1 Year CD Rates in Florida – Best APY at 1.15%

Bank CD rates have been horrible the past several years and rates will stay low for the foreseeable future thanks to the Federal Reserve keeping a lid on rates to help revive the economy. The current average 12 month CD rate in the state of Florida is at 0.70 percent. The FDIC's national average 12 month CD rate is even less at 0.28 percent.

The best CD rates available on 1 year certificates of deposit are just above 1.00 percent. Right now one of the highest CD rates available in Florida is from Doral Bank at 1.14 percent with an APY of 1.15 percent. While a 1.15 percent APY for a 1 year CD might not sound like much when you compare it to the FDIC's average rate it's almost 1 percentage point higher.

The second best CD rate available in Florida is from CIT Bank. Current 1 year CIT Bank CD rates are at 1.09 percent with an APY of 1.10 percent for account balances of at least $25k. 1 year CD interest rates at CIT Bank for account balances of $1K or more still earn a decent rate of 1.06 percent with an APY of 1.06 percent.

Two banks and a credit union are tied with the third highest CD rate currently available in FL. South Florida Federal Credit Union, Metlife Bank and Colorado FSB are all offering 1 year rates at 1.04 percent with an APY of 1.05 percent.

The minimum opening deposit for a share certificate at South Florida Federal Credit Union is $200. The minimum opening at Colorado FSB is $5,000. The minimum opening balance to earn that rate at MetLife Bank is $25,000. MetLife Bank CD rates for account balances between $2,000 and $14,999 earn a rate and APY of 0.85 percent. Account balances between $15,000 and $24,999 earn a rate and yield of 0.95 percent.

The fourth highest rate available right now for a 1 year CD in Florida is from EH National Bank. Current 1 year EH National Bank CD rates are at 1.04 percent with an APY of 1.04 percent. You probably haven't heard of EH National Bank but deposits at the bank are FDIC insured (FDIC Cert: 57734) since 2005.

Rounding out the top 5 rates in FL is Ally Bank which consistently has one of the top CD rates around across the United States. 1 year CD rates at Ally Bank are currently at 1.02 percent with an APY of 1.03 percent. Besides offering one of the highest rates around there is no minimum opening deposit.