There are a lot of Florida-based banks and credit unions, but only a few stand out from the rest. We’ve compared banks, credit unions and fintechs that serve Florida to find the best CD offerings with low deposit requirements.
An online bank, Quontic offers a CD with up to 5.1% APY on a 6-month term, and a low $500 minimum deposit. Most banks require at least $1,000 to get started. The 6-month CD is the highest rate available, but Quontic's other terms also have great rates.
Alliant Credit Union is available in all 50 states, and unlike most credit unions, its membership is available to nearly everyone. It offers a competitive 4.75% APY on a 6-month CD with a $1,000 opening deposit. If you live outside Alliant's service area, you can join the Alliant Credit Union Foundation with a one-time $5 donation that it will pay on your behalf. Plus, Alliant doesn't have any monthly membership fees.
Bethpage Federal Credit Union offers membership to anyone over the age of 21 who opens a savings account with an opening deposit of just $5. Becoming a member gives you access to its great CD offerings, with the highest being the 11-month CD offering up to 5% APY. The best part of Bethpage's CDs is the low deposit requirement of just $50 — significantly lower than the typical $1,000 deposit requirement we see with other institutions.
1-year APY
4.00%
3-year APY
4.00%
5-year APY
3.00%
Minimum deposit to open
$50
3-month APY
2.25%
6-month APY
4.00%
9-month APY
4.50%
10-month APY
4.75%
11-month APY
5.00%
1-year APY
4.00%
18-month APY
3.00%
2-year APY
3.00%
30-month APY
3.00%
3-year APY
4.00%
4-year APY
3.00%
5-year APY
3.00%
1-year APY
4.00%
3-year APY
4.00%
5-year APY
3.00%
Minimum deposit to open
$50
First Internet Bank CDs
4.9
★★★★★
Finder score
The first fully online bank and available in all 50 states, First Internet Bank consistently offers some of the highest CD rates on the market. It offers a 12-month CD for 4.84% APY. First Internet Bank's other CD terms are also competitive, often with APYs double the national averages. First Internet requires a $1,000 minimum opening deposit.
Part of Comenity Capital Bank, Bread Savings is a financial services company. It focuses on savings products and often has some of the best rates for CDs and savings accounts. Its highest APY CD is 4.9% for a 12-month term, and you'll need an opening deposit of at least $1,500.
Based in Miami, Florida, City National Bank of Florida is one of the state's largest banks, with over $26 billion in assets. Its CD offerings are competitive across the board, with the best offer being the 3-month term with a high 4.59% APY. There's a minimum opening deposit of $1,000, similar to most banks.
1-year APY
2.48%
3-year APY
1.66%
5-year APY
1.31%
Minimum deposit to open
$1,000
1-month APY
0.05%
3-month APY
4.59%
5-month APY
3.61%
6-month APY
3.61%
9-month APY
3.04%
11-month APY
3.56%
1-year APY
2.48%
13-month APY
2.48%
14-month APY
2.48%
15-month APY
2.48%
16-month APY
2.48%
17-month APY
2.48%
18-month APY
2.48%
20-month APY
2.48%
23-month APY
2.48%
2-year APY
2.02%
25-month APY
2.02%
27-month APY
2.02%
28-month APY
2.02%
30-month APY
2.02%
3-year APY
1.66%
42-month APY
1.66%
4-year APY
1.51%
5-year APY
1.31%
6-year APY
1.31%
7-year APY
1.31%
10-year APY
1.31%
1-year APY
2.48%
3-year APY
1.66%
5-year APY
1.31%
Minimum deposit to open
$1,000
Methodology
Finder’s experts compared Florida banks and credit unions, along with online banks and fintechs, to find the best CD offerings on the market. We heavily considered banks based in Florida and online banks that serve Florida. We only considered CDs with minimum opening deposits no higher than $1,500 and rates at least double the national average rate for CDs of the same term.
How to compare the best CDs in Florida
These are the key factors to compare when you’re trying to get the best CDs:
APYs. The whole point of CDs and savings products is earning interest on your money. The first thing to look at when comparing CDs is the interest rate — the higher the APY, the more you can earn.
Minimum deposits. Most banks and credit unions require at least $1,000 to open a CD. A few banks, often online banks, have lower or no opening deposit requirements, but it’s definitely something to keep in mind when comparing your CD options.
Early withdrawal penalties. CDs earn interest over the term and are “locked” in the deposit account for that time. If you need to access that cash before the term ends, you’ll likely pay early withdrawal penalties, often between 90 to 180 days of earned interest.
CD terms. You’ll likely see CD terms anywhere from three to 72 months. While it’s common for banks to offer higher rates for longer CD terms, that’s not always the case. Be sure to compare rates by term and choose a term you can reasonably commit to.
How often do CD rates change?
External factors like inflation and market conditions can impact CD rates. We often see CD offers change on a monthly basis. The benefit of traditional CDs, though, is that while offers can change, your rate remains fixed for the entire term.
Traditional savings accounts have variable interest rates, meaning your APY can change while you have the account open. With a CD, your rate is guaranteed for the entire term as long as you keep the account open and don’t withdraw your funds early.
Alternatives to Florida CDs
CDs tend to offer double the
0.46% average rate for savings accounts, according to the FDIC. But CDs aren’t everyone’s cup of tea.(1) If you’d rather have access to your funds without the threat of early withdrawal penalties, consider these CD alternatives:
High-yield savings accounts. These savings accounts offer much higher rates than your typical savings account and often double the national average rate. You’re more likely to find high-yield savings accounts through online banks like SoFi.
Interest-bearing checking. If you want the ability to spend your money and have it earn interest, an interest-bearing checking account may be your answer. You’ll earn interest on your balance and get a debit card, but know that most interest-bearing checking accounts have lower APYs than CDs and savings accounts.
Money market accounts. Also known as MMAs, these accounts are sort of like a savings and checking account in one. You’ll typically get checkwriting privileges and a debit card for spending, and you’ll earn interest on your balance. But, similar to CDs, MMAs often have opening deposit requirements and may charge monthly fees.
Bottom line
CDs are designed to grow your savings. Locking your funds away can help dissuade you from spending, and with their high interest rates, CDs tend to earn more passive interest than an average savings account. But if you don’t want to worry about opening deposit requirements or need easy access to your funds, consider other savings options.
Frequently asked questions
What about Florida banks like Amerant Bank or US Century Bank?
Both Amerant Bank and US Century Bank are prominent banks in Florida, but due to their high deposit requirements, they didn’t make the cut for what we consider the best CDs in Florida. The Amerant Tampa-only 6-month CD has a very high 5.35% APY but requires a minimum deposit of $10,000.
US Century Bank, headquartered in Doral, is a community bank in Miami, Florida. It offers a high 4.81% APY on a 6-month term, but like Amerant, you’ll need a $10,000 opening deposit for any of Century’s CDs.
What is the biggest bank in Florida?
Wells Fargo and Chase have some of the largest presences in Florida, each with over 400 branches in the state. They are also two of the largest banks in the US. Other major banks in Florida include Truist Bank, PNC, TD and SouthState.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 421 Finder guides across topics including:
See what the average interest rate was in the US for 3-month, 60-month, 1-year, 3-year and 5-year CDs since 2009 and learn how the economy affects rates.
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