Certificates of deposit (CDs) in the Sunshine State offer robust interest rates; with some yields surging above a 5% annual percentage yield (APY). In a traditional CD, you’re guaranteed to receive the set interest for the entire term and, at insured banks and credit unions, your deposits have federal insurance, making them an almost risk-free investment.
Account details and annual percentage yields (APYs) are accurate as of June 20, 2024.
Best CD rates in Florida
- USAlliance Federal Credit Union certificate accounts.
- Bread Savings Certificates of Deposit.
- Popular Direct.
- Limelight Bank.
- My eBanc Online Time Deposit.
Why trust our banking experts
Our expert team analyzes thousands of data points on hundreds of banking products to help you find the best solution for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 350+ CDs at 136 financial institutions reviewed.
- 50+ data points per CD analyzed.
- 4 levels of fact checking.
USAlliance Federal Credit Union certificate accounts
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual percentage yield
0.75% to 5.15%
Minimum deposit requirement
$500
Terms
3 to 60 months
What should you know
Also known as USAlliance Financial, USAlliance Federal Credit Union was originally built to serve only IBM employees, but has grown to offer banking products nationwide.Its 12-month CD offers a competitive 5.15% APY, but you’ll also find a flat 4.80% APY on the USAlliance Federal Credit Union No-penalty CD. The CDs have yields ranging from 0.75% to 5.15% APY with terms from three to 60 months.If something unexpected happens and you need to make an early withdrawal, you’d pay: 180 days’ worth of dividends (interest) on CDs with terms less than 18 months; 360 days’ worth of dividends on CDs of 18 months or greater.Anyone can join USAlliance FCU and open a CD by also becoming a member of one of the credit union’s listed nonprofits, which includes the American Consumer Council. The credit union can establish your membership with the other organization for you as part of your normal account application.
Bread Savings certificates of deposit
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Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
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On Fiona’s website
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual percentage yield
4.15% to 5.25%
Minimum deposit requirement
$1,500
Terms
1 to 5 years
What should you know
Bread Savings is a great option for individuals looking to earn more than a few crumbs with their cash. It has a solid 4.15% to 5.25% APY range on its one-to-five-year CDs, which have a decently low minimum deposit of $1,500 and high maximum balance limits — $1 million per account and $10 million limit per customer. Interest is compounded daily and credited monthly, and there are no maintenance fees. Those looking for a broader array of CD options, or even a short-termterm, should consider another option.
Popular Direct certificates of deposit
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual percentage yield
4.30% to 5.35%
Minimum deposit requirement
$10,000
Terms
3 to 60 months
What should you know
At first blush, Popular Direct’s top CD rate of 5.35% APY for a six-month term is practically drool-worthy, but you’ll need a Texas-sized deposit to get it. All CDs here have a minimum deposit requirement of $10,000.If that’s not a barrier for you, these savings options might retain their appeal. Nearly half of Popular Direct’s CD terms have interest rates over 5.00%, including 5.25% APY for three months and 5.30% APY for 12 months. Its longest terms are still competitive, but have lower yields: 4.80% APY for its 18-month term, 4.70% APY for two years and 4.50% APY for three years.Besides the high minimum deposit, drawbacks include a poorly-rated mobile app and early withdrawal fees — which charge anywhere from 89 days of simple interest on CD terms less than 91 days and up to 730 days of simple interest on CD terms of 60 months or greater.
Limelight certificates of deposit
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual percentage yield
4.25% to 5.25%
Minimum deposit requirement
$1,000
Terms
6 to 36 months
What should you know
While Limelight only offers four CD terms, two of them are quite competitive: a 5.50% APY on a 12-month term and a 5.35% APY for 18 months. You’ll need only $1,000 to open one and you won’t be battling monthly service fees off to keep them from eating up your earned interest.While Limelight only offers four CD terms, two of them are quite competitive: 5.25% APY on a 12-month term and 4.90% APY for an 18-month term. You’ll need only $1,000 to open one and you won’t be battling monthly service fees off to keep them from eating up your earned interest.Limelight’s two other CD options aren’t as attractive, but aren’t horrible — both have yields several times larger than theFederal Deposit Insurance Corporation (FDIC) national average deposit rates for their terms. The six-month CD offers a 4.50% APY and the 36-month CD offers a 4.25% APY.All of them are traditional CDs, meaning that they have early withdrawal penalties. If you need to close your three-year CD early, you’d pay 180 days’ interest. For CDs of 18 months and fewer, you’ll pay a penalty of 90 days’ interest.Limelight’s two other CD options aren’t as attractive, but aren’t horrible — both have yields several times larger than the national average deposit rates for their terms. The six-month CD offers a 4.50% APY and the 36-month CD offers a 4.05% APY.All of them are traditional CDs, meaning that they have early withdrawal penalties. If you need to close your three-year CD early, you’d pay 180 days’ interest. For CDs of 18 months and fewer, you’ll pay a penalty of 90 days’ interest.
Pros and cons
Pros
- Relatively low minimum deposit requirement.
- Eco-friendly business practices.
- FDIC insured.
Cons
- Only individuals can own CDs here, not businesses or trusts.
- No other banking products available.
- Only four traditional CD terms offered.
My eBanc Online Time Deposit
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
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On Fiona’s website
BLUEPRINT RATING
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual percentage yield
3.98% to 5.30%
Minimum deposit requirement
$5,000
Terms
6 to 36 months
What should you know
My eBanc has an impressive top APY of 5.30% on 12-month CDs, with daily compounded interest and no maintenance fees. The APY on its other CD term options (six, 18, 24 and 36 months) are competitive as well, if that fits your savings horizon. The minimum opening deposit is rather high at $5,000, but transferring the funds can be convenient as My eBanc allows you to easily tie your CDs to the free checking and savings accounts it offers. The lack of CD terms shorter than six months means only those who won’t need their money soon should sign up.
Pros and cons
Pros
- Competitive yields.
- compounding interest.
- No monthly fees.
Cons
- High deposit requirement.
- Only five term options.
- Limited reviews of the mobile app.
Compare the best Florida CDs
| NAME | STAR RATING | MIN. DEPOSIT | ONE-YEAR APY | FIVE-YEAR APY |
|---|---|---|---|---|
USAlliance Federal Credit Union | 4.99 | $500 | 5.15% | 3.40% |
Bread Financial | 4.91 | $1,500 | 5.25% | 4.15% |
Popular Direct | 4.95 | $10,000 | 5.30% | 4.30% |
Limelight Bank | 4.85 | $1,000 | 5.25% | N/A |
My eBanc | 4.85 | $5,000 | 5.30% | N/A |
Methodology
We looked at scores of CDs and found the best rates, so you don’t have to. To be specific, we evaluated more than 350 CDs offered by 136 financial institutions — a mix of traditional brick-and-mortar banks, online banks and credit unions — and weighed them on the following factors to create a score out of 100.
- APY: 52%. The main point of having a CD is to earn guaranteed interest on it, so we weighed APY most heavily.
- Customer experience: 10%. While earning a high yield is vital, having a good experience with the bank or credit union that’s potentially managing thousands of your hard-earned dollars can help put your mind at ease. We considered ratings from the Better Business Bureau, Trustpilot and J.D. Power.
- Available terms: 10%. Options are always nice. Plus, having CD accounts spread out at multiple financial institutions can be hard to track. For savers who want to keep their CDs under one roof, we rewarded institutions that have more term options with a slightly higher score.
- Availability: 10%. The more widely available a CD is across the state and the nation, the better. Institutions also earned more points here if they had branch availability.
- Customer experience: 10%. We looked at customer reviews and ratings from the Better Business Bureau (BBB), J.D. Power and Trustpilot, plus we considered whether live chat support was available.
- Compound interest schedule: 8%. The more often your CD compounds, the more interest it earns. While the difference between a daily and a monthly compounding interest schedule is small for low amounts over short periods, it can grow exponentially.
- Digital experience: 5%. Many, if not most people buying CDs do so online. We took the ratings and reviews of the iOs and Android mobile apps into account.
- Minimum deposit: 5%. We believe in democratizing finance, which is to say, there’s little point in learning about savings products if they’re unaffordable. The lower the minimum required deposit, the better an institution scored here.
Based on the score, we formed a star rating for each institution. For instance, a bank with a score of 100 would earn five stars; one with a score of 80 earned four stars and so on. Institutions with high scores rose to the top.
Why some banks didn’t make the cut
You’ll notice that some of the largest banks in the nation are conspicuous by their absence on our list.
The largest banks, such as Bank of America, JPMorgan Chase and Wells Fargo, rarely offer competitive CD rates. As they’re already banking powerhouses and top-of-mind for many Americans, they don’t need to offer great yields to attract deposits.
Smaller institutions, on the other hand, tend to offer competitive yields to draw in customers and money.
How to find the best CD rates in Florida
You can find about 90 banks and 120 credit unions actively operating within the Sunshine State and hundreds of CDs, in addition to national digital-online institutions. So how do you find the best?
The right CD deal will meet your unique banking and investment needs. Here are the questions to ask:
- How much can I afford to put away for how long? Maybe you’d be comfortable with depositing $5,000 in a one-year CD, but not a two-year CD. Before you start shopping around, have a solid idea of what you’re looking for in a deposit.
- What are the rates? A main point of getting a CD is to have it earn income for you. Getting the highest rate available within your shopping budget is ideal.
- Are there fees or penalties? Some institutions charge a monthly account service fee and many have early withdrawal penalties. Understand what costs you’ll be obligated to pay before you sign on the dotted line.
- Is there deposit insurance? Make sure your funds will be covered by the FDIC (which guarantees bank deposits) or by the National Credit Union Administration (which does the same for credit unions).
- What’s the minimum deposit requirement? See how much you’re required to deposit to open a CD.
Short vs long-term CDs
While there’s no exact spot to draw the line between short- and long-term CDs, terms of one year or less are typically considered short and terms of two years and more, long.
Which CD term you choose depends on your unique investment and cash management needs.
Short-term CDs
In general, a short-term CD is preferable when you’re saving money for a short-term goal or you think you’ll be able to get a higher CD yield soon.
“For the first time in a long time, cash is an attractive investment”, said Robert Peterson, a senior wealth advisor at Crescent Grove Advisors.
The Federal Reserve has raised rates substantially in a bid to battle inflation. If you anticipate that rates will continue to rise over the next few months (see our CD rate forecast), you’ll want to opt for a short-term CD so that you can score a high rate now and reinvest it in a few months to get an even higher CD rate when it matures.
Here are some of the best short-term CD rates:
- Best three-month CDs.
- Best six-month CDs.
- Best one-year CDs.
Short-term CDs could also be a good option if you’re nervous about early withdrawal penalties. If you think you may need the cash before a long-term CD naturally matures, a shorter term or a no-penalty CD could be the solution.
Long-term CDs
Comparatively, a long-term CD can provide competitive, guaranteed interest for years. You can have the peace of mind that your money is well protected and earning a stable income no matter future market conditions.
If you’re several years away from a major purchase like a new home or a college education, a long-term CD can be perfect, especially if you think CD rates of return have reached a peak and won’t be getting any better.
Here are some of the best long-term CD rates:
- Two-year CDs.
- Three-year CDs.
- Five-year CDs.
- Ten-year CDs.
What CD term is best for you?
If you don’t have a specific savings goal to meet and you’re not confident about what yields will look like over the next few months, consider splitting the difference and getting both.
CD laddering is a strategy in which you divide your deposit between multiple CDs of different terms.
Say you get a four-CD ladder with a six-month, one-year, 18-month and two-year CD. When the shorter-term CDs mature, a new two-year CD could be purchased. This gives you access to a quarter of the funds every six months without an early withdrawal penalty, while allowing you to take advantage of rising interest rates.
What are jumbo CDs?
If you have the financial resources, a jumbo CD can pay big dividends. These CDs can offer higher rates of return in exchange for a significantly higher minimum deposit compared to traditional CDs.
Here are three key things to know about jumbo CDs.
- High minimum deposits. You typically need $100,000 to open a single jumbo CD. For most traditional CDs, you need less than $10,000; at some institutions, such as Synchrony Bank, there’s a $0 minimum deposit requirement.
- High yields. You can often find that the yield on jumbo CDs are one or two percentage points higher than traditional options.
- Regular deposit insurance. Like any of your other deposits, jumbo CDs are backed with insurance, however, they don’t receive any special protection. The coverage limit is still the same — up to $250,000 per depositor, per covered institution, per account ownership type (think joint vs. individual vs. business).
Frequently Asked Questions (FAQs)
Check out our list above to see the banks and credit unions that have the highest CD rates in the Sunshine State.
Rates vary by institution, the Florida Credit Union® certificates of deposit rates range from 3.00% to 4.03% APY. Its seven- and nine-month CD specials offer the highest rates (5.20% and 5.04% APY, respectively) — while the rest of its terms aren’t as attractive.
On the plus side, you can lock in an interest rate, earn a guaranteed yield and receive government protection with a CD. On the down side, once you open a traditional CD, you typically can’t make any changes or access your cash without paying an early withdrawal policy.
