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Our Criteria
When examining CDs available in Florida, Annuity.org’s editorial staff set several criteria that needed to be met for a bank or credit union to be considered. Each choice must:
- Offer CDs in Florida or have nationally available options.
- Be federally insured.
- Rank as one of the top 25 banks or top 10 credit unions by assets.
Understanding Our Methodology
Annuity.org employed a strict and research-focused methodology when selecting financial institutions and certificates of deposit for consideration.
A bank or credit union must have ranked in the top 25 or top 10, respectively, by total assets nationally to be considered. The bank also needed to offer its CD rates in Florida.
CD rates often vary by location, and companies sort this information in different ways. So, we used a standard Central Florida area zip code for banks and credit unions that required a zip code to view rates. Keep in mind that the exact rate could vary throughout the state. Banks that offer standardized nonstate-specific rates were also included.
On top of comparing available rates, our team evaluated numerous other factors as well, including minimum deposits, specialty offerings versus standard offerings, withdrawal penalties and the reputability of each bank or credit union.
We also fine-tuned and further developed our methodology with the help of Florida-based Certified Financial Planner Rubina Hossain, to ensure its relevance and effectiveness.
Saving is exciting again! Savings accounts, CDs and most fixed income products are offering yields not seen in over a decade. CDs are beneficial today because they allow investors to lock in the guaranteed rate for a set period of time.
Stephen Kates, CFP®Principal Financial Analyst for Annuity.orgStephen Kates, CFP® is a personal finance expert specializing in financial planning and education. He serves as the Principal Financial Analyst for Annuity.org, where he delves into industry trends to support consumers and financial advisors on wealth management, annuities, retirement planning, and investing.
Our Picks
Bank Details:
Capital One is the ninth-largest bank in the U.S. by consolidated assets and has 292 physical branches. The bank offers terms from six months to 60 months and does not require a minimum deposit.
Pros & Cons
Pros
- Competitive rates on virtually every term
- No minimum deposit
- Strong, reputable company
Cons
- Beaten by some competitors on sub-year rates
Our Take
It’s not uncommon for banks to offer a handful of attractive rates on a couple of CD products that are mixed in with plenty of virtually inconsiderable rates. Capital One is a top choice in part because of its broad appeal to all needs, offering competitive rates across the board for its online CDs.
The bank’s 12-month CD offers a 4.75%, with its long-term CDs also competitively high. There is also no required minimum deposit, allowing customers to invest any amount they feel comfortable with.
Capital One does fall slightly short of a couple of competitors on sub-year terms but still offers attractive rates of 3.90% on its six-month option.
Credit Union Details:
Suncoast is the 10th largest credit union in the U.S. by total assets and is headquartered in Tampa, Florida. The credit union offers competitive rates and terms that range from six months to 60 months.
Pros & Cons
Pros
- Attractive rates for jumbo CDs
- Decent rates on smaller CDs
Cons
- High minimum balance
Our Take:
For Florida residents looking for major CD investments, there are few choices that offer more upside than Suncoast. The credit union offers numerous attractive rates for CDs with deposits of $100,000 or more.
This includes APYs of 4.90% on 18-month CDs. Even short-term choices come with solid rates, including 3.05% for a six-month term.
The natural tradeoff is that there is a high minimum deposit of $100,000 for these rates. But Suncoast does offer many competitive rates at a $500 minimum as well, including 4.65% APY offered on an 18-month term.
Bank Details:
Huntington is the 22nd largest bank in the U.S. by consolidated assets and has over 1,000 domestic branches. The bank offers terms that range from one month to 72 months and rates that go from 0.05% to 5.13%.
Pros & Cons
Pros
- Multiple attractive sub-year promotional rates
- Reasonable minimum deposit
Cons
- Poor standard rates
Our Take:
For those looking for short-term CDs that can be cashed out in just a few months, Huntington offers some of the most competitive rates. Its promotional CDs offer a 4.86% APY on a seven-month term and a 5.13% APY on 11-month terms.
It can be difficult to secure a short-term CD with an attractive APY since there is not as much incentive for the bank.
Huntington also requires a standard minimum deposit of $1,000. Where the bank falls short is its standard month-by-month rates, which are infinitesimal. This can lead to less customizability since only the seven-month or 11-month term makes the most sense.
Bank Details:
BMO Harris is the 13th largest bank in the U.S. by consolidated assets and with over 1,000 domestic branches. The bank offers terms that range from three months to 60 months.
Pros & Cons
Pros
- Offers some of the best year-long rates
- High APY across many terms
- Reasonable minimum deposit
Cons
- Poor short-term offerings
Our Take:
Locking your money into a CD for one year is a common choice for consumers, giving your investment time to grow while also not leaving it out of reach for a significant amount of time.
Of the banks considered, BMO Harris offered the best 12-month CD rate, with an advertised APY of 5.25%.
While the attractive one-year term is the star, the bank offers competitive rates for many other terms as well, from 18 months to 60 months in length.
BMO Harris requires a standard minimum deposit of $1,000.
Bank Details:
Goldman Sachs is the eighth largest bank in the U.S. by consolidated assets and holds two domestic branches. The bank offers terms that range from six months to 72 months.
Pros & Cons
Pros
- High rates across many long terms
- Low minimum deposit
Cons
- Poor short-term offerings
Our Take:
While some consumers may be looking for quick gains on short-term CDs, others may be comfortable with or have the financial means to lock up their money for much longer. Marcus – which is a Goldman Sachs subsidiary – offers some of the most competitive long-term rates.
The bank offers competitive APYs on four different terms that exceed a year, including a 4.75% APY on an 18-month CD. The longest-term offerings come with attractive rates as well, with 3.80% offered for a 60-month term and 3.70% offered on a 70-month term.
Marcus by Goldman Sachs also requires a lower-than-average minimum deposit of $500.
Others We Considered
The following banks met the initial criteria and were also considered but were eliminated due to numerous factors, including uncompetitive rates, competitive rates that were beaten out by a listed bank, lack of information available or high minimum deposits.
Does a CD Make Sense for You?
Certificates of deposit are a unique investment choice that can be a lucrative part of your personal finance plan. They can blend the benefits of investing with largely protecting consumers from serious risk.
They can be a strong choice for those who have a lot of cash on hand that they don’t expect to need anytime soon.
“It’s a great place to park your money that you may not need access to right away,” Hossain said. “We usually suggest having a few months’ worth of your monthly expenses in checking and putting the rest – if you don’t need it right away for emergencies or short-term goals – in a CD product.”
CDs may not offer the same rates of return that you would get from market investing, but their potential value can far outweigh leaving money in a standard checking or savings account.
Rubina Hossain’s Tips for Selecting a CD
- Look for a high rate.
- Make sure it is FDIC insured.
- Use a reputable company.
The APYs currently offered can often exceed 3% or 4%, offering consumers a way to financially benefit from money they don’t currently have a use for.
The only major risk to keep in mind when investing in a CD is inflation since it could potentially outpace the rate you are locked into. But that may not be a huge factor if that money would be sitting in a savings account otherwise.
“You want to be very strategic with how much money you want to place in a certificate of deposit,” Hossain said. “The risk of keeping up with inflation is not as great because typically the CD will be a short-term vehicle.”
Frequently Asked Questions About CD Rates in Florida
CD rates vary from bank to bank and depend on the term and deposit amount you are interested in. Many banks in Florida offer competitive CD rates.
CD rates often vary by location. While some banks offer online or national CDs, there is a decent chance that offerings will differ from one state to the next with many banks.
The minimum deposit depends on the bank. Some banks don’t include a minimum while others may require a certain amount of money to allow you to invest in a CD.
Whether you can add more money to an existing CD will depend on the bank or credit union you are using. Some offer this feature.
As long as you are dealing with a reputable bank or credit union, then your CD should be FDIC insured.
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