This is because banks and credit unions often compete with each other and offer promotional rates on regular CDs more often than on jumbo CDs. While individual banks and credit unions may offer better rates on jumbo CDs, you often can find better rates on regular CDs if you’re willing to shop around. They typically offer higher rates for jumbo CDs with longer term lengths, just like with regular CDs. This is to get you to deposit more money with the banks or credit unions offering them. On average, jumbo CD rates are slightly higher than rates on regular CDs of the same term length. It varies by bank or credit union and commonly ranges from $50,000 to $100,000 or more. There isn’t a set standard for how large a deposit you need to make to open a jumbo CD. Michigan State University Federal Credit Union (3–5 months)Ĭhevron Federal Credit Union and Spectrum Federal Credit Union (tie)Ī jumbo CD is a special CD that generally requires a large minimum deposit.
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