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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

As of October 2022, the national average APY on a 5-year CD is also 0.74%, according to the FDIC. However, the best 5-year CD rates are at least 3.50% APY. 

Here are our top picks for 5-year CDs.

Compare our top picks for 5-year CDs

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No minimum opening deposit

Editor’s rating

4.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

No minimum opening deposit

Editor’s rating

4.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Low minimum opening deposit

Editor’s rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s rating

3.75/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

No minimum opening deposit

Editor’s rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star


Learn more


On First National Bank of America’s website

Capital One 360 Certificate of Deposit®


Annual Percentage Yield (APY)

2.00% to 3.50% APY


Minimum Deposit Amount

$0

Capital One Capital One 360 Certificate of Deposit®

Capital One 360 Certificate of Deposit®


Annual Percentage Yield (APY)

2.00% to 3.50% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

2.00% to 3.50% APY


Minimum Deposit Amount

$0

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Why it stands out: Capital One offers a competitive interest rate on long-term CDs. It also doesn’t require any minimum opening deposits.

APY for 5-year CD: 3.50% APY

5-year CD early withdrawal penalty: 6 months of interest

What to look out for: Your banking experience may vary depending on where you live. The bank has branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC; you can also open CDs online.

Synchrony Synchrony CD


Annual Percentage Yield (APY)

1.75% APY to 3.61% APY


Minimum Deposit Amount

$0

Synchrony Synchrony CD


Annual Percentage Yield (APY)

1.75% APY to 3.61% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

1.75% APY to 3.61% APY


Minimum Deposit Amount

$0

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Why it stands out:  Synchrony is offering one of the highest rates on 5-year CD rights now. There’s also a $0 minimum opening deposit.

APY for 5-year CD: 3.61% APY

5-year CD early withdrawal penalty: 365 days interest

What to look out for: Synchrony is an online-only institution, so you may not have easy access to your account.

First National Bank of America First National Bank of America Certificate of Deposit

First National Bank of America Certificate of Deposit


Annual Percentage Yield (APY)

3.25% to 3.60% APY


Minimum Deposit Amount

$1,000

First National Bank of America First National Bank of America Certificate of Deposit

First National Bank of America Certificate of Deposit


Annual Percentage Yield (APY)

3.25% to 3.60% APY


Minimum Deposit Amount

$1,000

On First National Bank of America’s website


Annual Percentage Yield (APY)

3.25% to 3.60% APY


Minimum Deposit Amount

$1,000

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Why it stands out: First National Bank of America’s main strength is its competitive interest rate.

APY for 5-year CD: 3.55% APY

5-year CD early withdrawal penalty: 540 days interest

What to look out for: First National Bank of America has high early withdrawal penalties. You can find institutions that charge less than 540 days interest to take out funds early from 5-year CDs.

CFG Bank CFG Bank Certificate of Deposit

CFG Bank Certificate of Deposit


Annual Percentage Yield (APY)

3.56% to 3.70% APY


Minimum Deposit Amount

$500

CFG Bank CFG Bank Certificate of Deposit

CFG Bank Certificate of Deposit


Annual Percentage Yield (APY)

3.56% to 3.70% APY


Minimum Deposit Amount

$500


Annual Percentage Yield (APY)

3.56% to 3.70% APY


Minimum Deposit Amount

$500

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Why it stands out: CFG Bank has a high interest rate on its 5-year CD, and you’ll only need $500 upfront to open one.

APY for 5-year CD: 3.70% APY

5-year CD early withdrawal penalty: 180 days of interest

What to look out for: Limited term options. CFG Bank doesn’t have many CD terms to choose from — there are only 12-month, 13-month, 18-month, 36-month, or 60-month CDs.

Crescent Bank Crescent Bank CD


Annual Percentage Yield (APY)

0.50% to 3.75% APY


Minimum Deposit Amount

$1,000

Crescent Bank Crescent Bank CD


Annual Percentage Yield (APY)

0.50% to 3.75% APY


Minimum Deposit Amount

$1,000

On Crescent Bank’s website


Annual Percentage Yield (APY)

0.50% to 3.75% APY


Minimum Deposit Amount

$1,000

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Why it stands out: Crescent Bank has online CDs with competitive interest rates. You may open an online Crescent CD from anywhere in the US as long as you are a US citizen and over the age of 18.

APY for 5-year CD: 3.75% APY

5-year CD early withdrawal penalty: 180 days of interest

What to look out for: Crescent Bank has a $1,000 minimum opening deposit. Some of our other top picks let you open an a CD with less money upfront.

Bread Savings Bread Savings High-Yield CD

Bread Savings High-Yield CD


Annual Percentage Yield (APY)

3.60% to 4.25% APY


Minimum Deposit Amount

$1,500

Bread Savings Bread Savings High-Yield CD

Bread Savings High-Yield CD


Annual Percentage Yield (APY)

3.60% to 4.25% APY


Minimum Deposit Amount

$1,500

On Bread Savings’s website


Annual Percentage Yield (APY)

3.60% to 4.25% APY


Minimum Deposit Amount

$1,500

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Why it stands out: Bread Savings pays high rates on CDs and charges reasonable early withdrawal penalties.

APY for a 5-year CD: 4.25% APY

5-year CD early withdrawal penalty: 180 days simple interest

What to look out for: Bread Savings requires at least $1,500 to open a CD.

Barclays Barclays Online Certificate of Deposit

Barclays Online Certificate of Deposit


Annual Percentage Yield (APY)

0.10% to 3.50% APY


Minimum Deposit Amount

$0

Barclays Barclays Online Certificate of Deposit

Barclays Online Certificate of Deposit


Annual Percentage Yield (APY)

0.10% to 3.50% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

0.10% to 3.50% APY


Minimum Deposit Amount

$0

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Why it stands out: Barclays is one of the few banks that doesn’t have a required minimum deposit for CDs. Its early withdrawal penalties are also lower than what you’ll pay with many institutions.

APY for a 5-year CD: 3.50% APY

5-year CD early withdrawal penalty: 180 days simple interest

What to look out for: The Barclays app has good ratings in the Google Play store, but not in the Apple store.

Other 5-year CDs we considered

We looked at the following 5-year CDs as well. However, our top picks may have higher interest rates, lower minimum opening deposits, and lower early withdrawal penalties, which make them more compelling options. 

Bank trustworthiness and BBB ratings

We’ve compared each company’s Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company’s score:

Capital One currently doesn’t have a BBB rating because its profile is being updated. Our other top picks have an A+ rating.

 A good BBB rating doesn’t necessarily guarantee your relationship with a bank will be perfect. Reach out to current customers or read online customer reviews to see if a bank might be a good fit for you.

Capital One is the only bank on our list with a recent public controversy.

In 2020, The Office of the Comptroller of Currency required Capital One to pay $80 million in a settlement that said the bank had inefficient security practices, which comprised personal information of bank credit cardholders.

Why trust our recommendations on 5-year CDs?

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

Frequently asked questions

A CD is a type of saving account that has a fixed interest rate for a specific period of time. With a 5-year CD, you’ll deposit your money for 60 months. You have the option to renew your CD at the end of the five-year period, or close the account and pocket the money.

Most CDs lock in your rate for the entire term. For example, if you open a 5-year CD at a 3.25% APY, you’ll earn 3.25% for the entire five years. If you renew your CD after it matures, you’ll earn the new rate available in five years.

Some institutions may offer unique CDs called step-up CDs or Raise Your Rate CDs. These CDs have a variable interest rate and allow your rate to change.

Choosing the right CD for you may ultimately depend on your preferences and goals.

For example, if your priority is earning a high interest rate, 3-year CDs and 5-year CDs generally offer higher rates than 1-year CDs. However, with a 3-year or 5-year CD, you could ultimately miss out on higher rates in the long run.

If you select a short-term CD, you may have the chance to snag a better interest if rates are up in a year. But on the other hand, you could avoid lower rates with a 3-year or 5-year term if rates drop later.

Many experts recommend CD laddering. With this strategy, you open multiple CDs with different term lengths so you can take advantage of higher rates with longer terms, but also access some of your money earlier. For instance, you might open 1-year, 3-year, and 5-year CDs at the same time, which means you’ll get some of your money back in one year, then more in three years, then more in five years.

You may prefer a high-yield saving account over a CD if you want quick access to your money. If you need access to money from your 5-year CD before it matures, then you’ll have to pay a fee. In comparison, you should be able to access funds from your savings account regularly.

You can also continuously add money to your savings account, whereas most 5-year CDs block you from making additional deposits after opening the account.

If you’re looking for ways to make more interest on your money, you might want to explore both savings accounts before making your decision.

Generally, online banks pay higher interest rates on 5-year CDs. On the other hand, a CD also locks in your rate for the entire term. If rates are dropping, this could make the CD a better choice, because your savings account interest could decrease over the next few months. If rates are rising, the savings account might be a better fit, because your rate could go up. Either way, there’s a good chance rates will fluctuate over a five-year period.

The best option for you may depend on how much money you have for an initial deposit. Many banks require higher deposits for money market accounts than CDs, which could affect your decision.

It’s also good to remember that you can add more funds to your money market account over time with a debit card or paper checks.  If you open a CD, you’ll only be allowed to make a deposit when you first open the account or when it’s renewed. You’ll also have to pay an early withdrawal penalty on most CDs, if you need to take out money before the end of a term.

If you need to access your money in five years and want a guaranteed rate of return, a 5-year CD is a better choice than a different type of investment account. 

CD are a type savings account, and aren’t generally considered investments. Your potential for losses and gains — your risk — is much more limited. Because the stock market is risky, experts generally don’t advise investing money you’ll need in the next five years. In the case of a stock market drop, you wouldn’t have time to make up your losses.

If you’re comfortable parting with your money for longer and want to take more risk with your money, then you may want to invest in the stock market. Brokerage accounts, for example, are useful tools to build long-term wealth, but can’t guarantee a given return like a CD can. Tax-advantaged retirement accounts, like a 401(k) or IRA, are other options you can consider as well. 



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