A certificate of deposit with a very large denomination — usually $100,000 or more. Jumbo CDs typically pay higher interest rates than CDs with lower minimum deposits, but they have stiffer penalties for early withdrawals. Jumbo CDs are available from most banks and credit unions, and the return is usually expressed as an annualized percentage rate and a slightly higher annual percentage yield (APY), which includes the interest you earn on the interest you are paid over the life of the CD. Jumbo CDs are protected by federal deposit insurance as long as they are purchased from an insured bank or credit union and do not exceed the cap of $250,000 per insured bank, for each account ownership category. Here’s where to find the best CD rates available nationwide and from banks in your area.