APY GUY: Maximize Your Savings & Earnings

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Axos Bank CD Rates – Up to 1.0% APY


image credit: axosbank.com

📍 Update May 2022: As CD rates are rising nationwide after the FED’s latest rate hike on May 4, Axos Bank introduced a new 12 month CD yielding 1.00% APY. The rest of their terms remain flat at 0.20% APY and haven’t changed since 2020.

Depending on your age, some of you may remember Axos Bank as “Bank of the Internet USA” back in the late ’90’s and early 2000’s. The bank was one of the first digital banks anywhere in the world. They opened their proverbial doors back on July 4, 1999. The founders intentionally opened on a national holiday (fourth of July) to plant the idea in people’s minds that a bank could be open 24/7 in the age of the internet.

After a series of mergers and acquisitions and re-financings throughout their short life, the bank officially became Axos Bank on October 1st, 2018. The company also moved from the tech-heavy NASDAQ to the NYSE at that time.

Today, Axos Bank offers a wide range of digital products on both the loan (auto, personal, mortgage) and savings (checking, savings, CD) side.

In this review we will just focus on their FDIC-insured certificates of deposit. Axos Bank currently offers seven standard term CDs ranging from 3 months to 5 years. While their CDs are still on par with the current national average, more competitive rates can be found through other online banks or nationally available credit unions.

Axos Bank CD Rates + Account Details

Axos Bank CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. All of their CD’s come with a minimum deposit requirement of $1,000.

CD Rates

TermAPY
3 months0.20%
6 months0.20%
12 months1.00%
24 months0.20%
36 months0.20%
48 months0.20%
60 months0.20%

To put the offers above in perspective the current national average on a 12 month CD sits at just 0.21% APY, while a 60 month CD yields roughly 0.39% APY nationally, according to FDIC data.

How to Open and Fund Your Axos Bank CD

Complete the online application in minutes!

Opening a certificate of deposit account with Axos Bank can be done in minutes. To get started, navigate to the Axos Bank CD page.

From here, you can either click on the yellow “Open an Account” button at the top of the page or navigate down the page to the specific deposit term you’re looking for and click “Open an Account” in the right hand column.

Here’s what you will need to complete your application:

  1. Full Name
  2. Address
  3. Phone Number
  4. Social Security Number
  5. US driver’s license or state ID (If you open the account via photo capture for quicker approval)
  6. Occupation

Funding the account can be done with as little as $1,000. If you plan on funding the account right after opening it, you should have your routing number and bank number handy from the institution/account the funds are coming from.

Axos Bank allows for remote deposits as well. Remote deposit allows the customer to make deposits to their qualified Axos account from their home, office or other remote location. Customers may use MyDeposit for personal use as long as the Bank provides access to MyDeposit to the customer and they have accepted the Terms and Conditions. MyDeposit allows the deposit of one check at a time by scanning the check.

You may also deposit checks using your mobile device. To facilitate this you may download the Axos Bank app for Android or IOS.

Calculating Interest

Interest on Axos Bank certificates of deposit is compounded daily and credited monthly.

Axos Bank also allows free electronic interest transfers for those that may be living off the interest as income and need the funds to be accessible.

Early Withdrawal Penalties

Early withdrawal penalties are only listed on the Axos Bank website in the context of IRA CDs. So if you are holding your Axos Bank certificate of deposit in an IRA, here’s what you can expect to pay if you make an early withdrawal from you CD:

IRA CD Early Withdrawal Penalty

  • Retirement CD term of 12 months or 18 months, six months loss of interest, accrued or not.
  • Retirement CD term of 36 months, eighteen months loss of interest, accrued or not.

If you are just holding an Axos Bank CD in a standard account, then here is what Axos Bank stipulates as it pertains to early withdrawal penalties:

You have contracted to keep your funds on deposit for the agreed term. You may not withdraw all or part of a retirement CD except as provided in this Agreement. At our discretion, Axos may allow you to withdraw all or part of your funds at times other than the grace period. They will withdraw interest before principal. Each time they permit you to make an early withdrawal of principal, they may charge you an early withdrawal penalty. If your account has not earned enough interest to cover the early withdrawal penalty, they deduct any interest first and take the remainder of the penalty from your principal.

Grace Period

As with most online CDs, Axos Bank has a 10 day grace period in which you can add or withdraw funds from your deposit penalty free.

All of Axos Bank certificates of deposit automatically renew after their grace period, so be sure and set yourself reminders for this period. Axos Bank will also send you a notification 30 days prior to maturity.

Chase Bank CD Rates – Are they worth opening in 2022?


📍 Update May 2022: Despite the FED’s latest rate hike on May 4 and their indication that more rate hikes are on their way, Chase Bank has yet to increase the yields on their CDs this year. This may change in the near future, however, as the FED seeks to unload their balance sheet with quantitative tightening. We’ve already seen some big banks like Capital One, and to a lesser degree Citibank, begin to increase their CD and savings rates. See more details below.

image credit: Unsplash.com, Christin Hume

Chase, or Chase bank, headquartered in downtown Manhattan (New York City) is the consumer and commercial subsidiary of the multinational JPMorgan Chase which holds nearly $2.63 trillion in assets.

Chase Bank has 5,100 branches and 16,000 ATMs nationwide. They offer a full range of financial services that reach nearly every age group and demographic.

For the purposes of this review, however, we will focus on the certificate of deposit suite offered by Chase Bank.

Despite the bank’s eye-popping asset size, their current CD rates are quite poor and underperforming the national average.

Chase Bank CDs come with terms ranging from 1 months to 10 years and can be opened online or in a local branch. If you wish to open a CD online; however, you will need to be an existing Chase Bank customer.

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. In normal interest rate environments the interest rates paid on Chase Bank CDs are tiered by deposit amount.

The tiers are:

  • $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.

Today, however, the increase in APY by deposit size is negligible, with the yield increasing from 0.02% APY to 0.05% APY at the $10,000 mark.

Chase also requires you to enter your location by zip code before viewing rates online. Presumably this means location may affect your interest rate, however, we ran multiple scenarios in different locations throughout the country and found the same rates everywhere.

CD Rates

CD TermAPY ($1k – $9,999.99)APY ($10K +)
1 month0.02%0.02%
2 month0.02%0.02%
3 month0.02%0.02%
6 month0.02%0.05%
9 month0.02%0.05%
12 month0.02%0.05%
15 month0.02%0.05%
18 month0.02%0.05%
21 month0.02%0.05%
24 month0.02%0.05%
30 month0.02%0.05%
36 month0.02%0.05%
42 month0.02%0.05%
48 month0.02%0.05%
60 month0.02%0.05%
84 month0.02%0.05%
120 month0.02%0.05%

To give these yields some context, the current national average for a 12 month CD sits at roughly 0.17% APY while the average on a 5 year CD sits at roughly 0.32% APY according to recent FDIC data.

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

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:

TypeFee
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.

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 certificate of deposit without facing a penalty. During this time you may also roll your funds into another deposit with a different term.

All Chase Bank CDs come with a standard 10 day grace period for CDs with terms of 14 days.

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

Why are Chase Bank CD Rates so Low?

Although rates are on the rise and the FED has indicated that more rate hikes are coming in 2022, some big banks have yet to increase their CD and savings rates.

Why is that?

The simple fact of the matter is that many banks don’t yet need your money. With key rates at historic lows for so long and the Fed’s past qualitative easing measures (among other programs), these large banks have not had the need to attract consumer capital with competitive savings rates on long-term CDs or other deposit accounts.

This may change in the very near future, however, as the FED prepares for quantitative tightening To combat inflation.

Alternatives to Consider

If you’re looking for FDIC-insured CDs and/or savings accounts, then we would recommend online banks or nationally available credit unions. Some of these institutions are now paying around 2.50% APY on long-term CDs and close to 1.0% APY on for many savings accounts.

If FDIC-insurance is less important to you, you can read our 12 alternatives to CDs and savings accounts for ideas that don’t just consist of banking products.

Final Thoughts

Although Chase Bank has vast coverage across the country and abroad, their current CD rates are underperforming an already abysmal national average by a considerable margin.

If you value in-person banking and are looking for federal insurance on your savings, then you may want to consider a local credit union. They can likely beat Chase’s CD rates and your money will be insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

If you value high rates and prefer online banking to traditional banking, then check out Ally bank or Discover as potential options for parking your cash.

Union Bank CD Rates – See how they compare in 2022


📍 Update May 2022: Although many banks and credit unions have begun to lift their CD rates nationwide following the FED’s rate hike on May 4 of this year, Union Bank has yet to increase their deposit rates. In fact, Union Bank’s CD rates have not moved in any direction in over 2 years. See details below.

Union Bank is a full service American bank that is wholly owned by one of Japan’s three mega banks – MUFG Bank.

Union Bank has almost 400 branches (398) across the Pacific Northwest – Washington, Oregon and California and commercial offices in major cities such as Dallas, Houston, Chicago, and New York.

Their deposit account offering consists of checking, savings, money market and certificates of deposit, which they refer to as “Time Deposit Accounts.”

Most of Union Bank’s deposit accounts need to be opened at a local branch, however their money market account and Priority Checking account can be opened online.

For the purpose of this review we will focus on Union Bank’s fixed-rate CDs. Union Bank offers several flexible short term CDs and long term CDs with durations ranging from just 7 – 31 days to 60 months.

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

Union Bank CD Rates + Account Details

image credit: unionbank.com

Union Bank is member FDIC and consumer deposits are federally insured up to the applicable limits. Union Bank has a minimum deposit requirement of $2,500 for their short term CD ranging from 7 to 31 days and a minimum deposit requirement of $350 for all other durations.

Union bank also offers IRA CDs with terms ranging from 90 days to 60 months. The same APYs apply.

CD Rates

CD TermMin. DepositAPY
7 – 31 days$2,5000.05%
32 – 89 days$3500.05%
90 – 179 days$3500.05%
180 – 364 days$3500.10%
12 – 17 months$3500.15%
18 – 23 months$3500.15%
24 – 35 months$3500.20%
36 – 47 months$3500.20%
48 – 59 months$3500.20%
60 months$3500.20%

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 0.17% APY and 0.32% APY, respectively, according to FDIC data.

We should also note that Union Bank has a tiered rate structure based on deposit amount. Although all tiers pay the same APY currently, it is reasonable to assume that in more favorable savings rate environments Union Bank may offer higher yields on larger balances.

Compound Interest

Union Bank compounds interest daily on their CDs and the interest can be paid out according to the account holder’s discretion. This added flexibility is a nice feature for those living off interest payments. Generally interest payments are paid monthly, quarterly, semi-annually or annually.

Early Withdrawal Fees

If you need access to funds prior to your deposit’s maturity date, Union Bank will impose an early withdrawal fee. They calculate the fee on a 365-day basis as follows:

Union Bank Early Withdrawal Fees

  • For CD terms of 7 – 31 days: The greatest of 1) all interest earned on the amount withdrawn; 2) 7 days’ interest on the amount withdrawn; or 3) the amount of interest that could have been earned on the amount withdrawn for one-half the term.
  • For CD terms of 32 – 91 days: The greater of 31 days’ simple interest at the rate being paid on the amount withdrawn; or 2) the compensating penalty
  • For CD terms of 92 – 1 year: The greater of 1) 91 days’ simple interest at the rate being paid on the amount withdrawn; or 2) the compensating penalty.
  • For CD terms of 1 year plus: The greater of 1) 181 days’ simple interest at the rate being paid on the amount withdrawn; or 2) the compensating penalty.

Union Bank has a fairly standard grace period of 10 days for all CD terms EXCEPT their short term 7 – 31 day option. This CD comes with a grace period of just 3 days in which you can add or withdraw funds to your deposit penalty free. If nothing is done during this grace period Union Bank will renew your CD for the same terms and the going APY at that time. Be sure to set up reminders for yourself if you wish to take action on your CD funds upon maturity. It should be noted that Union Bank will also send out reminders of your upcoming grace period.

Union Bank CD Rates VS Other Big Banks

While Union Bank has offered competitive CD rates in the past, especially on higher deposit amounts, their current offers fall short of the national average.

That said they are still in line with other big banks like Bank of America and Chase.

Capital One and Citibank are the only major US banks that have begun increasing their deposit account rates since the FED’s latest rate hike on May 4.

Capital One has been the most aggressive in this regard with 1 year CD rates now at 1.25% APY and 60 month CDs at 2.25% APY.

Other Deposit Accounts offered at Union Bank

If you’re looking for a safe place to store some cash but want easier access to it, then you may want to consider one of Union Bank’s variable-rate savings products. They offer a money market account which can be opened online and a traditional savings account called the “Bank Freely” savings which needs to be opened at a local branch.

Money Market Account

Their money market account comes with a low APY of just 0.05% on all balances and you must maintain a $2,500 daily balance to avoid either a $9 or $10/month service charge. $9 if you opt for online statements and $10 if you choose paper statements.

Bank Freely Savings Account

The savings account is more lenient but comes with a lower APY. You can open their Bank Freely savings with any amount greater than $0 and there are no monthly service charges to worry about. That said, the APY is just 0.01% currently.

Ally Bank Money Market Account – Now up to 0.60% APY


Ally Bank is a one-hundred percent digital institution that has practically become synonymous with online banking itself.

After rebranding themselves from GMAC (General Motors Acceptance Corporation) in 2009 to Ally Bank following the 2008 financial crisis, they’ve gone on to position themself front and center in the online banking world.

In September of 2019, they announced that they had soaked up over $100 billion in consumer deposits just months after their 10th year anniversary.

Today, Ally Bank offers a full suite of FDIC-insured deposit accounts with competitive APYs that always stay in-line or ahead of their peers.

Ally Bank’s variable-rate deposit account consists of an interest checking account, an online savings account and a money market account. Their fixed-rate, certificate of deposit accounts consist of standard CDs and a handful of specialty CDs.

For the purpose of this review, we will focus on Ally Bank’s variable-rate money market account.

Ally Bank Money Market Account Details + APY

Ally Bank’s money market account is about as hassle free as they come. It has no minimum deposit requirement to open the account and no monthly balance requirement once the account is opened. The account also has no monthly fees to worry about and features a decent APY.

The APY is tiered based on balance amount, however as of the time of this writing all balances come with the same yield. When the savings rate environment becomes more favorable throughout the rest of 2022, this may change.

Market Account Rate

BalanceAPY
$0 – $5,0000.60%
$5k – $24,999.990.60%
$25k or more0.60%

To put the yields above in perspective, the current national average for a savings account sits at just 0.07% APY and the national average on a money market account sits at 0.08% APY, according to FDIC data.

That said, there are a number of high yield online savings accounts featuring APYs above 1.00%.

Interest is compounded daily for maximum growth. Keep in mind though that this rate is variable and is subject to change at any time without notice.

Accessing Your Cash

Per Federal Regulation D, you are limited to just 6 withdrawals or transfers per statement cycle. If you exceed this amount, Ally Bank will charge $10 for each additional transaction after the sixth. Please note, that due to COVID-19 Ally Bank is currently refunding these excessive transaction fees. We will update this post when Ally Bank’s policy changes on this matter.

Despite limited digital withdrawals and transfers, you are allowed an unlimited amount of monthly ATM withdrawals.

Upon opening the Ally Bank money market account, Ally will send you a debit card that should arrive in the mail no later than 10 business days after your initial deposit. Your first order of checks will also come within this time frame.

With your Ally Bank ATM card you can make unlimited cash withdrawals from your account for free at any of the 43,000+ Allpoint ATMs across the country. Ally Bank will also reimburse you up to $10 per statement cycle for fees charged at other ATMs.

Adding funds to your money market account is quick and easy with Ally Bank’s mobile app for Android or IOS phones. With the Ally Bank eCheck Deposit feature you can snap a photo of your check and deposit it on the go.

If you have any issues accessing your funds or with the account in general, Ally Bank features 24/7 support with live, actual people.

You can get in contact with them a number of ways outlined on their contact page, or you can give them a call directly at 1-877-247-2559. You’ll notice Ally Bank even shows the estimated customer support wait time at the top, right-hand corner of their homepage.

Fee Schedule

Depending on how you use your Ally Bank money market account, you may encounter various fees from time to time. Below is a complete breakdown of how and where you may encounter these.

Ally Bank Fee Schedule

ActionFee
Returned deposit item$7.50
Overdraft item (paid or returned)$25
Excessive transaction fee$10 (currently reimbursed)
Expedited delivery$15
Outgoing domestic wires$20
Account research fee$25

Unlike many online banks and credit unions, Ally Bank does not charge for incoming wires – either foreign or domestic.

With Ally Bank, you’ll also be entitled to free standard or expedited ACH transfers, copies of online statements, postage paid deposit envelopes, and free cashier checks and regular checks.

Money Market VS Online Savings

Ally Bank’s online savings account is a similar product to their money market account in many ways.

The accounts currently pay the exact same APY and have the exact same balance tiers. They also have identical fee schedules and nearly identical account features.

Ally Bank Money Market Vs Online Savings

Money MarketAPYOnline SavingsAPY
$0 – $5,0000.60%$0 – $5,0000.60%
$5k – $24,999.990.60%$5k – $24,999.990.60%
$25k or more0.60%$25k or more0.60%

So what’s the difference?

Three automated savings tools that are only found with the online savings account.

The difference is in the tool set that the online savings account offers. The online savings account offers 3 automated savings tools that the money market account does not. These are:

  1. Recurring Transfers – Set up automatic transfers into your savings account that works for your budget. This can be a fixed dollar amount or percentage of deposit.
  2. Round Ups – This feature is powered by an Ally Bank algorithm. It tracks your Ally Bank interest checking account transactions and determines when it can round-up to the nearest dollar. Once you’ve built up $5.00 in ’round-ups’ the feature will deposit these funds into your online savings account.
  3. Surprise Savings – Another algorithm feature, this tool analyzes your linked interest checking account for funds it determines as “safe-to-save.” Then it transfers these to your online savings account.

CIT Bank Savings Accounts – Now up to 0.90% APY


📍 Update May 2022: Following the FED’s rate hike on May 4, CIT Bank bumped the yield on most of their variable rate savings accounts and money market accounts. The biggest jump came with the Savings Connect account which currently yields 0.90% APY – up from 0.60% APY last month.

CIT Bank has three variable rate savings products with APYs ranging from 0.55% to 0.90% currently. These are:

  • CIT Bank Savings Builder
  • CIT Bank Savings Connect
  • CIT Bank Money Market

The Savings Connect just had its APY upped to 0.60% recently, while the Savings Builder and Money Market accounts earn 0.45% and 0.55%, respectively.

Each comes with their own minimum deposit requirements and account details which we’ll cover in detail below.

If you haven’t heard of CIT Bank before it might be because they’ve gone through several re-brands, mergers and acquisitions over their century-plus history since their founding in 1908.

Today they hold over $50 billion in assets and regularly offer some competitive rates on their deposit accounts.

To see if any of CIT bank’s savings products are right for you, continue reading our comprehensive review below.

CIT Bank is member FDIC and all funds held in any CIT bank account are federally insured up to the applicable limits.

CIT Bank Savings Builder APY + Account Details

The CIT Bank Savings Builder account requires a rather steep minimum deposit of $25,000 to earn the advertised APY. However, if you do not have $25k to open the account but can manage to add at least $100 to it monthly, CIT will still provide you with the 0.55% APY. If you don’t have $25k nor can you commit $100/mo to the account, you’ll earn just 0.31% APY on your balance. More details below.

Minimum Balance + ConditionsAPY
$100 – $25,0000.31%
$100 + $100/mo deposit0.55%
$25,000 +0.55%

To put these APYs in perspective, the current national average on a savings account sits at just 0.06% according to recent FDIC data.

All new accounts will get an introductory APY of 0.55% during what CIT Bank refers to as the “Introductory Period.” When this period ends, accounts will be evaluated on “Evaluation Day” to determine the APY paid for the next period.

The introductory period begins the day you open the account and ends on Evaluation Day. The Evaluation Day is the fourth business day prior to the end of the month. If you aren’t maintaining a monthly balance of $25,000 or more, you’ll want to make a deposit of at least $100 during this period if you want to keep the higher APY.

Regardless of your balance, interest is compounded daily and credited monthly to the account.

CIT Bank Savings Connect APY + Account details

The CIT Bank Savings Connect account offers the most competitive APY of 0.90% but you must open two accounts and link them together to earn it.

The second account you’ll need to open and link to your Savings Connect account is the CIT Bank eChecking. You can open each account with a minimum deposit of just $100 and no requirements after that. They used to require a monthly deposit to the checking account, but this is no longer in effect.

Min BalanceAPY
$200 ($100 in ea)0.90%

If you do decide to open the eChecking account for the higher APY, we should note that that account also pays an APY of 0.25% on balances above $25,000 and 0.10% APY on all amounts below that.

CIT Bank Money Market APY + Account Details

CIT Bank’s money market account is perhaps its most straight forward variable rate product. It earns a competitive 0.70% APY on all balances above the $100 minimum required to open it.

There are no fees or secondary accounts required to earn the advertised APY.

To put this yield into perspective, the national average for money market rates sits at just 0.08% APY currently.

Fees Associated with the Accounts

Like many hassle-free online savings accounts this one has no monthly maintenance fees or ongoing fees of any kind. The only fee you might want to look out for is a $10 wire fee for moving funds about; however CIT Bank will waive this fee as well if you maintain an average monthly balance of at least $25,000 in the account.

Opening an Account and Accessing Funds

To fund your CIT Savings Builder account, you’ll have four options. These are:

  • Mail a check
  • Send a wire (no fee for this)
  • ACH funds transfer, or
  • Mobile check deposit via their mobile app (download for IOS or Android)

If you plan on funding the account via an electronic funds transfer, please allow up to two business days for the money to appear in your account. Mailed checks will likely take a little bit longer depending on your location and time spent in transit.

Once you’ve opened the account, you may withdraw money in one of three ways. These are:

  • ACH Electronic funds transfer
  • Request a mailed check by CIT Bank
  • Outgoing Wire transfer

You’ll want to note the potential $10 wire fee we mentioned previously if you aren’t maintaining a balance of $25,000 or more.

ATM and Branch Access

Like many online savings accounts the CIT Bank Savings Builder account comes with no ATM or debit card of any kind. You will not have access to cash via this method or access to any physical branch locations. If you need access to cash, you will have to transfer the money to a bank or credit union with a branch near you or request a check from CIT Bank.

Other CIT Bank Deposit Accounts

Outside of the variable rate accounts discussed above, CIT Bank also offers the following deposit products with interest payments:

  • Eight standard term CDs
  • 11 month No-Penalty CD
  • Jumbo CDs (four terms available)

We covered CIT Bank’s CD accounts earlier this year and they still feature competitive APYs. For fixed rate deposits with CIT Bank you will earn the same interest whether the account is a standard deposit or “Jumbo.” In normal interest rate environments jumbo accounts tend to pay more than standard ones.

Best CD Rates in Florida [2022 Report]


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 May 2022 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 256 banks serving the state of Florida with combined deposits of just over $468 billion in Floridians’ hard earned cash.

There are also 132 credit unions with headquarters in Florida serving 6.2 million members with combined assets of just over $85.5 billion according to CreditUnionsOnline.com.

The largest credit union in Florida by member size and assets held is Suncoast Credit Union, serving just shy of 900,000 members in the state and holding $11.90 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 have been anchored between 0.75% and 1.0% after the FED’s latest rate hike on May 4 and are expected to continue to rise through the end of the year. You can read more in our CD rate forecast.

Below is our report on the best CD Rates in Florida for the month of May 2022.

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 UnionMin. Deposit APY
Department of Commerce FCU$5001.42%
Live Oak Bank$2,5001.25%
Axiom Bank$5000.85%

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.

The Department of Commerce Federal Credit Union, which you’ll see tops many of the charts this month, 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 UnionMin. Deposit APY
Department of Commerce FCU$5002.00%
CFG Community Bank$5001.77%
Live Oak Bank$2,5001.75%
Axiom Bank$5001.25%

Although CFG Community Bank has “community bank” in their name, their products are available nationally through their website.

To give the offers above some context, the average APY on a 12 month CD sits at just 0.17% as of February 2022 according to FDIC data. The average 12 month CD rate in Florida is 0.65% 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 UnionMin. Deposit APY
Department of Commerce FCU$5002.62%
Bread Savings$1,5002.20%
Live Oak Bank$2,5002.20%
Axiom Bank$5001.85%

To put these offers above in perspective, the average 2 year CD rate sits at just 0.22% APY, nationally. The average 2 year CD rate in Florida is 0.73% APY.

Best 3 Year CD Rates

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

Bank or Credit UnionMin. Deposit APY
Department of Commerce FCU$5002.80%
CFG Community bank$5002.37%
Live Oak Bank$2,5002.30%
Bread Savings$1,5002.25%
Axiom Bank$5002.10%

To put these offers above in perspective, the average 3 year CD rate sits at just 0.25% APY, nationally. The average 3 year CD rate in Florida is 0.82% APY.

Best 5 Year CD Rates

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

Bank or Credit UnionMin. Deposit APY
Department of Commerce FCU$5002.93%
Live Oak Bank$2,5002.75%
CFG Community Bank$5002.72%
Bread Savings$1,5002.55%
Axiom Bank$5002.50%

To put these offers above in perspective, the average 5 year CD rate currently sits at just 0.32% APY, nationally. The average 5 year CD rate in Florida is 0.97% 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 February 2022.

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

CD TermAvg. APY FLAvg. APY US
12 month0.65%0.17%
2 year0.73%0.22%
3 year0.82%0.25%
5 year0.97%0.32%