Because of the way the economy has been going, we can’t expect CD rates to be performing well. Despite the dips and lows that fixed rate certificate of deposits have been facing, it comes as a surprise that their comrade, the jumbo CD, seems to be going up instead.
Jumbo CD rates may not be at their best performance, but they sure are holding up to the rates of the past. The highest CD rate for a 1 year jumbo CD is from E-Loan, with a 1.26% APY and 1.25% rate compounded daily. Coming closely at second is Aurora Bank with 1.23% APY and 1.22% also compounded daily. After Aurora Bank’s rate is a tie between Ally Bank and Discover Bank, both at a 1.20% APY and 1.19% compounded daily.
For those who choose to keep their money in jumbo CD’s for longer though, you can rejoice at a rate as high as 2.40% from First Internet Bank of Indiana. Again, Aurora Bank comes at a close second with a 2.39% APY. Ever Bank then comes at third with a 2.36% APY. These rates apply for jumbo CD rates at the longest term of 5 years.
Past 1 year jumbo CD rates have gone up to 1.45%, but the rates today aren’t too far off despite the economic instability. This allows individuals, small businesses and company owners to breathe a sigh of relief knowing that they can still see some growth with their money. All of these banks have a $100,000 minimum deposit policy.
Jumbo certificates of deposit essentially have the same perks as other fixed rate CD’s, and at this time of unpredictability, it’s good to know that the jumbos are still prevailing.