What are the best CD rates in Florida right now?

As of May 2026, the best CD rates available to Florida residents reach approximately 4.50%–4.75% APY at top online banks including Ally Bank, Marcus by Goldman Sachs, and Discover Bank. Florida credit unions such as Suncoast Credit Union and Space Coast Credit Union offer competitive share certificate rates in the 4.00%–4.50% APY range. Rates change frequently — verify before opening.

Is CD interest taxable in Florida?

Florida has no state income tax. CD interest earned by Florida residents is subject only to federal income tax. This is a meaningful advantage over high-tax states — every dollar of CD interest is taxed at the federal rate only, with no additional state tax erosion.

What are the largest Florida credit unions with competitive CD rates?

Florida's largest credit unions include Suncoast Credit Union (Tampa-based, open to residents of 39 Florida counties), Space Coast Credit Union (Melbourne-based), and Florida Credit Union (Gainesville-based). These institutions frequently offer share certificate (CD equivalent) rates that compete with online banks. Membership requirements vary — many use county of residence as the eligibility criterion.

Should Florida retirees use CDs for income?

CDs can be a useful component of a conservative retirement income strategy for Florida retirees — they provide guaranteed, FDIC-insured returns with no state income tax. However, retirees should consider: CD interest is taxable at the federal level (and may affect Social Security taxation thresholds); early withdrawal penalties limit liquidity; and CD ladder strategies are often better than a single long-term CD for managing ongoing income needs.

Can I open an online bank CD from Florida?

Yes. FDIC-insured online banks like Ally, Marcus, Discover, and CIT Bank are available to residents of all 50 states including Florida. You apply and manage your account entirely online. There is no requirement to use a Florida-headquartered bank.

Florida CD Rates 2026 — Best CDs Available to FL Residents

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 4.75% APY in May 2026 through FDIC-insured online banks.

Rates shown are as of May 2026 and change frequently. Verify current rates directly with the institution before opening.

Best CD Rates Available to Florida Residents (May 2026)

Institution	Type	12-Month APY	Min. Deposit
Online banks (Ally, Marcus, Discover, CIT)	Online	4.50–4.75%	$0–$2,500
Suncoast Credit Union	FL credit union	4.00–4.50%	$500
Space Coast Credit Union	FL credit union	3.75–4.25%	$500
Florida Credit Union	FL credit union	3.75–4.25%	$500
Navy Federal Credit Union	National CU (military)	4.00–4.50%	$1,000
Traditional big banks	National bank	0.01–1.00%	$1,000+

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% fed + 9.3% CA)
CD APY	4.65%	4.65%
Tax on interest	Federal only	Federal + state
After-tax yield	~3.63%	~3.14%
Difference on $10,000/year	—	~$49 less annually

What $10,000 Earns at Top Available FL Rates

Term	APY	Gross Interest	After-Tax (22% bracket)
6 months	4.40%	~$219	~$171
12 months	4.65%	~$465	~$363
2 years	4.10%	~$838	~$654
5 years	3.65%	~$1,970	~$1,537

Florida’s Large Credit Unions

Suncoast Credit Union — Tampa-based; membership open to residents of 39 Florida counties; consistently competitive certificate rates; over $17B in assets
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 (up to 85% of benefits are taxable once combined income exceeds $34,000 for singles / $44,000 for couples)
CD laddering (spreading maturity dates across 1–5 years) gives retirees regular income access without locking everything up at once

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy