Best Certificates of Deposit in Florida for 2025
- Ally Bank offers CD terms ranging from three months to five years with no opening deposit requirements.
- SouthState Bank is headquartered in Winter Haven and has more than 370 branch locations and ATMs throughout the southeastern U.S.
- Amerant Bank has flexible terms between 30 days and 60 months, and you can apply online in minutes with a minimum of $10,000.
- A CD can be opened under an Individual Retirement Account (IRA) at City National Bank for a $500 opening deposit.
Certificates of deposit (CDs) are a safe and convenient way for Florida residents to boost their personal savings by capitalizing on current high interest rates. You can choose from short- or long-term savings options or purchase a combination of both using a savings strategy called CD laddering.
This guide can help you find the best CD rates in Florida. Keep reading to learn which banks and credit unions can help you boost your personal savings with the highest CD rates in Florida.
Best CD Rates in Florida
Financial institutions in Florida offer a range of terms on certificates of deposit, though shorter-term CDs typically have higher rates than longer-term ones. Additionally, you can rest easy knowing your money is backed by an iron-clad guarantee of up to $250,000 from the Federal Deposit Insurance Corporation.
Here are five banks and credit unions offering some of the best CD rates in Florida:
Popular Banks and Credit Unions in Florida
Florida is home to multiple regional banks, credit unions, and major financial institutions with a national footprint.
- City National Bank of Florida is a popular community banking option for residents of Florida’s Gold Coast region and the official bank of the University of Miami.
- Amerant Bank is the largest community bank headquartered in the Sunshine State and the official bank of the Tampa Bay Rays MLB team.
- SouthState Bank is headquartered in Winter Haven and has more than 370 branch locations and ATMs throughout the southeastern U.S.
- Online banks tend to offer highly competitive interest rates on deposit certificates, making them a solid alternative to traditional banks in Florida.
Online Banks Offering Top CD Rates in Florida
Since they don’t have physical branch locations, online banks are generally able to offer customers some of the highest CD rates available in Florida. Here’s a list of reasons why savers in Florida should consider an online-only bank to open a certificate of deposit.
- Top-tier interest rates. Online banks have significantly reduced overhead compared to traditional banks because they don’t have to service mortgage payments for dozens or hundreds of physical branch locations. As a result, they are able to offer some of the most competitive CD rates in Florida.
- Easy to open a CD account. Online financial institutions typically have simplified and straightforward processes for account setup and purchasing savings products such as certificates of deposit.
- Federally insured. Well-known online banks such as SoFi, which purchased the naming rights to the iconic SoFi Stadium in Inglewood, Calif., along with lesser-known online financial institutions, enjoy FDIC insurance of up to $250,000 on CDs and other savings/banking accounts.
- Easy access. Online banks have robust online and mobile banking platforms with 24/7 accessibility, so you always know where your CD savings account stands.
- Lower minimum deposit requirements. Many national and regional banks require minimum deposits of $2,500 to open a certificate of deposit. Online banks, meanwhile, often offer CDs with minimum deposit requirements of $500 or $1,000 – and some even have no minimum deposit requirements.
These four online financial institutions offer some of the best CD rates in Florida.
- Ally Bank: Ally Bank offers CD terms ranging from three months to five years with no opening deposit requirements.
- Marcus: Marcus’ high-yield CD terms of six, nine, 12, 14, 18, 24, and 36 months are all currently at or above 4% – and all it takes to open a CD is $500.
- Discover®Bank: Discover offers 12-, 18-, and 24-month CDs at rates among the most competitive in the industry, making it a solid choice for Floridians seeking to maximize their savings potential.
- Synchrony Bank: In addition to offering some of the most competitive CD rates in Florida, Synchrony Bank offers a bump-up CD to maximize the highest possible interest rates and a no-penalty CD, so you need to access your funds without incurring an early-withdrawal penalty.
These are just a small sampling of the many online banks offering some of the highest CD rates in Florida. Savers may want to do some additional online research to find CD terms that best meet their financial goals and savings strategies.
Factors to Consider When Choosing a CD in Florida
CDs work the same whether you buy them from a Florida-based credit union or through an online bank. You’ll deposit your money for a fixed period of time (called the term) at a set interest rate. You’ll know exactly how much interest you’ll earn and when the CD matures.
Here are three factors that could affect CD rates in Florida:
Interest Rate Cuts
The primary factor affecting CD yield in Florida and the rest of the nation is the Federal Reserve’s additional interest rate cuts. Financial experts predict two additional rate cuts in 2025, most likely when the Federal Open Market Committee meets in June and September. Any reductions to the current benchmark rate of 4.25-4.5% will result in lower returns on one-year certificates of deposit and all other CD terms.
Seasonal Tourism Revenue
Tourism is a huge economic driver of Florida’s economy. In 2023, tourism generated $127.7 billion in economic impact. Any declines in visitation to the Sunshine State from hurricanes or other seasonal weather events could lead to more challenging economic conditions and potentially lower interest rates on CDs and other savings products.
Inward Migration
Florida has long been a prime destination for retirees. The inward migration of high-net-worth households and increased consumer spending will help strengthen Florida’s economy, which could help keep interest rates high regardless of the Federal Reserve’s rate movements.
Pros and Cons of CDs
Certificates of deposit are generally seen as a “safe” investment because they are backed by the FDIC. There can be a few drawbacks to CDs, though. Other benefits and drawbacks include the following:
Pros
- Guaranteed and fixed returns
- Higher returns than standard savings accounts
- Variable terms to meet a wide range of financial objectives
Cons
- Early withdrawal penalties
- Lack of liquidity
- Potentially lower returns (but less risk) than investing in stocks or exchange-traded funds (ETFs)
Your Journey to Increased Savings through CDs Starts Today
We compiled the information in this guide to help Floridians find the best CD rates in Florida. Financial institutions from the Florida Keys to the Panhandle have certificates of deposit that can help you meet your savings goals. Ready to begin your savings journey? Compare some of the top CD rates online and in Florida now!
FAQs
Florida doesn’t have a state income tax, but CD interest is taxable on your federal taxes.
Florida has multiple credit unions and regional banks offering competitive interest rates on 18-month and other term CDs.
When interest rates are comparable, consider the fact that putting your money into Florida-based banks and credit unions directly benefits Floridians.
