The Best Jumbo CDs in January 2022

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Updated on Thursday, January 6, 2022

Jumbo certificates of deposit (CDs) offer a cautious way to save large sums of money. Like traditional CDs, jumbo CDs feature a predetermined interest rate and term length, as well as early withdrawal penalties. The key difference is that jumbo CDs require much higher opening minimum deposits: typically, that number is $100,000, but we’ve included some with lower minimums as well.

Top jumbo CD rates in January 2022

Below are the best jumbo CD rates available for various terms.

CD term

Financial institution

Annual percentage yield (APY)

Minimum opening deposit to earn APY

6-monthEFCU Financial0.85%$100,000
16-monthConsumers Credit Union1.20%$100,000
29-monthHughes Federal Credit Union1.11%$99,000
36-monthHughes Federal Credit Union1.21%$99,000
48-monthMichigan State University Federal Credit Union1.25%$100,000
60-monthMichigan State University Federal Credit Union1.50%$100,000

Best jumbo CDs shorter than a year

#1EFCU Financial

6 Month Jumbo CD from EFCU Financial
  • Term: 6 months
  • APY: 0.85%
  • Minimum opening deposit: $100,000

EFCU Financial is a credit union based in South Louisiana, though people from outside the area can join if they become a member of the EFCU Financial Foundation or Louisiana Wildlife Foundation. In addition to their regular and jumbo certificates, EFCU Financial offers a 30-month “bump-up” certificate that allows you to adjust your rate once during the term.

SEE DETAILS Secured

on EFCU Financial’s secure website

NCUA Insured

Veridian Credit Union

9 Month Jumbo CD Special from Veridian Credit Union
  • Term: 9 months
  • APY: 0.85%
  • Minimum opening deposit: $100,000

Veridian Credit Union has broad membership eligibility, allowing registered users of the payment platform provider Dwolla to join the credit union. In addition to their nine-month jumbo CD special, Veridian offers a regular nine-month CD special with a minimum balance of $1,000 and an APY of 0.75% — one of the best available rates for short-term CDs.

SEE DETAILS Secured

on Veridian Credit Union’s secure website

NCUA Insured

Luana Savings Bank

6 Month CD Special from Luana Savings Bank
  • Term: 6 months
  • APY: 0.75%
  • Minimum opening deposit: $100,000

Headquartered in Northeastern Iowa, Luana Savings Bank has a small geographic footprint and specializes in agricultural lending for farmers in the area. Luana offers CDs with different interest rate tiers, and the bank is currently offering a six-month CD special with an APY of 0.75% for balances over $100,000 (and 0.75% for balances between $50,000 and $99,999).

SEE DETAILS Secured

on Luana Savings Bank’s secure website

Member FDIC

Best 1-year jumbo CDs

#1Consumers Credit Union

16 Month CD from Consumers Credit Union (IL)
  • Term: 16 months
  • APY: 1.20%
  • Minimum opening deposit: $100,000

Consumers Credit Union is based in Illinois, but anyone can join by becoming a member of the Consumers Cooperative Association with a one-time, $5 fee. Consumers has super-jumbo CDs in addition to traditional and jumbo CDs (which have a minimum opening deposit of $100,000).

SEE DETAILS Secured

on Consumers Credit Union (IL)’s secure website

NCUA Insured

EFCU Financial

12 Month Jumbo CD from EFCU Financial
  • Term: 12 months
  • APY: 0.90%
  • Minimum opening deposit: $100,000

See above for more information on EFCU Financial’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on EFCU Financial’s secure website

NCUA Insured

Hughes Federal Credit Union

12 Month Jumbo CD from Hughes Federal Credit Union
  • Term: 12 months
  • APY: 0.75%
  • Minimum opening deposit: $99,000

Hughes Credit Union is located in Arizona, but you can join from outside the area if you make a small donation to one of a few local charities. Hughes FCU offers some of the best available rates on CDs ranging from six months to three years — there are slightly lower rates for balances that fall below their $99,000 threshold for a jumbo CD.

SEE DETAILS Secured

on Hughes Federal Credit Union’s secure website

NCUA Insured

Best 2-year jumbo CDs

#1Hughes Federal Credit Union

29 Month Jumbo CD from Hughes Federal Credit Union
  • Term: 29 months
  • APY: 1.11%
  • Minimum opening deposit: $99,000

See above for more information on Hughes Federal Credit Union’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on Hughes Federal Credit Union’s secure website

NCUA Insured

EFCU Financial

24 Month Jumbo CD from EFCU Financial
  • Term: 24 months
  • APY: 1.00%
  • Minimum opening deposit: $100,000

See above for more information on EFCU Financial’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on EFCU Financial’s secure website

NCUA Insured

Veridian Credit Union

18 Month Jumbo CD Special from Veridian Credit Union
  • Term: 18 months
  • APY: 0.90%
  • Minimum opening deposit: $100,000

See above for more information on Veridian Credit Union’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on Veridian Credit Union’s secure website

NCUA Insured

Best 3-year jumbo CDs

#1Hughes Federal Credit Union

36 Month Jumbo CD from Hughes Federal Credit Union
  • Term: 36 months
  • APY: 1.21%
  • Minimum opening deposit: $99,000

See above for more information on Hughes Federal Credit Union’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on Hughes Federal Credit Union’s secure website

NCUA Insured

EFCU Financial

36 Month Jumbo CD from EFCU Financial
  • Term: 36 months
  • APY: 1.10%
  • Minimum opening deposit: $100,000

See above for more information on EFCU Financial’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on EFCU Financial’s secure website

NCUA Insured

Michigan State University Federal Credit Union

3 Year CD from Michigan State University Federal Credit Union
  • Term: 36 months
  • APY: 1.05%
  • Minimum opening deposit: $100,000

Michigan State University Federal Credit Union serves the university community, but the credit union also extends membership to anyone who donates $10 to the Desk Drawer Fund.

SEE DETAILS Secured

on Michigan State University Federal Credit Union’s secure website

NCUA Insured

Best 4-year jumbo CDs

#1Michigan State University Federal Credit Union

4 Year CD from Michigan State University Federal Credit Union
  • Term: 48 months
  • APY: 1.25%
  • Minimum opening deposit: $100,000

See above for more information on Michigan State University Federal Credit Union’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on Michigan State University Federal Credit Union’s secure website

NCUA Insured

Interior Federal Credit Union

48 Month Jumbo Share Certificate from Interior Federal Credit Union
  • Term: 48 months
  • APY: 1.22%
  • Minimum opening deposit: $100,000

Interior Federal Credit Union allows people to join by volunteering at a national park or becoming a member of the New Mexico Wildlife Foundation. Its current APY of 0.81% on a 24-month jumbo CD is the same as its traditional certificate of the same term, which carries a minimum balance of just $500.

SEE DETAILS Secured

on Interior Federal Credit Union’s secure website

NCUA Insured

EFCU Financial

48 Month CD from EFCU Financial
  • Term: 48 months
  • APY: 1.20%
  • Minimum opening deposit: $100,000

See above for more information on EFCU Financial’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on EFCU Financial’s secure website

NCUA Insured

Best 5-year jumbo CDs

#1Michigan State University Federal Credit Union

5 Year Jumbo CD from Michigan State University Federal Credit Union
  • Term: 60 months
  • APY: 1.50%
  • Minimum opening deposit: $100,000

See above for more information on Michigan State University Federal Credit Union’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on Michigan State University Federal Credit Union’s secure website

NCUA Insured

EFCU Financial

60 Month Jumbo CD from EFCU Financial
  • Term: 60 months
  • APY: 1.35%
  • Minimum opening deposit: $100,000

See above for more information on EFCU Financial’s membership eligibility requirements and jumbo CDs.

SEE DETAILS Secured

on EFCU Financial’s secure website

NCUA Insured

Wings Financial Credit Union

5 Year Certificate from Wings Financial Credit Union
  • Term: 60 months
  • APY: 1.36%
  • Minimum opening deposit: $100,000

Wings Financial Credit Union has some membership restrictions, although anyone who lives and works in some major metropolitan areas — Atlanta, Detroit, Orlando, Fla., and Seattle — as well as counties in Minnesota or Wisconsin are eligible. Wings offers CDs with different balance tiers and terms, including one as short as three months.

SEE DETAILS Secured

on Wings Financial Credit Union’s secure website

NCUA Insured

What is a jumbo CD?

A jumbo certificate of deposit (CD) is essentially the same as a traditional CD but with a higher minimum deposit requirement and sometimes higher APYs. Financial institutions have different criteria for what’s considered a jumbo CD — MagnifyMoney selected CDs with a minimum of at least $50,000 for this list.

Right now, in an environment of low interest rates, many jumbo CDs are currently paying a lower APY than traditional CDs. Jumbo CDs used to be incentivized with higher interest rates, but that’s no longer the case. If you intend to store your money in a long-term savings vehicle, a CD might be right for you, but you should make sure you’re getting the best available interest rate on that deposit.

How does a CD work?

At the time of account opening, the CD accountholder makes a deposit and agrees to a predetermined maturation date and interest rate borne on the account. CDs are safe, as long as the bank or credit union is insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA).

Once a CD has been opened, accountholders can’t deposit more money or withdraw their funds without incurring a penalty (in most cases, though there are some specialty CDs that offer that flexibility). The interest rate is also locked in: even if the broader rate environment changes, which affects the APY paid on other types of deposit accounts, the CD rates will stay the same throughout the term.

Alternatives to jumbo CDs

There are plenty of alternatives to jumbo CDs, including traditional CDs (and with traditional CDs, it’s also easier to structure a CD ladder because of their lower minimum deposit requirements, for example). The APY paid on jumbo CDs is currently not much higher than the APY paid on traditional CDs. The current highest APYs on jumbo CDs are less than 1.00% for terms shorter than four years.

A savings account can be a good long-term alternative to a CD, because it gives the accountholder the ability to withdraw their money penalty-free and also bears interest. Interest rates for CDs are generally higher than interest rates for savings accounts, but as of late early 2022, the rates paid on deposit accounts are lower than usual across the board. Rates for deposits in savings accounts could improve, while the APY on a jumbo CD is fixed for the entire duration of the deposit.

Jumbo CDs require a substantial deposit, and those funds could be invested in other ways: the stock market may be too risky for the conservative saver, but bond investments are subject to less volatility. Real estate investments, including Real Estate Investment Trusts (REITs), are another option.

Methodology for choosing best jumbo CDs

Using information from DepositAccounts, which surveys hundreds of banks and credit unions, we compiled lists of the best jumbo CDs for various term lengths. Each CD must have a minimum deposit of at least $50,000 to be considered a jumbo CD, and each CD must be offered nationally through an FDIC-insured bank or an NCUA-insured credit union. Credit unions must have broad membership eligibility rules in order to qualify.