APY GUY: Maximize Your Savings & Earnings

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Salem Five CD Rates – Up to 0.75% APY!


image credit: salemfive.com

Salem Five is a full service financial services company that got its roots in New England (Salem, to be exact) in 1855 as a savings bank.

They’re a mutually owned bank with no stockholders and are federally insured by the FDIC.

They were one of the early adopters of the internet and online banking, opening their virtual doors in 1995.

Today they offer a plethora of online banking products that are available nationwide. For the purpose of this review we will focus on Salem Five Direct’s fixed rate certificates of deposit. They offer several standard term CDs, IRA CDs and special CDs with some noteworthy APYs (annual percentage yields).

To see if these deposit accounts are right for you, continue reading about their offers below.

Salem Five Bank CD Rates + Account Details

Salem Five Bank Certificates of Deposit Suite

Salem Five Bank has three types of CDs available to customers online. All of the products are federally insured by the FDIC up to the applicable limits.

The three types of CDs offered are:

  • Regular CDs
  • IRA CDs
  • Special CDs

The minimum deposit requirements on these products range from $500 to $10,000. See below for details.

Regular CD Rates

Salem Five Bank offers ten ‘regular’ CDs with terms offered in ranges. These ranges can be as little as 3 – 6 months to as long as 5 years.

CD TermMin. DepositAPY
91 – 181 days$2,5000.05%
182 – 364 days$2,5000.05%
12 – 17 months$5000.25%
18 – 23 months$5000.25%
24 – 29 months$5000.25%
30 – 35 months$5000.35%
36 – 41 months$5000.35%
42 – 59 months$5000.50%
60 months$5000.50%
9 Month No Penalty*$10,0000.05%

*The 9 month no penalty CD is not available as an IRA CD.

To give the yields above some context, the current national average on a 12 month CD and a 60 month CD sit at just 0.15% APY and 0.32% APY, respectively, according to recent FDIC data.

If you’re looking for a higher yield when compared to the national average, you might want to check out Salem Five Bank’s special CDs (rates below).

Salem Five rotates new CD specials in and out of its deposit account suite fairly often, so you may want to bookmark this page as we do our best to update rates and products in a timely manner.

Special CD Rates

Salem Five Bank has seven CD specials at the moment. These all come with standard terms ranging from 12 months to 5 years and a higher minimum deposit requirement of $10,000.

CD TermMin. DepositAPY
12 month$10,0000.50%
18 month$10,0000.50%
24 month$10,0000.50%
30 month$10,0000.75%
36 month$10,0000.75%
48 month$10,0000.75%
60 month$10,0000.75%

To put these promotional deposits in perspective, some of the best yields for 5 year CDs still top 1.00% APY from credit unions with nationwide acceptance.

The top 6 month CD rates in the country also reach the 0.75% APY mark but may be geographically limited.

If you are looking to keep certificates of deposit in your IRA, then Salem Five Bank may be a good place to go. Almost all of the CDs mentioned above – both regular CDs and special CDs – are offered as IRA CDs with the same APYs and minimum deposit requirements listed above.

The only product that is not available in the IRA is the 9 month no-penalty CD.

Salem Five Bank CD Account Details

Salem Five Bank CDs feature monthly compounding interest. Earned interest is also credited to your account monthly. This is less competitive than most banks’ compounding schedule which generally feature daily compounding interest.

All CD account holders have a standard grace period of 10 days in which you may add or withdraw funds from your CD penalty free.

Salem Five will send out a maturity notice for your CD, but be sure to set your own reminders as well. If nothing is done during this 10 day period, Salem Five Bank will renew your CD with the same terms and the going rate at that time.

Please note that you will need to instruct Salem Five Bank in writing how to handle your funds on or prior to the maturity date if you do not wish to have the account renewed.

If you have a “Special CD” and do nothing doing the grace period, these accounts will renew into standard term CDs.

Here’s how they will transfer:

Existing Special CDRenewed to Regular CD
12 – 17 months12 month
18 – 23 months18 month
24 – 29 months24 month
30 – 35 months30 month
36 – 41 months36 month
42 – 59 months42 month
60 months60 month

If you need funds prior to the maturity of your CD, Salem Five Bank will impose an early withdrawal fee.

Currently the penalty is equal to 4 percent of the balance withdrawn.

If the amount of the penalty exceeds the amount of earned interest that has not already been paid to you, Salem Five Bank may deduct some of the penalty from your principal.

Genisys Credit Union CD Rates – Up to 1.05% APY


image credit: genisyscu.org

Genisys Credit Union, based out of Michigan, is currently offering some respectable CD rates despite an abysmal environment for savers in 2021.

Back in the early Spring of 2020, they had 3 promotional CDs with oddball maturities and very respectable rates, but with the FED maintaining its near zero stance on rates in 2021 and beyond, these products have all since been discontinued.

Their current promotional CDs consist of “Flex Certificates” and come with terms of either 1 year or 2 years and an APY of 0.60%.

The best yields come from long term jumbo CD rates. The 60 month jumbo CD features an APY of 1.05% currently.

Are you interested in taking advantage of Genisys Credit Union’s CD products?

Here’s everything you need to know before opening an account with them.

About Genisys Credit Union + Eligibility Rules

Today, Genisys Credit Union headquartered in Auburn Hills, MI, is the 5th largest credit union in the state of Michigan and the 97th largest credit union in the country. They service over 220,000 members in Michigan, Minnesota, and one county in Pennsylvania. They control assets of just over $2.7 billion and have sold nearly $250m in non-brokered deposits.

What’s more impressive is that they’ve seen 10% year over year growth in deposits held at the credit union despite an abysmal savings rates environment.

Genisys Credit Union has had their fair share of re-brands since their inception as General Motors Truck & Coach Federal Credit Union back in 1936. Over the past 40 years they’ve rebranded 3 different times before settling on Genisys Credit Union.

Genisys Credit Union Membership Eligibility

Unfortunately Genisys Credit Union runs a pretty tight ship when it comes to eligibility. And geography is going to be your largest barrier.

Currently Genisys Credit Union only offers membership to those who work, live or worship in:

  • Anywhere in Michigan
  • The following six counties in Minnesota: 1. Dakota 2. Ramsey 3. Anoka 4. Hennepin 5. Scott and 6. Washington Counties
  • or Montgomery County in Pennsylvania.

If you’d like to search eligibility by zip code you can do that here.

Genisys Credit Union Promotional CD Rates

Genisys Credit Union is notorious for offering promotional deposit products with odd-ball terms and maturity dates throughout the year. Before the FEDs latest rate drop to zero, they had several promotional deposits with longer durations – 17 months, 33 months and 61 months. They rolled these back in March of 2020 and had no promotional deposits for a few months until this 19 month deposit showed up.

Today they offer just two promotional CDs called “Flex Certificates.” They come with terms of 1 or 2 years and an APY of 0.60% and three noteworthy features.

These features are:

  1. Additional deposits are allowed daily between $10 to $25,000.
  2. One time option to change the rate offered on the same product.
  3. One time option to withdraw up to 25% of principal with no penalty

These Flex Certificates require a minimum deposit of at least $500.

We will provide updates here when more promotional deposits come back online.

Genisys Credit Union Traditional CDs

Here are Genisys Credit Unions standard CD rates and Jumbo CD rates. Currently, the jumbo CDs provide a higher yield to the tune of 0.05% per term.

To put these yields in perspective, the current national average on a 12 month CD and a 60 month CD sit at just 0.15% and 0.32% APY, respectively, according to recent FED data.

Genisys Credit Union’s CD Rates:

CD TermAPY
6 month0.30%
1 year0.45%
18 months0.50%
2 years0.55%
3 years0.75%
4 years0.90%
5 years1.00%

As with their CD specials their traditional deposits all require a minimum deposit of $500 and come with NCUA insurance up to $250,000. The NCUA is the FDIC equivalent for credit unions.

Genisys Credit Union’s JUMBO CD Rates:

CD TermAPY
6 month0.35%
1 year0.50%
18 months0.55%
2 years0.60%
3 years0.80%
4 years0.95%
5 years1.05%

Final Thoughts

If you find yourself eligible to join Genisys Credit Union and you’re in the market for a CD with a respectable APY, then some of their products may be worth a look, however you can still find better yields with online banks.

Although Genisys Credit Union has been known to offer exceptional certificate of deposit promotions in the past, they have rolled back many of these products to start 2021. Check back often, as rates and products change frequently.

Barclays Bank CD Rates – Up to 0.25% APY


image credit: barclaysus.com

[Update January 2021: Barclays CD rates are flat on terms ranging from 12 months through 5 years. The current yield on these deposits is just 0.25% APY, down from 0.30% APY earlier this month.]

The online-only, US division of Barclays Bank has a simple set of bank deposit accounts that feature some noteworthy yields.

Their current product suite consists of an online savings account and 9 regular term CDs ranging from 3 months to 5 years. The current yields on their certificates of deposit, while higher than the national average(s) for terms of 1 year or greater, do not vary all that much at this time. For example, all Barclays CDs with terms between 12 and 60 months come with an APY of 0.25% at the moment.

Barclays CDs can be opened online in minutes and their products are available to US citizens and residents over the age of 18 in all 50 states.

Barclays Bank CD Rates + Account Details

Barclays Bank is federally insured by the FDIC. All deposits are insured up to $250,000 per depositor or $500,000 for joint accounts.

Barclays Bank CD Rates

TermAPY
3 months0.10%
6 months0.10%
9 months0.10%
12 months0.25%
18 months0.25%
24 months0.25%
36 months0.25%
48 months0.25%
60 months0.25%

To put these offers in perspective the current national average on a 12 month CD and a 60 month CD sit at just 0.22% and 0.47% APY, respectively.

Given the fact that Barclays Bank has static yields on terms ranging from 12 to 60 months, their 12 month CD is going to be more competitive when compared to the national average than the 5 year CD – although both beat it handily.

How is Interest Calculated and Paid

All Barclays CDs compound interest daily and credit it monthly to your account. You can choose to have these funds kept in your deposit to compound further, transferred to a Barclays online savings account or transferred to an external account.

Fo those that would like the interest transferred, here’s how to set that up:

  1. Select the Account detail tab,
  2. Go to the Additional Details section.
  3. Under CD interest disbursement, select the Edit option.

Please note that you’ll need the wiring information and bank account number to where the funds will be disbursed.

Early Withdrawal Penalties

Watch out for early withdrawal penalties. Barclays bank doesn’t offer any promotional, one-time early withdrawal option that some other online banks do.

If you need access to your funds prior to your CD’s maturity you can expect to pay the following:

  • For a CDs with terms less than 24 months, a penalty equaling 90 days simple interest on the dollar amount withdrawn subject to penalty will be imposed,
  • for CDs with a term of more than 24 months, a penalty equaling 180 days simple interest on the dollar amount withdrawn subject to penalty will be imposed.

What Happens When Your Barclays CD Matures

Barclays gives you ample time to decide what to do with your funds when your CD matures. They will send you an email alert notifying you of your upcoming CD maturity roughly 30 days prior to the maturation date. At this time you may login to your account and make your maturity selection. You can choose to do nothing and have the CD renew, withdraw some or all of the funds, or change the term of your CD.

Upon maturity you will be allotted a 14 day grace period in which you can withdraw funds (or add them) without any penalty. To withdraw funds, you’ll need to contact them in writing or by phone before the grace period is over. For more detailed instructions, call the Barclays Customer Care team at 888-710-8756, 7 days a week from 8:00 am to 8:00 pm ET.

If nothing is done during this 14 day grace period, your CD will automatically renew into the same term deposit with whatever yield is currently being offered at that time.

Important: Be sure to set up your own alerts as these emails can be accidentally sent to your junk mail.

Final Thoughts

Barclays Bank specializes in great online savings rates. Their deposit product selection, while limited, all feature above average yields.

That said, the flat yields across their longer term fixed-rate CDs is less than ideal for those looking to lock in 3 to 5 year CDs.

While Barclays CD rates certainly beat the national average(s) for their respective terms, higher yields can be found on longer terms through other online banks and nationally available credit unions.

First Foundation Bank Online Savings Account: 0.60% APY!


[Update January 2021: After holding strong at 0.75% APY for several months, First Foundation Bank finally dropped the yield on their online savings account to 0.60% APY on January 14, 2021.]

First Foundation Bank is offering one of the best APYs for an online savings account anywhere in the country currently.

Now available nationwide, First Foundation Bank is offering up to 0.60% APY on new money placed in their online savings account.

Learn more about First Foundation Bank and their generous online savings account below.

Who is First Foundation Bank?

First Foundation Bank was founded in 1990 by Rick Keller and his team at the Keller Group to provide wealth management services to individuals and businesses around the Orange County area in California. They differentiated themselves by always taking a fiduciary standard approach to investing their clients’ wealth. Industry jargon refers to this as the “fee only” approach where wealth managers take only a flat fee regardless of how well they perform on their client’s behalf.

In 2008 they officially began operating under First Foundation Bank and expanded their product line to include traditional banking products as well as trust services, legacy planning, consulting, and insurance services.

Today, their FDIC-insured product suite consists of checking, money market, CDs, and the online savings account.

They offer most of these products on the business side as well, however the online savings product is only available for personal accounts.

0.60% APY Online Savings Account Details

First Foundation Bank’s online savings account rate dropped from 0.75% APY to 0.60% APY on January 14, 2021.

First Foundation Bank’s online savings account yield of 0.60% APY makes it one of the most noteworthy FDIC-insured, variable-rate savings products on the market today. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.

Account Details Below:

What are the minimum deposit and balance requirements? There is a $1,000 minimum balance requirement to earn the advertised APY and a $1,000 “new money” minimum deposit requirement to open the account.

Are there any fees to worry about? There are no monthly monthly maintenance fees or minimum balance requirements. That said, if for whatever reason you need to withdraw your money and close this account within 90 days of opening it, a $20 fee will be assessed. Also, if you plan on making more than 6 transfers per month please note that a $20 fee will be imposed on the 7th transfer and on each subsequent transfer within the month.

Availability? Nationwide and can be opened online or branch if you live in one of the three states in which they are present. Currently 20 branches exist in California, Hawaii and Nevada. Locate one here. You can also give them a call at 1-888-405-4332.

How to fund your account? Depositing funds into the online savings account can be done in the following ways:

  • ACH transfer
  • Wire transfer
  • Mailed check
  • Mobile check deposit
  • Visiting a First Foundation Bank branch (available only in Northern California, Southern California, Hawaii and Nevada)

Credit Inquiry? None. Security questions will be generated from public databases though to confirm your identity.

How to access your funds? Once you’ve opened the account you’ll have access to your funds in the following ways:

  • ACH transfer
  • Wire transfer
  • Requesting a mailed check
  • Visiting a First Foundation Bank branch
  • ATM withdrawal (must first request an ATM card)

Variable Rate or Fixed? This is a variable interest rate and may change at any time.

Additional Account Features

You can expect all the standard bells and whistles in terms of account features.

If this will be one of your primary accounts you’ll want to familiarize yourself with their mobile banking app. You can download this for free on the App Store or through Google Play.

Once you’ve opened the account and downloaded the app you can do the following:

  • Track your account activity. Access all your account information in one central location. See your transactions, balances, statements and check images.
  • Pay bills online. Transfer funds (6 external transfers per month), send person to person payments, pay your bills, deposit checks and more.
  • Send money to friends and family. Unlimited transfers to other First Foundation Bank accounts, plus the ability to send externally (6 free external transfers per month).
  • Stress free banking with multiple layers of security. First Foundation Bank utilizes multiple levels of authentication security so you can bank with confidence.

Final Thoughts

If you can maintain a $1,000 balance or more and are looking for a high yield online savings account, then the 0.60% APY from First Foundation Bank is going to be hard to beat.

A major plus is that an ATM card can be requested with the online savings account. Online savings accounts in general don’t usually come with ATM cards or access.

Also, if you live in California, Hawaii or Nevada you’ll have the added benefit of being able to visit one of their 20 branch locations.

CIBC Agility Savings Account – Now up to 0.52% APY!


image credit: us.cibc.com

CIBC (Canadian Imperial Bank of Commerce) is one of the “big five” banks of Canada and is headquartered in Toronto, Ontario.

The institution was formed by the largest chartered bank merger in Canada’s history in 1961 when the Canadian Bank of Commerce (founded in 1867) merged with the Imperial Bank of Canada (founded in 1873).

Today, CIBC holds roughly $770 billion in assets and brings in $18.7 billion in revenue (as of 2020) with operations spanning the globe.

For U.S. based customers, CIBC has an offshoot called CIBC U.S. which is headquartered in Chicago, Illinois, but backed by the 150 year-old Canadian bank.

CIBC U.S. has a noteworthy variable rate savings account called the “Agility Savings” that features a spectacular APY of 0.52%.

This account can be opened online by anyone in the U.S. that has a valid ID and is 18 years of age. To see if this account is right for you, continue reading our review below.

CIBC Agility Savings Account APY + Details

To open the CIBC Agility Savings account you must make an initial minimum deposit of at least $1,000, but once the account is opened interest is earned on all balances above $0.01.

CIBC U.S. is member FDIC and all consumer deposits are federally insured up to the applicable limits.

Min. DepositMin. BalanceAPY
$1,000$0.010.52%

To put this yield in perspective, the current average for a savings account sits at just 0.05% APY and the current average on a money market account sits at just 0.07% APY according to the most recent FDIC data.

Interest is compounded and credited to your account monthly.

Per federal regulation D, this account is limited to 6 transactions per monthly statement cycle. If you exceed this amount CIBC will charge $10 for each subsequent transaction. No external transfers can be made either within the first 90 days of opening the account.

CIBC U.S. Fee Schedule

Depending on the actions you take with your CIBC Agility Savings account you may encounter some fees from time to time.

Below is a complete outline of the fees CIBC imposes for various account activities (or inactivities).

CIBC Fee Schedule

ActivityFee
Statement Copies$5 each
Stop Payment$5.00
Hold Mail Fee$25 per request
Stop Payment$30
Automatic transfer from one account to another to cover overdraft$35.00 per item, max $175.00 day
Overdraft fee (item paid)$35.00 per item, max $175.00 day
Returned deposited item fee (chargeback)$10.00
Account research$25.00 per half hour, $25.00 minimum
Account closed within 90 days of opening$25
Dormant account fee$5 per month with a max of $60 annually

You can read more about CIBC U.S. deposit account disclosures and terms of service here.

How to Open the CIBC Agility Savings Account

The Agility Savings account can be opened online in minutes!

As mentioned this account is available to anyone in the U.S. that is 18 years old or older with a valid ID, internet connection and $1,000 for the initial deposit.

Here’s how to open the account in minutes.

  1. To open the account, navigate to the CIBC U.S. Agility Savings landing page here and click “Apply Now.”
  2. From here it is a 4-step process that starts with your personal information. Fill in the required personal information and then click “Continue.“
  3. Read and accept the account disclosures and click “Continue.“
  4. Fund your account. This will require the routing number of your current bank and the bank account number you’ll be transferring the funds from.

What information do I need to have handy?

  1. Driver’s license or government issued ID.
  2. Home address, phone number and email.
  3. Social security card or number.
  4. Existing bank account routing number.
  5. Existing bank account number with at least $1,000 in the account.
  6. Employment information.

Managing the CIBC Agility Saving Account

As mentioned the account can be managed completely online through the web or their native IOS or Android app. CIBC has multiple apps available for download. You will want to download the CIBC US mobile banking application to manage your Agility Savings account.

The mobile banking app by CIBC has mixed reviews, averaging only 2 stars out of 5 on IOS with 48 ratings at the time of this writing and 4 stars out of 5 on Google Play with over 22k ratings.

App Features:

  • View account balances and recent transactions
  • Transfer funds using their person to person payment system. Send funds with just a phone number or email.
  • Transfer funds between CIBC US accounts.
  • Mobile check deposit
  • Check status of deposits
  • Pay bills electronically
  • Schedule future bill payments
  • Contact representative for assistance
  • Locate branches and ATMs

Final Thoughts

The CIBC Agility Savings account available to U.S. consumers offers a competitive APY and a manageable minimum deposit and monthly balance requirement.

If you’re in the market for a variable rate online savings account, then this may be a good option.

If you’re looking for a better yield and fixed rates, then you may want to look into a CD (certificate of deposit) offered by a local credit union.

Best CD Rates in Florida – January 2021 Report


Florida CD rates are higher than the national average on all major terms from 6 months to 5 years.

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 January 2021 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.

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 (ie 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 0.0% and 0.25% and are unlikely to move in the near term. Therefore expect CD rates to not only be extremely low compared to where they’ve been historically, but also expect a smaller spread in yield between short term and long term deposits.

In many cases we’ve even seen flat lining yields where 1 year CDs provide the same APY as 5 year CDs. This isn’t typical with all banks and credit unions, although our current interest rate environment is making it more common, especially with the larger national banks.

Below is our report on the best CD Rates in Florida for the month of January 2021.

Top 6 month CD Rates in Florida – as of January 2021

Below are the top five 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
Navy Federal Credit Union$100,0000.65%
Pen Air Federal Credit Union$250.55%
MySavings Direct$1,0000.50%
Live Oak Bank$2,5000.50%
Jacksonville Firemen’s Credit Union$1000.45%
Suncoast Credit Union$100,0000.30%

There are two institutions on this list that are exclusive to Florida residents. Those are Suncoast Credit Union and Jacksonville Firemen’s Credit Union.

Suncoast Credit Union allows all Florida residents to join, however, Jacksonville Firemen’s Credit Union has stricter membership eligibility.

Only those who are regular employees or public officials of Fire/Rescue Departments in Duval, Clay, Nassau, St. Johns, Flagler, Columbia, Putnam, and Volusia counties, any association of such employees, volunteer organizations associated with professional firefighters, emergency services personnel, associated government employees, and members of the family of persons within such groups are eligible to join Jacksonville Firemen’s Credit Union.

Top 12 Month CD Rates

Below are the top five 12 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
Jacksonville Firemen’s Credit Union$1000.90%
Navy Federal Credit Union$100,0000.85%
CFG Community Bank$5000.73%
Ally Bank$00.65%
Central Bank FL$2,5000.60%
Suncoast Credit Union$100,0000.40%

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

Central Bank FL and Suncoast Credit Union are exclusive to Florida residents. Central Bank FL is based in Tampa, FL and can be reached directly at 813-929-4477 to inquire about current rates.

To give the offers above some context, the average APY on a 12 month CD in Florida sits at 0.21% as of January 2021 according to Bankrate.

We should note that Jacksonville Firemen’s Credit Union also has a 9 month CD providing an APY of 0.75%.

Top 2 Year CD Rates

Below are the top five 2 year 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
Jacksonville Firemen’s Credit Union$1001.00%
Navy Federal Credit Union$100,0000.95%
Live Oak Bank$2,5000.80%
Comenity Direct$1,5000.75%
Pen Air Federal Credit Union$250.70%
Central Bank FL$2,5000.70%

To put these offers above in perspective, the average 2 year CD rate in Florida currently sits at just 0.42% APY.

Both Live Oak Bank and Comenity Direct have certificates of deposit that can be opened online by nearly anyone nationwide.

Top 3 Year CD Rates

Below are the top five 3 year 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
Delta Community Credit Union$1,0001.15%
Jacksonville Firemen’s Credit Union$1001.11%
Navy Federal Credit Union$100,0001.10%
Comenity Direct$1,5000.85%
Ally Bank$00.75%
Central Bank FL$2,5000.70%

To put these offers above in perspective, the average 3 year CD rate in Florida currently sits at just 0.49% APY.

Although Delta Community Credit Union is based in Georgia, they open their doors to most Florida residents. They currently serve 415,000 members and have roughly $6 billion in assets.

Top 5 Year CD Rates

Below are the top five 5 year 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
Delta Community Credit Union$1,0001.35%
Jacksonville Firemen’s Credit Union$1001.31%
Navy Federal Credit Union$100,0001.25%
Pen Air Federal Credit Union$251.25%
Ally Bank$01.00%
Suncoast Credit Union$100,0000.95%

To put these offers above in perspective, the average 5 year CD rate in Florida currently sits at just 0.57% APY.

Florida CD Rates vs National CD Rates

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 January 2021.

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

CD TermAvg. APY FLAvg. APY US
12 month0.40%0.17%
2 year0.42%0.22%
3 year0.49%0.26%
5 year0.57%0.34%

Final Thoughts

If you’re in the market for a fixed-rate, certificate of deposit with a competitive APY and you reside in the state of Florida, you won’t be much better off in terms of going with a local credit union or bank over one with nationwide acceptance. The difference in APY for most terms is negligible except, perhaps, for the 3 and 5 year CDs offered by Delta Community Credit Union.

Just be sure to check with the institution directly to confirm their current CD rates. Also, it should be noted that opening a deposit at a community bank or regional credit union in Florida may require you to visit a local branch.