The highest interest rates on certificates of deposits offered from local Jacksonville, FL banks and credit unions are struggling to match those of top nationally available institutions online. In our most recent survey isolating Jacksonville area banks and credit unions and comparing them with the top online and nationwide banks from our database, we found that rate-hunting consumers were better off going with the online ones.
We first surveyed the top ten 6 month CD rates with Jacksonville area zip codes and compared them with the top 10 from our database and found that not one local credit union or community bank was amongst them. There are certainly plenty of deals on CD rates from local institutions in Florida (when compared to the national average), but when you narrow that down to just the Jacksonville area, local institutions are scarce and not at all competitive with their rates.
After surveying 6 month CDs we moved on to 1 year CDs, and all the way up to 5 year deposits. Below are the local banks offering rates that could hang with our top ten rates from online banks and nationally available institutions from our database.
Noteworthy Local CD Rates (Jacksonville, Florida):
- Compass Bank (Orange Park) has a 2 year CD yielding 1.25% APY requiring a $5,000 minimum deposit.
- Navy Federal Credit Union (Jacksonville, FL) has a 3 year CD yielding 1.45% APY requiring a $1,000 minimum deposit.
- Urban Trust Bank (Orange Park) has a 3 year CD yielding 1.45% APY requiring a $500 deposit.
- 121 Financial Credit Union (Jacksonville, FL) has a 5 year CD yielding 1.95% APY requiring a $500 deposit.
- VyStar Credit Union (Orange Park) has a 5 year CD yielding 1.91% APY requiring a $10,000 deposit.
If you live in the Jacksonville area and know of a better CD rate in your neighborhood, please share by leaving a comment!