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Rebecca LakeBanking Expert
Rebecca Lake is a certified educator in personal finance (CEPF) and a banking expert. She's been writing about personal finance since 2014, and her work has appeared in numerous publications online. Beyond banking, her expertise covers credit and debt, student loans, investing, home buying, insurance and small business.
Rebecca Lake
Rebecca LakeBanking Expert
Rebecca Lake is a certified educator in personal finance (CEPF) and a banking expert. She's been writing about personal finance since 2014, and her work has appeared in numerous publications online. Beyond banking, her expertise covers credit and debt, student loans, investing, home buying, insurance and small business.
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With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
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Elizabeth Aldrich
Elizabeth AldrichBanking Writer
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
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Updated: Jun 4, 2024, 3:29pm
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Certificate of deposit (CD) accounts can be a great option when you want to save for short or long-term goals. Where you live can influence the amount of interest you earn, as banks may offer different CD rates in different areas. If you’re shopping for the best CD rates in Florida, it helps to know what options you have.
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Show Summary
- CD Promotions for 2024
- Best CD Rates in Florida
- Summary : Best CD Rates In Florida
- Methodology
- Current CD Rates in Florida
- Tips for Finding the Highest CD Rates in Florida
- Short-Term CDs in Florida
- Long-Term CDs in Florida
- Jumbo CDs in Florida
- Next Up In CDs
Find The Best CD
- Best CD Rates
- Best 1-Year CD Rates
- Best 2-Year CD Rates
- Best 3-Year CD Rates
- Best 4-Year CD Rates
- Best 5-Year CD Rates
- Best 10-Year CD Rates
Best CD Rates in Florida
We’ve compared 356 CD accounts at 134 nationally available banks and credit unions to find some of the best certificates available in Florida. Learn why we picked each account, including its pros and cons, then take a deeper dive with our individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of June 4, 2024.
Capital One Certificates of Deposit
5.0
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
3.90% to 5.00%
Minimum Deposit Requirement
$0
Terms
6 Months to 5 Years
On Bankrate.com's Website
3.90% to 5.00%
$0
6 Months to 5 Years
Editor's Take
Capital One Certificates of Deposit are another great option if you’re looking for the best CD rates in Florida. With APYs ranging from 3.90% to 5.00%, customers can enjoy competitive rates. Capital One 360 CDs lack a minimum deposit requirement, so you can start saving even if you don’t have a lot of money to spare.
Capital One 360 CDs come in terms ranging from six months to five years. Another perk is that you can choose when you receive your interest payouts—monthly, annually or at the end of your CD term—although interest is compounded monthly rather than daily.
Read our full Capital One 360 Review.
Pros & Cons
- No minimum deposit requirement
- Flexible interest payout options
- Backed by a reputable institution
- Other banks offer higher APYs
- Few branches compared to other national banks
- Strict early withdrawal penalty
Details
Interest on Capital One’s 18-month CD compounds daily and gets credited to your account monthly. Upon your CD’s maturity, you have a 10-day grace period during which you can withdraw from your CD before it renews for another term. If you withdraw your principal balance before maturity, you’ll pay a penalty fee equal to six months of interest.
Bethpage Federal Credit Union Certificate Account
5.0
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
2.25% to 5.00%
Minimum Deposit Requirement
$50
Terms
3 Months to 5 Years
On Bankrate.com's Website
2.25% to 5.00%
$50
3 Months to 5 Years
Editor's Take
Bethpage Federal Credit Union makes it easy to start saving with a share certificate account. You can open an account with as little as $50 and choose from terms ranging from three to 60 months.
Savers can earn the highest APY with Bethpage’s 6- and 12-month promotional certificates, which offer 4.00% APY. All certificate deposits are insured by the National Credit Union Administration (NCUA).
You will need to join Bethpage Federal Credit Union to open a share certificate account. The only requirement is a $5 minimum deposit into a Bethpage savings account, and you can open an account online in minutes.
Read our full Bethpage Federal Credit Union Review.
Pros & Cons
- Competitive dividend yields across terms
- Wide range of terms
- Very low $50 minimum deposit requirement
- Fairly easy to join
- It’s possible to find higher rates at other banks and credit unions
- Must open a savings account to access certificates
- Requires membership
Expert's Take
Some Bethpage CDs are offering competitive interest rates for savers looking to lock in an interest rate for an extended period of time, which can make sense if rates fall in the near future. Keep in mind that Bethpage CDs automatically renew at maturity, so if you need to free up your funds at the end of your CD maturity period, set a calendar reminder to request your funds when your CD matures.
—Natalie Taylor, CFP
Bethpage Federal Credit Union CD Rates
| TERM | APY |
|---|---|
3 Month | 2.25% |
6 Month | 4.00% |
11 Month | 5.00% |
12 Month | 4.00% |
18 Month | 3.00% |
24 Month | 3.00% |
30 Month | 3.00% |
36 Month | 4.00% |
39 Month Bump-Up | 3.00% |
48 Month | 3.00% |
60 Month | 3.00% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. For certificates opened online, dividends are compounded daily and credited monthly. Members who open a six-, 12-, 24-, 36- or 39-month certificate in a branch can select a dividend period and crediting frequency of monthly or quarterly.
Maturity options
There’s a seven-day grace period after your certificate matures to renew or change the account.
Early withdrawal penalty
Early withdrawal penalties equal either 90 or 180 days’ dividends, depending on term length.
Navy Federal Credit Union EasyStart℠ Certificate
4.9
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
4.15% to 4.75%
Minimum Deposit Requirement
$50
Terms
1 to 2 Years
Learn More
Read Our Full Review
4.15% to 4.75%
$50
1 to 2 Years
Editor's Take
Navy Federal Credit Union’s EasyStart Certificates offer a competitive APY—up to 4.75%—for terms ranging from six to 24 months. With a low minimum opening deposit of $50, these certificates are perfect for building your savings from scratch. While most CDs only allow a single deposit, you can add money to your EasyStart Certificate at any time. You can even set up recurring automatic deposits.
There’s also the Navy Federal Credit Union Special EasyStart Certificate that earns 4.75% APY, although it has a maximum deposit cap of $3,000 and requires a checking account with direct deposit. Standard certificates have no maximum deposit cap, and the 12, 18 and 24-month certificates earn competitive rates.
You must become a Navy Federal Credit Union member to open an account. To be eligible, you must be a member of the armed forces, a veteran, a family member of a current or retired service member or a Department of Defense employee.
Read our full Navy Federal Credit Union Review.
Pros & Cons
- Low minimum deposit requirement
- Competitive APY
- Deposit additional funds at any time
- Must be affiliated with the military or the Department of Defense to open an account
- Limited number of physical branches
- Longest term is 24 months
Details
Interest compounds daily and is credited monthly. When your CD matures, you have a 21-day grace period, during which you can make changes to your account. Otherwise, it will renew automatically. Withdrawals of your principal deposit before the maturity date are subject to a penalty, which varies by term.
Consumers Credit Union Certificate Account
4.9
Our ratings take into account a product's APYs, fees, minimums and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
0.50% to 5.00%
Minimum Deposit Requirement
$250
Terms
91 Days to 5 Years
On Consumers Credit Union's Website
0.50% to 5.00%
$250
91 Days to 5 Years
Editor's Take
Consumers Credit Union (CCU) offers Certificate Accounts with a minimum opening deposit of $250 and terms ranging from 91 days to five years. The APYs for these accounts range from 0.50% to 5.00% APY with short-term certificates offering lower rates and promotional certificates—such as the 13-month and 17-month certificates—offering some of the highest rates.
Additionally, the Consumers Credit Union IRA Certificate Account offers the same rates and terms as its standard CDs, and it offers jumbo and super-jumbo CDs, which require minimum deposits of $250,000 and $250,000, respectively, and offer slightly higher rates.
Anyone can join CCU by opening a Membership Share savings account with a minimum deposit of $5.
Read our full Consumers Credit Union Review.
Pros & Cons
- Competitive dividends
- Wide range of term lengths
- Low minimum deposit requirement
- Interest compounds daily
- Some competitors offer higher rates
- Membership is required
Expert's Take
CCU’s standard certificate interest rates are substantially lower than all the others. The minimum deposit requirement is lower than others though, which makes it more accessible. Earning interest compounded daily does make a slight difference—more frequent compounding can put a little more money in your pocket.
—Gloria Garcia, CFP
Consumers Credit Union CD Rates
| TERM | APY |
|---|---|
91 Day | 0.50% |
6 Months | 0.65% |
1 Year | 1.00% |
13 Months | 5.00% |
17 Months | 4.30% |
18 Months | 0.90% |
2 Years | 1.20% |
30 Months | 1.00% |
3 Years | 1.30% |
4 Years | 1.35% |
5 Years | 1.50% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends compound daily and credit to your account monthly.
Early withdrawal penalty
For terms of one year or less, the early withdrawal penalty is 60 days’ dividends. For terms of more than one year, the early withdrawal penalty is 120 days’ dividends.
Maturity options
There’s a grace period of 10 days after your certificate matures to withdraw funds from your account. Otherwise, your certificate automatically renews.
Branch access and customer service
Consumers is mostly an online credit union, although it does offer some branch locations throughout Illinois. If you’re not near a branch, you can take care of all of your banking needs via Consumers’ website and mobile app. It also has a 24/7 live chat feature and customer service is available by phone six days a week.
Summary : Best CD Rates In Florida
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Terms | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| Capital One® 360 CDs |  | 5.0 |  | 3.90% to 5.00% | $0 | 6 Months to 5 Years | Learn more | Read Our Full Review | |
| Bethpage Federal Credit Union Certificate Account |  | 5.0 | | 2.25% to 5.00% | $50 | 3 Months to 5 Years | Learn more | On Fiona.com's Website | |
| Navy Federal Credit Union EasyStart Certificate |  | 4.9 |  | 4.15% to 4.75% | $50 | 6 Months to 2 Years | Learn more | Read Our Full Review | |
| Consumers Credit Union Certificate Accounts |  | 4.9 | | 0.50% to 5.00% | $250 | 91 Days to 5 Years | Learn more | On Consumers Credit Union's Website |
Methodology
To determine the best CD rates in Florida, Forbes Advisor considered 356 CD accounts at 134 financial institutions in Florida, including traditional brick-and-mortar banks, online banks and credit unions. To calculate the star ratings, we analyzed each certificate based on 10 data points in the categories of APY, minimum deposit requirements, compound interest schedule, customer service, digital experience, available terms and overall availability.
The following is the weighting assigned to each category:
- APY: 50%
- Minimum deposit requirement: 21.5%
- Compound interest schedule: 7.5%
- Digital experience: 6%
- Customer service: 5%
- Availability: 5%
- Available terms: 5%
Based on these categories, we ranked certificates in Florida from best to worst. Accounts offering the highest APYs rose to the top. We gave preference to certificates with a minimum deposit requirement of under $10,000. CD accounts with daily compounding interest schedules generally did better than those with monthly or quarterly schedules. To make the list, the certificate must be available to Florida residents.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Current CD Rates in Florida
Current CD rates in Florida vary widely, ranging from less than 0.50% APY to 5.00% APY or more. Many rates are above average based on data from the FDIC for all banks and credit uinons. Promotional CDs, which are typically only available in select terms, tend to offer the most competitive rates. Credit unions and online banks often have some of the highest-earning promotional CDs.
How Florida CD rates will change depends largely on the federal funds rate. The best CD rates in Florida may get better or drop in the future depending on actions by the Federal Reserve.
Find The Best CD Rates Of 2024
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Tips for Finding the Highest CD Rates in Florida
When looking for the best CD rates in Florida, compare several options to find an account that matches your needs and offers the highest APY you can qualify for.
- Check your current bank. If you already have an account with a bank you like, you can check what kind of CD rates are available to you there. You may be able to take advantage of special relationship rates for opening a new account or increasing your combined balance with the institution.
- Consider online CDs. Compared to traditional banks, online banks often offer higher rates to Florida savers. If you don’t mind forgoing branch banking access, searching for online CDs may give you a better chance of finding the best rates.
- Pick the right term. Whatever CD term you choose, be sure you’re comfortable locking your money up for that period of time. Early withdrawal penalties can leave a significant dent in earnings, and high rates might not matter if you lose all of your interest to fees.
- Look for CD specials. Banks and credit unions regularly offer special promotional CDs that feature above-average rates to attract new customers. For example, you might find a promotional 11-month CD with a higher rate than all other terms.
- Opt for a bump-up CD. If you’re worried about missing out on future rate hikes, you can open a bump-up or bump-rate CD. These allow you to increase your rate once or twice during the term if the rate currently available increases after you’ve opened an account.
Pro Tip
Read the fine print on requirements to earn the best CD rates. Banks sometimes set rules for unlocking the highest APYs, especially for promotional CDs. Larger minimum deposits, specific linked bank accounts or deposits of new money—funds transferred from another bank—might be required to qualify for the best rates advertised.
Short-Term CDs in Florida
Short-term CDs could be a good option if you want to save money for a planned expense or you anticipate a drop in interest rates happening sooner rather than later. Our research found that credit unions offer some of the best CD rates in Florida for short-term savers.
The credit unions we’ve reviewed make it easy for Florida residents to open certificates online. That’s a plus, as some credit unions may require you to live, work, worship or attend school in a specific area in order to join.
When choosing short-term CDs, it’s helpful to consider what kind of maturity term might work best and how it affects your interest earnings. For instance, you might earn a higher APY with a 91-day CD, but in terms of interest earned overall, you may get more mileage from a three- or six-month CD.
Long-Term CDs in Florida
When shopping for the best long-term CD rates in Florida, online banks can be a good choice. The banks we researched and reviewed offer some of the highest rates for savers who are interested in accepting a longer CD term.
If you’re unsure about locking your money away for years at a time, you may consider a CD laddering strategy. Laddering involves opening multiple CDs with different terms so that as one “rung” matures, you can decide whether to withdraw the money or roll it into a new CD.
When comparing long-term CDs in Florida, consider minimum deposit requirements and whether a promotional CD or a special type of CD might be best. For example, you might choose a high-yield IRA CD if you’re looking for a safe way to save for retirement.
Jumbo CDs in Florida
A jumbo CD is a CD with a high minimum deposit requirement—usually $100,000 or more. In exchange for keeping a large balance, you’ll often earn a higher interest rate on jumbo CDs than you would with a traditional CD.
If you’re looking for jumbo CDs in Florida, some of the certificates on this list pay a higher APY to customers with larger balances. It’s worth noting, however, that all of the CDs on this list offer competitive rates on all balances.
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Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circ*mstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Rebecca Lake
Banking Expert
Rebecca Lake is a certified educator in personal finance (CEPF) and a banking expert. She's been writing about personal finance since 2014, and her work has appeared in numerous publications online. Beyond banking, her expertise covers credit and debt, student loans, investing, home buying, insurance and small business.
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