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 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 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 are now anchored between 4.25% and 4.50% following the FED’s last rate hike of 2022 on December 14th. The FED is expected to continue to raise rates in Q1 of 2023 but most likely by smaller amounts. You can read more in our CD rate forecast.

Below is our report on the best CD Rates in Florida for the month of January 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
Live Oak Bank	$2,500	4.35%
Banesco USA	$1,500	4.30%
Department of Commerce FCU	$500	4.03%
Axiom Bank	$500	1.25%

To put these yields into perspective, the national average for a 6 month CD sits at just 0.81% 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.

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
CFG Community Bank	$500	4.70%
Live Oak Bank	$2,500	4.60%
Banesco USA	$1,500	4.40%
Department of Commerce FCU	$500	4.14%

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 1.28%. The average 12 month CD rate in Florida is 1.67% 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
Bread Savings	$1,500	4.50%
Department of Commerce FCU	$500	4.20%
Suncoast Credit Union	$500	2.80%
Axiom Bank	$500	2.25%

To put these offers above in perspective, the average 2 year CD rate sits at just 1.21% APY, nationally. The average 2 year CD rate in Florida is 1.96% APY.

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
CFG Community bank	$500	4.60%
Bread Savings	$1,500	4.50%
Department of Commerce FCU	$500	4.32%
Suncoast Credit Union	$500	3.15%

To put these offers above in perspective, the average 3 year CD rate sits at just 1.16% APY, nationally. The average 3 year CD rate in Florida is 2.02% 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
Bread Savings	$1,500	4.50%
CFG Community Bank	$500	4.50%
Department of Commerce FCU	$500	4.32%
Suncoast Credit Union	$500	3.55%

To put these offers above in perspective, the average 5 year CD rate currently sits at just 1.21% APY, nationally. The average 5 year CD rate in Florida is 2.21% 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 January, 2023.

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

CD Term	Avg. APY FL	Avg. APY US
12 month	1.67%	1.28%
2 year	1.96%	1.21%
3 year	2.02%	1.16%
5 year	2.21%	1.21%