Jumbo CD rates aren’t called jumbo for nothing. The minimum investment amount for this type of certificate of deposit is usually around $100,000.00. If you’re an individual who prefers to invest large sums of money in certificates of deposit, jumbo CD rates would be a good choice. This is also the type of CD companies invest in due to the large amount it can accommodate.
Rates can vary among different banks and the length of time you intend to keep the money in the CD. Aside from checking the interest rate, taking note of the APY or annual percentage yield is also a good indicator of how much you will really be getting at the specified time. Here is a list of the best jumbo CD rates from different institutions, including the best rate for varied time frames.
1. 1 month jumbo CD
USAA
APY: 0.50%
Rate: 0.50%
Compounded monthly
2. 3 month jumbo CD
Nexity Bank
APY: 0.75%
Rate: 0.75%
Compounded Daily
3. 6 month jumbo CD
Metropolitan National Bank
APY: 1.15%
Rate: 1.15%
Simple interest
4. 1 year jumbo CD
Metropolitan National Bank
APY: 1.35%
Rate: 1.35%
Simple Interest
5. 3 year jumbo CD
Transportation Alliance Bank
APY: 1.92%
Rate: 1.90%
Compounded Daily
6. 5 year jumbo CD
Nationwide Bank
APY: 2.50%
Rate: 2.37%
Compounded Daily
These rates in each time category are by far the best in jumbo CD rates as of the month of March. One thing to note with any type of interest earning vehicle is to check the number of times the interest is compounded. The more often it’s compounded, the more money you can earn. The best deals are from Nexity Bank, Transportation Alliance Bank and Nationwide bank for giving out daily compounded interest at such high rates.
