The average annual percentage rate for a certificate of deposit in Florida is 3.78 percent, according to the latest data from Bankrate.com’s national survey and database

The “best jumbo cd rates” is a report that was released in the year 2022. The report includes information on the best CD rates in Florida.

Best CD Rates in Florida [2022 Report]

Best-CD-Rates-in-Florida-2022-Report

The APY GUY keeps track of and publishes notable APYs (annual percentage yields) on fixed and variable rate deposit accounts from hundreds of banks and credit unions around the country.

We’ve released the highest CD rates available to Florida consumers searching for FDIC or NCUA insured, fixed-rate certificates of deposit in our May 2022 research. While we try to update rates at least once a month, we recommend that you check with each financial institution separately for the most up-to-date CD and savings rates.

Although all of the CDs in this list are accessible to citizens of Florida, many of them are released by organizations situated outside of the state or with no physical presence in the state.

According to FDIC state profile statistics (download here), the state of Florida has 256 banks servicing it, with combined deposits totaling little over $468 billion.

According to CreditUnionsOnline.com, there are 132 credit unions with offices in Florida that serve 6.2 million members and have total assets of slightly over $85.5 billion.

Suncoast Credit Union is the biggest credit union in Florida in terms of membership and assets, with slightly under 900,000 members and $11.90 billion in assets.

Federally insured CDs are available from credit unions and banks of various sizes across Florida and the United States, with periods ranging from a few months to 5 to 10 years. Bank deposits are insured up to $250,000 by the FDIC, while credit union deposits are insured up to $250,000 by the NCUA.

In general, the longer you lock up your cash (i.e. the longer the period), the higher the annual percentage yield (APY).

Savings rates at banks and credit unions, both fixed and variable, are often associated with Federal Reserve rates, which have been anchored between 0.75 percent and 1.0 percent since the FED’s last rate increase on May 4 and are forecast to climb through the end of the year. More information is available in our CD rate projection.

The best CD rates in Florida for the month of May 2022 are shown below.

This article will teach you:

The top three 6-month CD rates available to Florida residents are shown below. In certain situations, these items may not be available just to Floridians.

Bank Axiom is the only institution on our list that is only available to Florida residents this month. Bank Axiom has just seven branches throughout Central Florida.

The Department of Commerce Federal Credit Union, which is situated in Washington, D.C. and has just three offices in the city, is at the top of several of the lists this month. Anyone in the United States may establish a deposit account with them.

The top four 12-month CD rates available to Florida residents are shown below.

Credit Union or Bank Deposit Minimum APY
FCU of the Department of Commerce $500 2.00%
Community Financial Group $500 1.77%
Bank of Live Oak $2,500 1.75%
Bank Axiom $500 1.25%

Although Community Financial Group has “community bank” in their name, their products are available nationally through their website.

According to FDIC statistics, the average annual percentage yield (APY) on a 12-month CD is merely 0.17 percent as of February 2022. According to Bankrate, the average 12-month CD rate in Florida is 0.65 percent APY.

The top four 2-year CD rates available to Florida residents are shown below.

Credit Union or Bank Deposit Minimum APY
FCU of the Department of Commerce $500 2.62%
Savings on bread $1,500 2.20%
Bank of Live Oak $2,500 2.20%
Bank Axiom $500 1.85%

To put these deals in context, the national average 2-year CD rate is only 0.22 percent APY. In Florida, the average 2-year CD yield is 0.73 percent APY.

The top five three-year CD rates available to Florida residents are shown below.

Credit Union or Bank Deposit Minimum APY
FCU of the Department of Commerce $500 2.80%
Community Financial Group $500 2.37%
Bank of Live Oak $2,500 2.30%
Savings on bread $1,500 2.25%
Bank Axiom $500 2.10%

To put these deals in context, the national average 3-year CD rate is merely 0.25 percent APY. In Florida, the average 3-year CD rate is 0.82 percent APY.

The top five 5-year CD rates available to Florida residents are shown below.

Credit Union or Bank Deposit Minimum APY
FCU of the Department of Commerce $500 2.93%
Bank of Live Oak $2,500 2.75%
Community Financial Group $500 2.72%
Savings on bread $1,500 2.55%
Bank Axiom $500 2.50%

To put these offers into context, the national average 5 year CD rate is now 0.32 percent APY. In Florida, the average 5-year CD rate is 0.97 percent APY.

Banks and credit unions in Florida that serve the state’s people are now offering higher CD rates and APYs than those found nationally.

Using Bankrate and FDIC data, we created a graphic comparing average CD rates in Florida to average CD rates throughout the United States. The results are listed below. As of February 2022, these figures are correct.

Florida Average CD Rates compared. National Average CD Rates:

CD Term FL APY Avg. US APY Average
12 month 0.65% 0.17%
2 year 0.73% 0.22%
3 year 0.82% 0.25%
5 year 0.97% 0.32%

The “credit union cd rates florida” is a report that includes the best CD rates in Florida for 2022. The report also includes information about each bank, like their name and location.

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