Florida residents have a notable tax advantage for CD savings: Florida has no state income tax. CD interest is taxed only at the federal level, which means Florida savers keep more of their CD earnings than residents of most other states. The best CD rates available to Florida residents reach that differ by bank and term at FDIC-insured online banks.
Bank rates below were read from each bank’s own page, with the date shown under the table. Verify current rates directly with the institution before opening.
Best CD Rates Available to Florida Residents (Online Banks, October 2026)
| Institution | Type | 12-Month APY | Min. Deposit |
|---|---|---|---|
| Popular Direct | Online | 4.50% | $10,000 |
| Marcus by Goldman Sachs | Online | 4.40% | $500 |
| EverBank | Online | 3.50% | $1,000 |
Rates read from each bank’s own page: Popular Direct October 5, 2026, Marcus October 15, 2026, EverBank October 9, 2026. These online banks accept customers in any state. We did not check rates at local credit unions and community banks, so they are not listed with rates here; ask them directly.
No State Income Tax — What It Means for Your CD
Florida is one of nine US states with no state income tax. For CD savers:
| Florida Resident (22% federal) | California Resident (22% federal + 9.3% CA) | |
|---|---|---|
| CD APY (hypothetical) | 4.50% | 4.50% |
| Tax on interest | Federal only | Federal + state |
| After-tax yield | ~3.51% | ~3.09% |
| Difference on $10,000 | — | ~$42 less annually |
What $10,000 Earns at Top Available FL Rates
| Term | APY (Popular Direct) | Gross Interest | After-Tax (22% federal bracket) |
|---|---|---|---|
| 6 months | 4.35% | ~$215 | ~$148 |
| 12 months | 4.50% | ~$450 | ~$309 |
| 2 years | 4.70% | ~$962 | ~$661 |
| 5 years | 5.00% | ~$2,763 | ~$1,898 |
Figures use Popular Direct’s APYs as of October 5, 2026 (it requires $10,000 to open a CD) and the compounding convention A = P(1+APY)^years.
Florida’s Large Credit Unions
- Suncoast Credit Union — Tampa-based; membership open to residents of many Florida counties; competitive certificate rates
- Space Coast Credit Union — Melbourne/Brevard County area; open to residents of several Central and South Florida counties
- Florida Credit Union — Gainesville-based; open to residents of several North Florida counties and university employees
- Achieva Credit Union — Clearwater-based; open to residents of Pinellas, Pasco, Hillsborough, and Manatee counties
Membership criteria vary by credit union — check eligibility before applying.
CDs for Florida Retirees
Florida is one of the top retirement destinations in the US, and CDs are a popular choice among retirees seeking guaranteed, predictable returns without market risk.
Key considerations for FL retirees using CDs:
- FDIC insurance protects up to $250,000 per depositor, per institution — spread across multiple banks if your savings exceed this
- CD interest increases your gross income, which can affect how much of your Social Security benefit is taxable at the federal level — confirm the current IRS combined-income thresholds before estimating the impact
- CD laddering (spreading maturity dates across 1–5 years) gives retirees regular income access without locking everything up at once
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- CDs for Retirement
- CD Laddering Strategy 2026
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