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CD rates have steadily increased over the last few years, and 5% interest CDs are now common among nationwide banks.
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Various nationwide banks and credit unions have CDs offering above 5% APY.
CD rates on terms of 18 months or less are currently higher than longer-term CD rates.
Review the account disclosure before opening a CD to be aware of opening requirements and fees.
Savings rates have gone up over the last two years, and the best CD rates readily offer 5% APY (Annual Percentage Yield) or more right now.
Featured Nationally Available CD Rates
These CDs all offer at least 5% APY on deposits.
CIT Bank 6 Month Term CD – Product Name Only: CIT Bank 6 Month Term CD – APY APYPonce Bank 9 Month CD – Product Name Only: Ponce Bank 9 Month CD – APY APYWestern Alliance Bank 1 Year CD – Product Name Only: Western Alliance Bank 1 Year CD – APY APYSallie Mae 14 Month CD – Product Name Only: Sallie Mae 14 Month CD – APY APYDiscover 18 Month CD – Product Name Only: Discover 18 Month CD – APY APYFVCbank 12 Month No-Penalty CD – Product Name Only: FVCbank 12 Month No-Penalty CD – APY APY
If you’re interested in opening an account, here are 5% CDs available nationwide.
Certificates of deposit with at least 5% interest
The following list features financial institutions with CDs paying at least 5% APY. The credit unions included have membership eligibility requirements, but anyone can join regardless of where they live.
This list specifically includes terms under 36 months because short-term CD rates are currently higher than long-term CD rates. Also, keep in mind that many financial institutions have multiple terms that pay 5% APY or more.
Institution
Most Competitive CD Term
Highest CD APY Available
Credit Human Federal Credit Union
12 months
Credit Human 12 Month Share Certificate – APY
6 months*
TotalDirectBank 6 Month CD – APY
BluPeak Credit Union
9 months*
5.75%
6 months*
USALLIANCE Financial 6 Month Certificate – APY
12 months*
Popular Direct 1 Year CD – APY
24 months*
Newtek Bank 24 Month Variable Rate CD – APY
3 months*
Dow Credit Union 3 Month Simple CD Special – APY
9 months
5.65%
12 months*
LendingClub 1 Year CD – APY
12 months*
CIBC Agility 1 Year CD – APY
Bread Savings High-Yield CD – Brand Name
12 months*
Bread Savings 1 Year High-Yield CD – APY
36 months*
Valley Direct 3 Year Variable CD – APY variable
Signature Federal Credit Union
3 months*
Signature Federal Credit Union 3 Month Certificate – APY
Western Alliance Bank, powered by Raisin
12 months*
Western Alliance Bank 1 Year CD – APY
12 months*
5.51%
6 months*
Bank5 Connect 6 Month High-Yield CD – APY
9 months*
Synchrony 9 Month CD – APY
12 months*
Rising Bank 1 Year CD – APY
12 months*
Limelight Bank 1 Year Online CD – APY
17 months*
5.41%
*These financial institutions also offer other CD terms above 5% APY.
What to look for in a 5% CD
When you’re looking at CDs at different financial institutions, make sure to read through the account disclosures to understand the account’s opening requirements and limitations.
At most banks, CDs may require a minimum opening deposit of $1,000 or more. Unless you get an add-on CD, you won’t be able to deposit money after the opening deposit.
CDs do not have any monthly bank maintenance fees, but they usually have early withdrawal penalties if you take out money before the term ends.
CDs are a type of bank account, so up to $250,000 is secure per depositor at an FDIC– or NCUA-insured financial institution.
5% interest CD FAQs
Is 5% for a CD good?
Yes, 5% APY is a good CD rate. Average CD rates only pay around 0.22% to 1.79% APY, depending on the term.
What bank is paying 5% on CDs?
Numerous banks offer 5% APY on CDs, including Forbright Bank, TotalDirectBank, Bank5 Connect, and Bread Savings.
How much interest will $5,000 earn in a 5% in a 1-year CD?
If you deposit $5,000 into a 1-year CD paying 5% APY, you would earn about $250 in interest.
