Best  Jumbo CD Rates of 2024

Conor Keenan Author Bio By: Conor Keenan  Last updated on April 1, 2024
Conor Keenan is compareaccounts.com's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.

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Right now, banks are offering some of the highest APYs in decades. It’s your time to cash in on these returns.

For savers who want to sock away $50,000 or more in a virtually risk-free investment, check out the best CDs recommended by our experts below, open your new account today and start taking advantage of compound interest now.

4.75% APY

Rating:

On U.S. Bank National Association's
Secure Site, Member FDIC

Best For: Shorter Term + Branch Access

Term: 7 Months

U.S. Bank offers a 7 month CD with up to 4.75% APY with no monthly fees and $1,000 initial deposit.

Rates vary by state & zip code.

U.S. Bank has over 2,000 branch locations in more than half of U.S. states.

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.

Interest compounds daily so lock in your 7 Month CD rate today & start earning guaranteed interest now.

See U.S. Bank's Secure Site For More Details.

Western Alliance Bank Powered by Raisin

5.23% APY

Rating:

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: Shorter Term + High APY

Term: 6 Months

Western Alliance Bank offers 5.23% APY exclusively through the Raisin Platform on their 6 month CD.

New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.

Interest compounds daily and is posted to your account monthly.

This CD is a great fit if you're looking for a high APY but want access to your money sooner than other CD terms.

In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.

Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.

Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.

See Raisin's Secure Site for Western Alliance Bank to Get More Details.

 Compare With

Chase Bank Logo

 Not Recommended 

0.05% APY

Rating:

Not Recommended. Shown For Comparison Purposes Only.

Term: 6 Months

Chase Bank is one of the largest and most well known banks in the United States. Unfortunately, they offer a measley 0.05% APY on their 6 month CD.

In order to receive that 0.05% APY, you need to deposit at least $10,000. Chase offers a lower minimum deposit of $1,000 but only offers 0.02% APR for that tier.

You must have a linked Chase personal checking account to receive these rates. Otherwise, you'll receive 0.01% APY

Because of the bottom barrel APY, we don't recommend you opening a CD with Chase Bank.

Western Alliance Bank Powered by Raisin

5.05% APY

Rating:

On Raisin's Secure Site
for Western Alliance Bank,
FDIC Insured

 

Best For: High APY From a Top Performing Bank

Term: 12 Months

Western Alliance Bank offers 5.05% APY exclusively through the Raisin Platform on their 12 month CD.

Interest compounds daily and is posted to your account monthly.

This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks.

In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.

Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.

Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.

See Raisin's Secure Site for Western Alliance Bank to Get More Details.

Discover Bank Logo

4.70% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + Customer Service

Term: 12 Months

Discover Bank offers 4.70% APY with no monthly fees and $2,500 initial deposit on their 12 Month CD.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.

Interest compounds daily so lock in your 12 Month CD rate today & start earning guaranteed interest now.

See Discover Bank's Secure Site For More Details.

Cit Bank Logo

3.50% APY

Rating:

On CIT Bank's Secure Site,
Member FDIC

 

Best For: No Penalty Fees + High APY Interest Rates

Term: 11 Months

CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.

They currently offer 3.50% APY on their 11 Month No Penalty CD with no monthly fees.

There is no penalty to access funds if needed before maturity.

You can open a CIT Bank 11 Month No Penalty CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential.

See CIT Bank's Secure Site For More Details.

Ponce Bank Logo Powered By Raisin

5.35% APY

Rating:

On Raisin's Secure Site
for Ponce Bank,
FDIC Insured

Best For: Very Short Term + Community Focus

Term: 3 Month

New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.

Ponce Bank was born in The Bronx in 1960 and has earned the title of a Certified Community Development Financial Institution (CDFI).

They earned CDFI status by investing more than 80% of their assets in low and moderate income communities.

Exclusively through the Raisin platform, Ponce Bank currently offers 5.35% APY on their 3 Month CD with no monthly fees and a minimum initial deposit of $1.00.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily.

When you invest your savings with Ponce Bank you're helping underserved communities in America.

See Raisin's Secure Site For Ponce Bank to Get More Details.

 Compare With

Wells Fargo Logo

 Not Recommended 

1.50% APY

Rating:

Not Recommended. Shown For Comparison Purposes Only.

Term: 12 Months

Wells Fargo is also one of the largest banks in the United States and also offers a very low APY for their CD accounts.

They currently offer a sad 1.50% APY on their 12 Month CD.

They require a minimum opening deposit of $2,500 and depending on where you live, your interest rate may vary as rates vary from state to state.

Because of the bottom barrel APY and varying rates by state, we don't recommend you opening a savings account with Wells Fargo.

 Compare With

Bank of America Logo

 Not Recommended 

0.03% APY

Rating:

Not Recommended. Shown For Comparison Purposes Only.

Term: 12 Months

Bank of America, another large bank that offers nearly nothing on their CDs.

They currently offer a regretful 0.03% APY on their 12 Month CD.

Bank of America requires a minimum opening deposit of $10,000 to earn this low APY.

Because of there are better options on this page to earn a higher APY from trusted banks, we don't recommend you opening a CD with Bank of America.

 Limited Time Offer 

Discover Bank Logo

4.00% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Longer Term + Customer Service

Term: 24 Months

Discover Bank offers 4.00% APY with no monthly fees and $2,500 initial deposit on their 24 Month CD.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.

Interest compounds daily so lock in your 24 Month CD rate today & start earning guaranteed interest now.

See Discover Bank's Secure Site For More Details.

To recap our recommendations.

Best Certificate of Deposits According To CompareAccounts™

U.S. Bank® Certificate of Deposit Account: up to 4.75% APY - 7 Month Term

Western Alliance Bank® High-Yield CD: 5.05% APY - 12 Month Term

Western Alliance Bank® High-Yield CD: 5.23% APY - 6 Month Term

U.S. Bank® Certificate of Deposit Account: up to 4.80% APY - 13 Month Term

Customers Also Viewed These High-Yield Savings Accounts

Discover Bank Logo

4.25% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + No Fees

Discover Bank offers 4.25% APY with no monthly fees and $0 initial deposit.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.

If you're looking for a competitive APY with "No. Fees. Period." this account is for you.

See Discover Bank's Secure Site For More Details.

What to Look for in a Certificate of Deposit Account

It’s always wise to compare your options when opening a new certificate of deposit account.

Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in the account.

Here are the top features to look for and compare:

1. Interest Rate

The interest rate of a certificate of deposit is one of its most important features. However, a very high interest rate can get completely wiped out if you have to pay a penalty fee because you need to withdrawl your funds before the term is complete.

Besides interest rate, term length is the second most important factor. Other important features of your certificate of deposit account include the required initial deposit, and minimum balance required.

2. Term Length

Most banks will charge you what’s called a “penalty fee” for withdrawing your funds before the term length has been completed.

This means, that if you open a 12-month CD, but withdraw your funds within 6 months, then you’ll pay a penalty fee.

Therefore, you need to decide when you’ll need these funds again.

For any term less than a year, we recommend a high-yield savings account.

If this is your first CD account, we recommend starting with a 12 – 15 month term.

If you’ve opened a CD account in the past, then you choose which term is right for you and your unique situation.

3. Required Initial Deposit

Initial deposit is another important factor when deciding to open up a certificate of deposit. Most banks require at least a $500 initial deposit to open a CD account.

While others require much more than $500 to open the account.

Again, because the initial deposit is in the hundreds if not thousands, we recommend you open a high-yield savings account if you need these funds within a year.

*National Savings Rate Average as published by FDIC