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.
In this post you'll learn:
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 Union | Min. Deposit | APY |
| Navy Federal Credit Union | $100,000 | 0.65% |
| Pen Air Federal Credit Union | $25 | 0.55% |
| MySavings Direct | $1,000 | 0.50% |
| Live Oak Bank | $2,500 | 0.50% |
| Jacksonville Firemen’s Credit Union | $100 | 0.45% |
| Suncoast Credit Union | $100,000 | 0.30% |
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 Union | Min. Deposit | APY |
| Jacksonville Firemen’s Credit Union | $100 | 0.90% |
| Navy Federal Credit Union | $100,000 | 0.85% |
| CFG Community Bank | $500 | 0.73% |
| Ally Bank | $0 | 0.65% |
| Central Bank FL | $2,500 | 0.60% |
| Suncoast Credit Union | $100,000 | 0.40% |
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 Union | Min. Deposit | APY |
| Jacksonville Firemen’s Credit Union | $100 | 1.00% |
| Navy Federal Credit Union | $100,000 | 0.95% |
| Live Oak Bank | $2,500 | 0.80% |
| Comenity Direct | $1,500 | 0.75% |
| Pen Air Federal Credit Union | $25 | 0.70% |
| Central Bank FL | $2,500 | 0.70% |
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 Union | Min. Deposit | APY |
| Delta Community Credit Union | $1,000 | 1.15% |
| Jacksonville Firemen’s Credit Union | $100 | 1.11% |
| Navy Federal Credit Union | $100,000 | 1.10% |
| Comenity Direct | $1,500 | 0.85% |
| Ally Bank | $0 | 0.75% |
| Central Bank FL | $2,500 | 0.70% |
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 Union | Min. Deposit | APY |
| Delta Community Credit Union | $1,000 | 1.35% |
| Jacksonville Firemen’s Credit Union | $100 | 1.31% |
| Navy Federal Credit Union | $100,000 | 1.25% |
| Pen Air Federal Credit Union | $25 | 1.25% |
| Ally Bank | $0 | 1.00% |
| Suncoast Credit Union | $100,000 | 0.95% |
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 Term | Avg. APY FL | Avg. APY US |
| 12 month | 0.40% | 0.17% |
| 2 year | 0.42% | 0.22% |
| 3 year | 0.49% | 0.26% |
| 5 year | 0.57% | 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.
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