Updated: Apr 01, 2024

The Best Jumbo CDs of 2024

Choose from the best jumbo certificate of deposit (CD) accounts that allow you to earn the highest interest rates on balances of $100,000 or more.
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Compare Jumbo CDs

Get rewarded for putting investing a larger amount of deposits in a certificate of deposit (CD).

Compare the best jumbo CD rates on the market, which provide higher interest rates for customers who lock in $100,000 or more.


Marcus by Goldman Sachs 12-Month CD

Best Features:

  • High short-term CD rate
  • Online bank with some of the most competitive savings and CD rates

Marcus offers an amazing Marcus by Goldman Sachs CD 12-month CD rate.

It’s better than most other CDs with a similar maturity term. The minimum deposit requirement is just $500, which is also much less than what is required by other CDs.

Synchrony Bank 5-Year CD

Best features:

  • Low early withdrawal penalty
  • Competitive interest rate to grow long-term savings

Synchrony Bank offers one of the top 5-year CD rates that is available nationwide.

It also requires a relatively low minimum deposit requirement at $2,000. However, you get to earn a higher rate when you deposit a balance of $100,000 or more.

What Are Jumbo CDs?

A jumbo CD is a CD in a very large denomination, usually at a minimum of $100,000.

Jumbo CDs are commonly bought by large institutional investors, such as banks and pension funds, who are interested in low-risk and stable investment options.

Jumbo CDs are also known as negotiable certificates of deposits and come in bearer form.

It works like a conventional certificate of deposit that locks in the principal amount for a set time frame and is payable upon maturity.

To get more detailed information on each of these CDs and to find out which are available at this time, visit your local bank or your online bank's website.

To get the latest interest rates in the market today, check out our CD rates page.

How to Choose a Jumbo CD

With such a large deposit in a jumbo CD, you’d want to make sure that your money is earning as much interest as possible.

Here are the major factors that you have to consider when choosing a jumbo CD for your hard-earned money:

Interest rate

The interest rate is likely your biggest concern when identifying the best jumbo CD to open.

Typically, longer maturity terms earn higher CD rates -- the same applies to jumbo CDs.

Needless to say, look for the higher CD rate available for your desired CD term. 

Maturity term

The maturity term is the period of time that you commit your money to the jumbo CD. 

Again, a longer CD term is likely to also mean a higher interest rate.

It’s also very important to get an idea of when you might need this money. If you expect to use these funds relatively soon (i.e., the next year), you might not want to open a long-term jumbo CD.

Early withdrawal penalties

Early withdrawal penalties are charged when you withdraw part or all of your money from a jumbo CD.

Usually, this penalty is equivalent to a number (varies) of months of interest earned.

For example, you may lose 3 months' worth of interest on a 1-year jumbo CD. Typically, the longer the maturity term, the higher the early withdrawal penalty.

FDIC deposit insurance

Because jumbo CDs are designed for very large deposits, you may have to take FDIC deposit insurance into consideration.

FDIC deposit insurance will cover up to $250,000 in deposits per account ownership type per person at each bank. The deposit amount in excess of the limit is not guaranteed in the event that the bank fails.

An extremely large deposit on a jumbo CD could exceed this coverage limit. Additionally, interest earnings could also exceed this limit.

The easiest solution for this issue would be simply to open jumbo CDs at multiple banks or use an account that offers increased FDIC insurance coverage through a bank partnership network.

Taxes on Interest Income

Unless you hold the jumbo CD in a tax-advantaged account (such as a Roth IRA), you’re likely to owe taxes on interest income. Typically, interest income is taxed at your ordinary income tax rate.

Be sure to look for IRS Form 1099-INT at the end of every calendar year.

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