The Best CDs in Florida

Florida is one of the most populous states in the U.S., and many banks offer competitive CDs to its residents. Offerings vary by bank and term, but there are numerous certificates that provide attractive features. The Annuity.org editorial team ranked the best options available in Florida.

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  • Written By
    Christian Simmons

    Christian Simmons

    Financial Writer and Certified Educator in Personal Finance

    Christian Simmons is a financial writer who has worked professionally as a journalist since 2016. As an active member of the Association for Financial Counseling & Planning (AFCPE), Christian prides himself on his ability to break down complex financial topics in ways that Annuity.org readers can easily understand.

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  • Edited By
    Lamia Chowdhury
    Lamia Chowdhury

    Lamia Chowdhury

    Financial Editor

    Lamia Chowdhury is a financial editor at Annuity.org. Lamia carries an extensive skillset in the content marketing field, and her work as a copywriter spans industries as diverse as finance, health care, travel and restaurants.

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  • Updated: August 11, 2023
  • 8 min read time
  • This page features 5 Cited Research Articles
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How to Cite Annuity.org's Article

APA Simmons, C. (2023, August 11). The Best CDs in Florida. Annuity.org. Retrieved July 17, 2024, from https://dev.annuity.org/personal-finance/banking/certificate-of-deposit/rates/florida/

MLA Simmons, Christian. "The Best CDs in Florida." Annuity.org, 11 Aug 2023, https://dev.annuity.org/personal-finance/banking/certificate-of-deposit/rates/florida/.

Chicago Simmons, Christian. "The Best CDs in Florida." Annuity.org. Last modified August 11, 2023. https://dev.annuity.org/personal-finance/banking/certificate-of-deposit/rates/florida/.

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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.

Our Picks

Expert’s Pick: Best Overall

Capital One

Capital One logo

GREAT FOR: Consistently High Rates

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.

Editor’s Choice

Suncoast Credit Union

Suncoast Credit Union logo

GREAT FOR: Big-Time Investors

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.

Best for Short-Term Rates

Huntington

Huntington Bank logo

GREAT FOR: Short-Term Promotional Rates

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.

Best for Year-Long Rates

BMO Harris

BMO Harris Bank logo

GREAT FOR: Attractive One-Year Rates 

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 5.10%.

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.

Best for Long-Term Rates

Marcus by Goldman Sachs

Marcus by Goldman Sachs logo

GREAT FOR: Long-Term Investing

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 serious 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

How do CD rates work 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.

Are CD rates in Florida different from other states?

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.

Can I open a CD with any amount of money in Florida?

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.

Can I add more money to an existing CD in Florida?

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.

Are CD rates insured in Florida?

As long as you are dealing with a reputable bank or credit union, then your CD should be FDIC insured.

Please seek the advice of a qualified professional before making financial decisions.
Last Modified: August 11, 2023

5 Cited Research Articles

Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines.

  1. Marcus by Goldman Sachs. (2023, July 19). Marcus CD Rates. Retrieved from https://www.marcus.com/us/en/savings/high-yield-cds/cd-rates
  2. Federal Reserve. (2023, May 22). Large Commercial Banks. Retrieved from https://www.federalreserve.gov/releases/lbr/current/
  3. BMO Harris. (2023). Certificate of Deposit. Retrieved from https://www.bmo.com/en-us/main/personal/savings-and-cds/certificates-of-deposit/?zipcode=32828
  4. Suncoast Credit Union. (2023). Explore Share Certificates Rates. Retrieved from https://www.suncoastcreditunion.com/personal/bank/savings-cd-rates
  5. Capital One. (n.d.). 360 CD Account and Rates. Retrieved from https://www.capitalone.com/bank/cds/online-cds/