95%
PenFed Credit Union	15 months	4.90%

CD rates surveyed September 15, 2023.

How Much Can you Earn with a Chase Bank CD?

How much you earn on a Chase Bank CD is going to depend on 3 variables:

The CD term you choose.
The APY (annual percentage yield) on your CD.
Your deposit size.

The table below shows how much you’d earn with a Chase Bank CD assuming a $100,000 deposit for Chase Bank’s most competitive terms.

CD Term	APY	Earnings
3 months	3.00%	$741.71
6 months	5.00%	$2,469.51
12 months	3.75%	$3,750.00
2 years	2.00%	$4,040.00
3 years	2.00%	$6,120.80
5 years	1.50%	$7,728.40

Earnings = Sum of all interest payments through maturity.

Calculating Interest

Interest is compounded daily and you have some choice as to the frequency in which it is paid out. Depending on the term you may choose to have it paid monthly, quarterly, semi-annually or annually.

Early Withdrawal Penalties

Early withdrawal penalties for Chase Bank CDs are as follows:

CD terms less than 6 months pay 90 days of interest
CD terms 6 months to 24 months pay 180 days of interest
CD terms 24 months or more pay 365 days of interest

Grace Period

A certificate of deposit’s grace period is the brief window of time in which the deposit holder may move funds into and out of their CD without facing a penalty. During this time you may also roll your funds into another deposit with a different term or close it out entirely.

All Chase Bank CDs come with a standard 10 day grace period.

Chase Bank will alert you via email prior to your CD maturity date, but you should set up your own reminders as well.

Fees That May Apply

Chase Bank CD accounts do not come with any monthly maintenance fees like some of their other accounts, but depending on how you plan to move funds around, you may encounter some fees.

Wire Fees:

Type	Fee
Domestic and international incoming wire	$15 per transfer OR $0 if the transfer was originally sent with the help of a Chase banker or using chase.com or Chase Mobile.
Domestic Outbound Wire (in-branch)	$35 per transfer
Domestic Outbound Wire (online)	$25 per transfer
Consumer USD/FX international wire (in-branch)	$50 per transfer
Consumer USD international wire (online)	$40 per transfer
Consumer FX international wire (online)	$5 per transfer OR $0 per transfer if the amount is equal to $5,000 USD or more

Transferring funds online is always going to be a cheaper option than having a banker help you in a physical branch.

If you plan on opening a CD with $1,000,000 or more; however, you must do this in a local branch.

Alternatives to Consider

If you’re looking for alternatives to CDs then you have a few options that provide decent yields with little risk.

Treasury Bonds

Like CDs via FDIC insurance, Treasury Bonds are also backed by the full faith of the United States government and provide annual yields on terms ranging from 1 month to 30 years. Right now short term yields are over 5.00% and are closely aligned to the very best CD rates for each term.

High Yield Savings Account or Money Market Account

Variable rate deposit accounts such as high yield savings accounts and money market accounts have also seen their yields sky rocket over the last year or so. These accounts provide an annual yield that can change at any time but also provide 24/7 access to your funds which may be withdrawn at any time without penalty. Top yields for these accounts are also hovering near the 5.00% APY mark.

Chase CD FAQs

Still have questions about Chase Bank CDs (certificates of deposit)? Take a look at what other consumers are asking around the web as well as our responses below.

What are the Best CD rates at Chase Bank?

Right now, Chase Bank only offers a competitive yield on their 6 month CD which comes with an APY (annual percentage yield) between 4.50% and 5.00% depending on your location and deposit size.

Does Chase Bank Offer IRA CDs?

Chase Bank used to offer Retirement CDs but is no longer offering these products to customers.

Does Chase Bank Offer Business CDs?

Yes. Chase Bank does offer CDs to small businesses. They currently feature the same $1,000 minimum deposit requirement as their personal CDs as well as the same yields, interest compounding and crediting schedules. The major difference between the two is the early withdrawal penalties are steeper with business CDs than personal ones.

If you open a Chase Business CD and end up needing funds prior to maturity you will face the following early withdrawal fees:

CD Term	Early Withdrawal Fee
less than 12 months	$25 + 1% of amount withdrawn
12 months or more	$25 + 3% of amount withdrawn

The amount of your penalty will be deducted from principal.

Why are Chase Bank’s CD Rates so Low?

Chase Bank has kept their CD rates in line with other big banks as interest rates as a whole have risen. As of August, 2023, they have the most competitive CD rate of all the major banks.

Should You Open a 10 Year CD with Chase Bank?

Unlike many banks that only offer standard CDs with terms ranging from 6 months to 5 years, Chase Bank offers CDs with terms going all the way to 10 years. Their 10 year CD rates are not competitive at this time though and only come with a yield of 1.50% APY. You’d be better off with a brokered 10 year CD from Vanguard which comes with FDIC insurance and provides yields over the 5.00% APY mark.

Does Chase Bank Offer Savings or Money Market Accounts?

Chase Bank does not currently offer a money market account. They do offer a handful of savings account options but their interest rates are not competitive with yields at just 0.01% APY.

Bank of America CD Rates – Now up to 5.00% APY!

Written by: editorial staff

Fact Checked : Dan Nelson
Updated September 14, 2023

Bank of America hardly needs any introduction. They’re the second largest bank in the United States by assets, with over $3.169 trillion in total and they are the third largest bank in the country by branch locations with roughly 3,900 across all 50 states. They also service nearly 67 million consumers and business clients mostly in the United States but also within an additional 35 countries across the globe.

Bank of America’s CD (certificate of deposit) suite currently consists of 5 “Featured CDs” with oddball terms ranging from 7 to 37 months and one “Flexible CD” with a 12 month term. They also have standard CDs which they refer to as “Fixed Term CDs” that can be customized to the month and range from just 28 days to 10 years.

Their CD rates may vary slightly by region, but per the time only their flexible CD rate differs by region.

If you’re considering opening a CD account with Bank of America continue reading our review below.

Bank of America CD Rates + Account Details

image credit: bankofamerica.com

Bank of America CDs are federally insured by the FDIC up to the applicable limits.

Bank of America’s standard Fixed Term CDs and Featured CDs both require a minimum deposit of $1,000. They used to impose a $10k minimum for their featured CDs but dropped it to the current level in Q1 of 2023.

Bank of America’s CD rates were surveyed on September 14, 2023.

Featured CD Rates

Term	APY
7 months	5.00%
10 months	0.05%
13 months	5.00%
25 months	3.20%
37 months	0.05%

APY = Annual Percentage Yield

To put these yields in perspective the current national average for a 12 month CD and a 36 month CD sits at 1.76% APY and 1.41%, respectively, according to FDIC data.

That said, some FDIC-insured online banks and nationally available credit unions are now paying over the 5.50% APY mark on short term CDs and ~4.50% APY on longer term CDs.

Standard CD Rates

Bank of America’s Standard CDs have much more flexible terms ranging from 1 month to 10 years (120 months). Consumers may choose the exact number of months within that range. All terms pay 0.03% APY currently other than 3-5 month terms which pay 4.00% APY.

Term	APY
1 – 2 months	0.03%
3 – 5 months	4.00%
6 – 12 months	0.03%
2 years	0.03%
3 years	0.03%
4 years	0.03%
5 years	0.03%
6 years	0.03%
7 years	0.03%
8 years	0.03%
9 years	0.03%
10 years	0.03%

APY = Annual Percentage Yield

Flexible CD Account

The Flexible CD account is Bank of America’s newest deposit product. It comes with a 12 month term and allows for early withdrawals penalty free. You must, however, keep your funds in the account for at least 6 days after opening it before making your first withdrawal or a penalty of 7 days interest will apply.

This account is available as a CD or IRA CD and requires a minimum deposit of $1,000 to open. Its APY varies by region. See table below.

CD Term	City	APY
12 months	Miami, FL	4.00%
12 months	Los Angeles, CA	3.51%

APY = Annual Percentage Yield

This 12 month Flexible CD will automatically renew into a 9 month Flexible CD if nothing is done during the grace period. Bank of America will send you a maturity notice in case you’d rather redeem the CD than have it auto renewed.

Deposit Size and Tiers

Although Bank of America’s Featured, Flexible and Standard Fixed Rate CDs provide the same yield regardless of deposit size, this may change in the future. Bank of America has set up their CD accounts in tiers based on deposit size. Below is the breakdown of their tiers for both Featured and Standard CDs.

Featured CDs:

Less than $10,000
$10,000 to $100,000
$100,000 – $1m
$1m +

Standard Fixed Term CDs:

Less than $10,000
$10,000 to $100,000
$100,000 +

Compounding and Crediting Interest

Interest is compounded and credited monthly on both Featured and Standard CDs.

Grace Period

The grace period is the brief window of time after your CD matures and before it gets renewed in which you have the ability to add or withdraw funds penalty free.

Bank of America’s grace period is slightly lower than the standard 10 days at just 7 calendar days.

Bank of America’s CDs automatically renew, so if nothing is done within this 7 day period your CD will automatically renew with the same term and the going APY at that time.

Bank of America will send you reminders leading up to the grace period of your deposit but be sure to set up your own notifications as well.

Early Withdrawal Penalties

If you need access to the funds in your Bank of America CD prior to its maturity, you will face an early withdrawal fee. See table below for details.

CD Term	Early Withdrawal Fee
90 days or less	7 days’ interest
90 days – 12 months	90 days’ interest
12 months – 60 months	180 day’s interest
60 months +	365 days’ interest

The interest penalties above are applied to the amount withdrawn.

How Much Can you Earn with a Bank of America CD?

How much you earn on a Bank of America CD is going to depend on 4 variables. These are:

Your deposit amount.
Your interest rate or APY (annual percentage yield).
Your CD’s term.
Your Location.

Here is a table breaking down the total dollar amount you would earn on Bank of America’s most competitive Featured CD accounts based on a $100,000 deposit.

CD Term	APY	Total Earnings
7 months	5.00%	$2,886.98
13 months	5.00%	$5,427.78
25 months	3.20%	$6,782.32

Total Earnings = Sum of all interest payments made through maturity.

How do Bank of America’s CD Rates Compare?

To get a better idea of how Bank of America’s CD rates stack up against various forms of competition then take a look at the three tables below. The first table compares Bank of America’s best CD rates with those from the other top U.S. banks . The second table compares Wells Fargo’s CD rates with popular FDIC-insured online banks and the third compares them with CD rates found through brokerages such as Fidelity or Vanguard.

Bank of America’s CD Rates vs Other Big Banks

Bank	Min. Deposit	Best CD Rate (APY)
Bank of America	$1,000	5.00%
Chase	$100,000	5.00%
Citibank	$100,000	4.90%
U.S. Bank	$1,000	4.95%
Wells Fargo	$5,000	5.26%

CD rates surveyed on September 14, 2023.

Bank of America’s CD Rates vs Online Banks

Bank	Min. Deposit	Best CD Rate (APY)
Bank of America	$100,000	5.00%
Citizens Access	$5,000	5.00%
Discover Bank	$2,500	5.00%
Marcus by Goldman Sachs	$500	5.10%
Synchrony Bank	$0	5.40%

CD rates surveyed on September 14, 2023.

Bank of America’s CD Rates vs Brokered CDs

Bank	Min. Deposit	Best CD Rate (APY)
Bank of America	$100,000	5.00%
Charles Schwab	$1,000	5.65%
Edward Jones	$1,000	5.45%
Fidelity	$1,000	5.50%
Vanguard	$1,000	5.75%

CD rates surveyed on September 14, 2023.

Bank of America Certificate of Deposit FAQs

Still have questions about Bank of America’s CD rates? See what other consumers are asking around the web along with our responses below.

Are Bank of America CDs FDIC Insured?

Yes. Bank of America is member FDIC (FDIC #3510). All consumer deposits are federally insured up to $250,000 per depositor or $500,000 for joint accounts.

Are Bank of America’s CDs Callable?

No. None of Bank of America’s CDs are callable. They will never redeem or close out your CD prior to its maturity.

Are Bank of America’s CD Rates Good?

A handful of Bank of America’s promotional CDs and standard CDs are significantly above the national average for their term, however, better yields can still be found through many FDIC-insured online banks and NCUA-insured credit unions with nationwide acceptance.

Does Bank of America Have CD Specials or Promotional Rates?

Yes. They currently offer 5 “Featured CDs” with oddball terms between 7 and 37 months. Their 7 month and 13 month options are their most competitive offers and both come with an APY of 5.00%.

Does Bank of America Offer Business CD Accounts?

Yes. Bank of America offers business CD accounts with the same terms and yields as their personal CDs. You can locate their business CDs here.

Does Bank of America Offer a Money Market Account?

No. Bank of America does not offer a money market account at this time. They have offered a “Rewards Money Market Savings” account in the past, but it is no longer available.

Does Bank of America Offer a Savings Account?

Bank of America does offer a savings account called “Advantage Savings.” The APY (annual percentage yield) is not competitive at this time and ranges between 0.01% and 0.03% depending on your relationship status with Bank of America (i.e. how many different BofA accounts you hold).

What is Bank of America’s Routing Number?

Bank of America’s routing number is 026009593.

Best CD Rates in Florida – Now up to 5.60% APY!

Written by: editorial staff

Fact Checked : Dan Nelson
Updated September 14, 2023

APY GUY tracks and publishes noteworthy APYs (annual percentage yields) on both fixed and variable rate deposit products from hundreds of banks and credit unions nationwide.

In this September 2023 report, we’ve published what we’ve found to be the top CD rates available to residents in Florida looking for FDIC or NCUA insured, fixed-rate certificates of deposit. While we do our best to keep rates updated on a monthly basis at the minimum, we advise that you check with each financial institution individually to get updated CD and savings rates.

We should also note that although all of the CDs on this list are available to residents in the state of Florida, many are issued by institutions based outside of the state and/or without locations in the state.

According to FDIC state profile data (download here) there are 91 banks serving the state of Florida with combined assets of just over $287 billion.

There are also 129 credit unions with headquarters in Florida serving 7.17 million members with combined assets of nearly $111 billion according to CreditUnionsOnline.com.

The largest credit union in Florida by member size and assets held is Suncoast Credit Union, serving just over 1,100,000 members in the state and holding $16.31 billion in assets.

Credit unions and banks of all sizes within the state of Florida and throughout the country offer federally insured CDs with varying terms, generally ranging from a few months to 5 to 10 years. The FDIC insures bank deposits up to $250,000 per depositor and the NCUA insures credit union deposits up to $250,000 per depositor.

Generally speaking, with fixed-rate CDs, the longer you lock up your funds (i.e. the greater the term) the higher the APY you will earn.

That said, savings rates – both fixed and variable – at banks and credit unions are generally correlated to Federal Reserve rates which are now anchored between 5.25% and 5.50% following the Fed’s most recent rate hike.

Below is our report on the best CD Rates in Florida for the month of September, 2023.

Best 6 Month CD Rates

Below are the top three 6 month CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit Union	Min. Deposit	APY
Nasa Federal Credit Union (9 month promo)	$10,000	5.55%
Banesco USA	$1,500	5.10%
Department of Commerce FCU	$500	5.02%
Axiom Bank	$500	5.00%

APY = Annual Percentage Yield

To put these yields into perspective, the national average for a 6 month CD sits at just 1.34% APY according to FDIC data.

There is just one institution on this list that is exclusive to Florida residents this month and that is Axiom Bank. Axiom Bank has just 7 locations throughout Central Florida.

Nasa Federal Credit Union has co-op locations in Florida that it shares with other credit unions. Their CDs can be opened online during the application process to join NFCU. The easiest way to join NFCU is to become a member of the National Space Society (NSS) which offers a complimentary membership.

Banesco USA is a state-chartered bank in Florida but offers their certificates of deposit online to consumers nationwide.

The Department of Commerce Federal Credit Union is based out of Washington D.C. and has just 3 locations in the area. Their deposit accounts, however, can be opened by anyone nationwide.

Best 12 Month CD Rates

Below are the top four 12 month CD rates available to residents in Florida.

Bank or Credit Union	Min. Deposit	APY
Amerant Bank (15 month promo)	$10,000	5.35%
Suncoast Credit Union	$100,000	5.25%
Banesco USA	$1,500	5.25%
Department of Commerce FCU	$500	5.13%

APY = Annual Percentage Yield

Amerant Bank is based out of Coral Gables, Florida and has 17 locations throughout the state. Their CD accounts are only available to residents of Florida and Texas.

To give the offers above some context, the average APY on a 12 month CD sits at just 1.76%. The average 12 month CD rate in Florida is 2.32% APY according to Bankrate data.

Best 2 Year CD Rates

Below are the top four 2 year CD rates available to residents in Florida.

Bank or Credit Union	Min. Deposit	APY
Florida Credit Union (18 month promo)	$1,000	5.60%
Amerant Bank	$10,000	5.25%
Suncoast Credit Union	$100,000	4.90%
Popular Direct	$10,000	4.90%

APY = Annual Percentage Yield

Florida Credit Union has 14 locations in the north central region of Florida, mostly in and around Gainesville. You must live within the 48 counties they serve to join and open a CD. Eligible metropolitan areas include Orlando, FL, Jacksonville, FL, and Tampa Fl. Miami-Dade County in the south and Pensacola in the northwest are not within their geographical footprint.

Popular Direct is the online-only division of Popular Bank, based out of New York. Their CDs can be opened by consumers in all 50 states.

To put these offers above in perspective, the average 2 year CD rate sits at just 1.50% APY, nationally. The average 2 year CD rate in Florida is 2.49% APY.

Bread Savings is an FDIC-insured online bank available to residents across the country.

Best 3 Year CD Rates

Below are the top five 3 year CD rates available to residents in Florida.

Bank or Credit Union	Min. Deposit	APY
Popular Direct	$10,000	4.75%
Bread Savings	$1,500	4.75%
Department of Commerce FCU	$500	4.50%
Suncoast Credit Union	$100,000	3.85%

APY = Annual Percentage Yield

Bread Savings is another online bank that offers CDs to consumers across the country.

To put these offers above in perspective, the average 3 year CD rate sits at just 1.40% APY, nationally. The average 3 year CD rate in Florida is 2.63% APY.

Best 5 Year CD Rates

Below are the top five 5 year CD rates available to residents in Florida.

Bank or Credit Union	Min. Deposit	APY
Popular Direct	$10,000	4.65%
Department of Commerce FCU	$500	4.50%
Bread Savings	$1,500	4.50%
Suncoast Credit Union	$100,000	4.05%

APY = Annual Percentage Yield

To put these offers above in perspective, the average 5 year CD rate currently sits at just 1.41% APY, nationally. The average 5 year CD rate in Florida is 2.75% APY.

Florida CD Rates VS National Average

Banks and credit unions operating in Florida and serving the residents therein, are currently featuring higher CD rates and APYs than what we find at the national level.

We’ve compiled a chart comparing average CD rates in Florida vs average CD rates in the US using both Bankrate and FDIC data. You can see the results below. These are accurate as of September, 2023.

Average CD Rates in Florida – vs – Average CD Rates Nationally:

CD Term	Avg. APY FL	Avg. APY US
12 month	2.32%	1.76%
2 year	2.49%	1.50%
3 year	2.63%	1.40%
5 year	2.75%	1.41%

APY = Annual Percentage Yield

GreenState Credit Union CD Rates – Now up to 5.45% APY!

Written by: editorial staff

Fact Checked : Dan Nelson
Updated September 12, 2023

GreenState Credit Union, headquartered in North Liberty, Iowa, and founded in 1938 is one of the largest credit unions in the Midwest, with roughly 400,000 members and over $10 billion in assets.

GreenState has 33 branch locations in Iowa and nearby counties in Illinois, Wisconsin, Nebraska and South Dakota.

Despite their regional presence, they offer a number of competitive CDs (certificates of deposit) to consumers nationwide – either by joining their credit union directly or opening an account via the SaveBetter platform.

The easiest way to join is if you currently have relatives who are members. You are also eligible if you are a University of Iowa student, staff or alumni.

For everyone else that has no connection to the region but still wants to open a CD with GreenState Credit Union, you’ll have to join their partner organization American Consumer Counsel or Iowa Consumer Council.

The cost of joining either of those organizations is $8.00. You can also get a lifetime membership for $15.00 or a business membership for $79.00.

To see if GreenState Credit Union and their CD rates are right for you, continue reading our review below.

GreenState Credit Union CD Rates and Account Details

GreenState Credit Union offers standard CDs (certificates of deposit) with terms ranging from 3 months to 60 months and 3 special CDs with higher yields and oddball terms of 15, 23 and 38 months.

Their standard CDs require a minimum deposit of just $500 and their specials require a minimum deposit of $1,000, with their best yield requiring a $100,000 minimum deposit.

GreenState Credit Union is a member of the NCUA (FDIC equivalent for credit unions) and all deposits held with them are federally insured up to $250,000 per depositor.

Special CD Rates

CD Term	APY
14 months	5.35%
15 months ($100,000 minimum)	5.45%
49 months	4.50%

APY = Annual Percentage Yield

To put these yields into perspective, the national average for 12 month and 36 month CDs sit at 1.76% and 1.41%, respectively, according to FDIC data and top yields from online banks are hitting the 5.50% APY and 4.50% APY mark for the same respective yields.

Standard CD Rates

GreenState’s standard CD rates are much less competitive and only require a $500 minimum deposit.

CD Term	APY
3 – 6 months	0.20%
7 – 12 months	0.30%
13 – 24 months	0.40%
25 – 36 months	0.60%
37 – 38 months	0.60%
49 – 60 months	0.75%

APY = Annual Percentage Yield

Both the CD specials and the standard CDs are available as stand alone deposit accounts or as IRA CDs (Traditional, Roth, and SEP IRAs).

If opening them within a retirement account, the minimum deposit requirement for GreenState’s standard CDs drops down to just $100. The Special CDs can also be opened in an IRA but still require their $1,000 minimum deposit requirement.

Compounding and Crediting Interest

Although it’s not stated on their website, GreenState Credit Union compounds and credits interest quarterly on all CDs.

The interest goes back into the CD unless you request it to be deposited into another GreenState checking or savings account. This is an ideal option for those that plan on using interest payments for living expenses.

[The above information was provided by a GreenState Digital Specialist via their live chat system.]

Grace Period and Early Withdrawal Fees

Upon the maturity of your GreenState Credit Union CD, you will have 10 calendar day grace period in which you can close out the CD or modify it anyway. If nothing is done during this period your CD will automatically renew with the same term as your expired CD and the going APY at that time.

When you first open your CD with GreenState, there is also an option to have the CD funds automatically transferred into another GreenState checking or savings account upon maturity so you don’t have to keep track of the maturity date.

If you need access to the funds in your CD prior to its maturity you will face an early withdrawal fee.

The early withdrawal fee is as follows:

If your CD is 12 months or greater, you will have to pay 12 month’s interest.
If the CD is less than 12 months, you’ll pay the interest for however many months the CD was for (ex: early withdrawal penalty for 6 month CD is 6 month’s interest)

[The above information was provided by a GreenState Digital Specialist via their live chat system.]

How to Open a CD

Unfortunately, GreenState Credit Union CDs can not be opened online at this time. You must either stop by a local branch (locate them here) or give them a call at (844) 300-5810 to get started.

High Yield Savings Account

If you’re looking for an FDIC-insured savings account where you can access your cash at any time, then you may want to take a look at GreenState’s High Yield Savings Account available through SaveBetter.

SaveBetter is a fintech company that has partnered with a number of FDIC-insured banks and NCUA-insured credit unions to help them bring banking products online and to make them easily accessible to consumers throughout the country.

GreenState Credit Union has partnered with SaveBetter to offer a high yield savings account. The account comes with a minimum deposit requirement of just $1.00 to open and has no fees of any kind.

Minimum to Open	APY
$1.00	5.16%

APY = Annual Percentage Yield

This is a highly competitive rate, however it’s variable and can change at any time and without notice.

To put this yield into perspective, the current national average for a money market account and a savings account sit at just 0.62% and 0.43%, respectively, according to FDIC data with top yields around the 5.00% APY mark.

Connexus Credit Union CD Rates – Up to 5.76% APY!

Written by: editorial staff

Fact Checked : Dan Nelson
Updated September 12, 2023

Founded in 1935 in Wausau, Wisconsin, Connexus Credit Union got its start as an employee-only credit union serving individuals and families affiliated with Employers Mutual, which later became the insurance giant Liberty Mutual.

As with many credit unions that stand the test of time, Connexus Credit Union experienced growth through acquisition. Over the years they acquired a number of smaller credit unions that allowed them to broaden their membership eligibility to what it is today.

Today, Connexus Credit Union serves roughly 445,000 members in all 50 states with over $5.2 billion in total assets.

Connexus Credit Union has also been nationally recognized over the years for consistently offering high deposit rates on both variable and fixed rate accounts, as well as exemplary customer service.

In this review, we will focus on the fixed-rate CDs (certificates of deposit) offered by Connexus Credit Union as well as their variable rates savings accounts and money market accounts. To see if any of their deposit accounts are right for you, continue reading below.

Connexus Credit Union CD Rates + Account Details

Connexus Credit Union offers standard CDs and Jumbo CDs with terms ranging from 12 months to 5 years. Both types of CDs can be opened as standalone CDs or as IRA CDs (Traditional or ROTH).

📌 Update: Connexus Credit Union used to offer a 15 month promotional CD but has replaced this product with a 24 month Bump-Up CD that allows one rate hike during its term. More info below.

Connexus Credit Union’s deposit products are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor or $500,000 for joint accounts.

Standard CDs require a minimum deposit of $5,000 and jumbo CDs require a minimum deposit of $100,000.

CD Rates

CD Term	APY
12 months	5.61%
24 months	5.01%
36 months	4.51%
48 months	4.01%
60 months	3.91%

APY = Annual Percentage Yield

To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 1.76% APY and 1.41% APY, respectively, according to recent FDIC data.

That said, the top yields from online banks and credit unions with nationwide acceptance are now hovering around 5.50% and 4.50% APY for the same respective terms with Connexus Credit Union leading the way for 1 year CDs.

Jumbo CD Rates

Jumbo CDs require a $100,000 minimum deposit to earn the advertised rate.

CD Term	APY
12 months	5.76%
24 months	5.26%
36 months	4.76%
48 months	4.26%
60 months	4.16%

APY = Annual Percentage Yield

Bump-Up CD Rates

Connexus Credit Union’s newest CD offer is their “Bump-Up Certificate.” This comes with a 24 month term and the option to receive one rate bump while its open if/when Connexus decides to raise the rate.

CD Term	APY
24 months	4.31%

APY = Annual Percentage Yield

How do Connexus Credit Union’s CD Rates Compare?

Take a look at the table below to see how Connexus Credit Union’s best CD rate stacks up against the top CD rates offered by other credit unions and online banks.

Institution	Best CD Rate (APY)
Connexus Credit Union	5.76%
HSBC Bank	4.85%
Navy Federal Credit Union	4.95%
Santander Bank	5.50%
State Employees’ Credit Union	5.60%

CD rates surveyed September 12, 2023.

How Much Can You Earn With a Connexus CD?

The amount of money you can earn with a CD from Connexus Credit Union depends on the term you choose, its APY (annual percentage yield) and your deposit size. Below is a table showing total earnings from interest payments for some of Connexus Credit Union’s best CD rates. It assumes a deposit size of $100,000 to receive the jumbo rates.

CD Term	APY	Earnings
12 months	5.76%	$5,760.00
2 years	5.26%	$10,796.68
3 years	4.76%	$14,970.51
5 years	4.16%	$28,603.53

Earnings = Sum of all interest payments made through maturity.

Grace Period and Early Withdrawal Fees

You’ll be given a 10 day grace period upon maturity of your deposit where you can either withdraw or deposit funds penalty free.

If you need to withdrawal money from this deposit prior to its maturity you will be subject to the following early withdrawal fees:

For the 12 month certificate, you’ll pay 90 days’ worth of dividends.
For the 24-month and 36-month certificates, you’ll pay 180 days’ worth of dividends.
For the 60-month certificate, you’ll pay 365 days’ worth of dividends.

Money Market Account Rate + Details

Connexus Credit Union offers some fairly competitive rates with their money market accounts. To earn these yields in the past you were required to also have a checking account with Connexus Credit Union along with direct deposit set up, but this is no longer the case.

You will still need to hold significantly higher balances in the account to earn the most competitive interest rates. See rates below.

Money Market Rates

Balance	APY
$0 to $999.99	0.00%
$1k – $19,999.99	0.25%
$20k – $99,999.99	3.01%
$100K – $249,999.99	4.01%
$250k – $499,999.99	4.26%
$500k – $999,999.99	4.51%
$1m +	4.76%

APY = Annual Percentage Yield

To give the APYs above more context, the current national average for a money market account sits at just 0.62% APY currently, with the top yields from FDIC-insured online banks sitting around the 5.00% APY mark.

The minimum deposit requirement for a money market account with Connexus credit union is $1,000. Interest is compounded monthly and credit monthly. There is no monthly maintenance fee associated with this account.

Health Savings Account Rates + Details

Connexus Credit Union’s Health Savings Account features some of the most competitive rates in the country currently if you can maintain a balance of $5,000 or more.

A HSA (Health Savings Account) from Connexus credit union will allow you to put money aside on a pre-tax basis for qualified medical expenses that may arise in your life. These accounts earn impressive dividends and your money rolls over from year to year if you don’t use it.

To be eligible for an HSA account through Connexus credit union you must meet the following requirements:

You are covered under a High Deductible Health Plan (HDHP)
You have no other health coverage except what is permitted under “Other health coverage,” listed on IRS.gov
You are not enrolled in Medicare
You cannot be claimed as a dependent on someone’s tax return

Contribution Limits

	2023	2024
Single	$3,850	$4,150
Family	$7,750	$8,300

Contributions can be made by either you or your employer up to the maximum limit specified by law. Individuals age 55 and older can make an additional $1,000 catch-up contribution.

Health Savings Account Rates

Balance	APY
$0 to $99.99	0.00%
$100 to $499.99	0.50%
$500 to $2,499.99	1.00%
$2,500 to $4,999.99	1.00%
$5k to $14,999.99	1.50%
$15k +	2.00%

APY = Annual Percentage Yield

Connexus Credit Union Eligibility

Connexus Credit Union offers its services to customers nationwide. It has four paths to membership. The first three are the easiest/fastest ways to join, followed by the fourth way which is essentially a loophole for any US citizen to join. The four paths to membership are as follows:

Employees, retirees, family members, or members of one of the following groups, or
Residents of one of the following communities, or
Spouses, family members, and those living in the same household of an existing member, or
Members of the Connexus Association. This just requires a one-time $5 donation.

Applying for membership is a straightforward process. You will need:

Valid Driver’s License/State ID/Passport
Valid United States Social Security Number
Account information for accounts that you would like to close and/or transfer money from.

Final Thoughts

If you value top-notch rates from a member-centric credit union, then Connexus credit union deserves your consideration. They’ve been nationally recognized for abnormally high rates and outstanding service by CNN Money, Kiplinger, PC Magazine, BankRate, the AARP and more.

Both their native apps for Apple and Android receive high marks in their respective app stores. Averaging a 4.7 star rating out of 5 for Apple and a 4.7 star rating out of 5 for Android.

That said, one of their highest yielding accounts (the money market account) comes with some potentially difficult hoops to jump through. However, if you are able to open and maintain an active checking account with them (the prerequisite to opening their money market account) you’ll be rewarded with some of the best yields available on the money market side.